A family floater is a health insurance plan that extends the coverage to the entire family rather than just an individual. Simply put, a floater brings all the members of the family under an umbrella cover. Being covered under a floater, every family member gets benefits under a larger common pool.
From the perspective of a regular married guy with two kids, it seems only wiser to get a family floater with a sum insured of Rs 4,00,000 rather than taking 4 individual health plans for 4 family members separately.
|Individual Health Plans||Family Floater Health Plans|
|Cost per person||Cost per person|
|Works well for families with aged individuals, more prone to health risks||Works well for families with younger individuals, less prone to health risks|
Mr. Sharma opts for a family floater with a sum insured of Rs 3 lakh. The plan covers him, his spouse and two children. He pays an annual premium of Rs 6,000 on the plan. Let’s consider two possible scenarios:
Scenario 1 – Mr. Sharma’s wife contracts an illness and had to be hospitalized. The total expenses incurred on her treatment turned out to be Rs 2,50,000. The amount gets reimbursed by the insurer.
Scenario 2 – The whole Sharma family contracted severe stomach infection caused by contaminated drinking water. All the four family members were hospitalized. The total expenses incurred on the treatment turned out to be Rs 4,50,000. The insurance company reimbursed the sum insured in full i.e Rs 3 lakh. Mr. Sharma end up paying the rest of the amount i.e Rs 1.5 lakh out of his own pocket.
Though chances of getting the entire sum insured exhausted within the policy term are thin. Because, the probability of the whole family getting hospitalised within a single term.
Those planning to get their often get confused whether to buy individual policies for each family member or a family floater.
The biggest perk of a floater is that the policyholder gets to take care of himself and his entire family under one single policy which is quite obviously easier to manage than managing 4-5 individual plans.
When it comes to getting your parents insured, family floater stands out as a much cheaper option than getting a senior citizen health plan.
Floater is a more lucrative option when it comes to features maternity cover
What’s Not So Good
Before opting a family floater health insurance plan, one must get and compare quotes from an online insurance portal like Policy Bazaar. Online comparison helps you choose a plan according to specific features and benefits. Here are some family floater plans offering a gamut of
|S.No.||Insurer||Product Name||Entry-Exit Age Cap||Sum Assured Limit|
|1||Max Bupa||Heartbeat||No lower limit – No upper limit||2,00,000 – 50,00,000|
|2||Star Health||Family Health Optima||5 months – 65 years||1,00,000 – 15,00,000|
|3||The Oriental Insurance||Happy Family Floater||3 months – No upper limit||
1,00,000 – 5,00,000 (Silver)
6,00,000 – 10,00,000 (Gold)
|4||Tata AIG||Wellsurance Family||6 months – 65 years||2,00,000 - 4,00,000|
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