Illness can strike anyone irrespective of their age. This is why it is extremely important to buy health insurance for all the immediate members of your family, including your children.
Now, getting individual health insurance plans for each member of your household can prove to be quite tiring. These individual plans might also fall more expensive for you. To help you easily get medical coverage for all your loved ones, health insurance providers offer family floater plans. Family floater health insurance plans allow you to cover all your immediate family members under a single policy.
So, if you are about to buy medical coverage for your whole family, a family floater plan is the right way to go. Before you go ahead and buy your policy, read on for a few things you need to keep in mind about this type of health insurance plan.
- You need a high sum insured
In a family floater plan, the sum insured is shared by all the members covered. Thus, it would be advisable to opt in for the highest sum insured that you can afford. It could happen that two or more family members unfortunately need to make a claim in the same year; in such a situation, you would want sufficient coverage for all.
- Know who gets covered
A family floater health insurance plan is generally designed to cover you, your spouse, and two children. Some plans are more comprehensive and allow you to cover your senior parents as well as siblings. Make sure to do your research well and choose a plan that offers the extent of coverage you need.
- There are tax benefits
Under Section 80D of the Income Tax Act, you receive a tax deduction for the premiums paid towards your health insurance. This deduction is also applicable for family floater health insurance plans.
- The premium is often based on the oldest member insured
An important thing to keep in mind when buying a family floater health insurance plan is that the premium is often calculated based on the age of the oldest member insured. So, if you buy a family floater plan that includes your parents who are seniors above 60 years of age, your policy premium might be much higher. You might want to then evaluate whether it would be advisable to include your aged parents in your family floater plan or buy separate health insurance plans for them.
- Lifetime renewability
Leading insurance providers in the country offer lifetime renewability on their family floater health insurance plans. This is an important feature that truly gives you peace of mind knowing that you and your loved ones enjoy constant coverage.
Quick tip: Health insurance companies often give a ‘free trial’ period for their family floater plans. Do keep this in mind when getting health insurance. Ask your insurer whether they have a trial period and what are the terms associated with it.
We hope this article has helped you. Take care.