Want to insure your family’s health but don’t know where to start? Read all about choosing the best family floater plans and how they are the most economical option for you.
The best way to keep your family safe from any financial burden arising out of hospitalisation and illnesses is to buy a health insurance plan. The family floater plans are health insurance plans which will cover you and your family together on shared basis and with no individual limit for each member covered under the floater.
The points given below will help you understand more about a family floater and the ways which you can choose the best plan.
What is family floater plan and how is it different?
Unlike, individual health insurance plan which covers individual members of the family, a family floater plan covers entire family in a single plan. It works with the assumption that all the members of the family will not fall ill at the same time, or will have the same hospital expenses.
Thus, if any one of the members falls ill, the coverage up to sum insured (amount of cover, or maximum limit of the hospital costs to be reimbursed by the insurance company that you opt for your family) is available while the other healthy members are also covered. Thus, your entire family will have wider coverage with hospitalised members being supported by the non-hospitalised one. This makes the plan more beneficial for family floater insurance policy.
Normally, under a family floater the proposer, proposer’s spouse, a maximum of 2 to 4 dependent children (children financially dependent on the proposer), proposer’s parents, etc. are covered. However, there are a few special plans which offer extended coverage to other family members too.
Example: Say, Mr. Sharma opts for a normal family floater plan for sum insured or coverage amount of INR 3,00,000, then health expenses of Mr. Sharma, 2 to 4 of his dependent children and Mrs. Sharma or any one of Mr. Sharma’s parents would be covered under the same policy up to a maximum of 3,00,000. So Mr. Sharma’s wife is hospitalized and runs up a bill of INR 1,00,000, the family floater plan will be used up to 1,00,000. For the remaining year Mrs. Sharma and the others can still get covered in case they get hospitalized up to INR 2,00,000.