Family Floater Health Insurance plan proves to be very beneficial if you want a single health plan for your entire family. Under such plan, the ‘sum assured’ has been divided into the members of a family; thus, multiple claims can be attainable to get hospital expenses from the company you are insuring under. A single premium is paid by the policy holder every year to take the benefits of this health insurance plan.
Generally, insurance companies limit the number of family member and give health coverage to the primary insured persons including proposer’s spouse and children. Many companies even extend the coverage areas and include siblings, parents and other relatives as per their terms and conditions.In case the ‘sum assured’ is reached in a treatment of a member in a given policy year, you will get an option to restore the health plan by paying an additional amount. The companies primarily limit the costs of hospitalization to the ‘sum assured’, and exceeding of which may end the benefits of the health policy for that particular year only.
You will also get no-claim bonus on the premium, and it can vary from companies to companies. If you do not make any claim within a given policy year, your premium amount will be reduced for the next year. The amount of reduction, though, entirely depends on the regulations of the companies.
The benefits of Family Floater Health Insurance Plans:
Under this policy, your entire family gets the benefits of health insurance coverage. You can also apply for multiple claims in case such situation occurs. A single premium has to be paid by the policyholder and it is cheaper than the cost of individual health insurance plan.
One can get tax deduction up to 15,000 rupees on health insurance of self, spouse and children as stated under section of 80D of the Income Tax Act. If senior citizens come under your family floater policy, then you can also get additional 20,000 rupees deduction. So, the complete deduction is not avoidable as you can save up to 35,000 rupees.
Restoration benefits of Sum Assured
Unlike other health plans, the family floater insurance gives you an additional advantage by automatic restoration of sum assured in case you reach the amount in a given year. It definitely reduces your tension to pay the cost of hospitalization in case another worse situation comes in the same year.
A Family under such policy can enjoy having cashless treatments as per their choice of medical preferences. This allows a policyholder to avoid expensive medical bills because the ‘’sum assured’ will cover everything to the extreme limit.
Fields not covered by Family Floater Health Insurance Policy
Pre-existing diseases do not come under such heal plan benefits.
Senior citizens above 60 years age face tough to get into the benefits of the health plan as the risk of getting sick is higher for them.
Childbirths may not come under Family Floater Health Plan. However, many companies start giving this benefit.
Treatments for HIV/AIDS and many congenital treatments are excluded from their coverage.