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Family Floater Policies

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Why Family Floater Policies Offer You More for Less

Medical insurance as an investment is something customers usually acquire to protect themselves against unforeseen circumstances in the distant future. Prospective policy holder stake great care to insulate themselves against critical medical conditions that could possibly be terminal in the long run. However medical insurance is a necessity for the immediate future as well. Everyday medical expenses ranging from regular consultations, to temporary hospitalizations, to specific requirements like maternity care expenses, can burn a hole in the pocket of the everyday family.

What then is the solution? Should all family members be insured individually as a buffer against specific medical threats? While many consider that a viable option, it is not a sustainable solution in the long run. The logical solution is to opt for a group plan that will provide the coverage needed but at a reasonable premium. Read on to find out more.

What is a Family Floater Policy?

Consider the case a two-parent family who have two children. If each member has an insurance of Rs. 3 lakhs that would result in a total cover of Rs. 12 lakhs. The premium incurred on that coverage, however, would be much more than if the whole family were to opt for a floater health insurance plan of Rs. 10 lakh that would insure all the members. Also if one of the family members incurred a medical expenditure of Rs. 4 lakhs for instance, that would result in a payout of the equivalent amount, while the rest of the family could still benefit from the remaining coverage of Rs. 6 lakhs.

A family health insurance plans, therefore, is one that covers the entire family under a single umbrella policy protecting the primary insured, the spouse, children and any additional members. They are also flexible in that family members can be added to the plan.

Trends in Family Floater Policies: What the Numbers Say

Increasingly, the trend has moved towards customers opting for higher range floater policies of Rs. 5 to 10 lakhs rather than opt for cheaper health insurance. In fact, several insurance providers have stopped offering low yield coverage policies altogether. The development can be attributed to rising rates of inflation and increasing medical expenses which have rendered small coverage amounts obsolete. Some of the best family health insurance plans begin at 3 lakhs at the very minimum.

A Comparison of Some of the Best Family Floater Plans in the Market

Moreover, the best policies will insure policy holders against a variety of medical and hospital related costs that range from pre-hospitalization expenses to organ donation expenses, to maternity benefits and a lot more. Appended below are some of the most competitive family health insurance products on the market. Also as a matter of interest, most experts content that floating policies are ideal for young families where both parents are below the age of 40.

Policy Name

Insurer

Age Caps

Sum Assured Range

Heartbeat

Max Bupa

No entry/exit age limit

2,00,000 – 50,00,000

Family Health Optima

Star Health

5 months – 65 years

1,00,000 – 15,00,000

Happy Family Floater

The Oriental Insurance

3 months – No upper limit

1,00,000 – 5,00,000 (Silver)

 

6,00,000 – 10,00,000 (Gold)

Wellsurance Family

Tata AIG

6 months – 65 years

2,00,000 - 4,00,000

Care

Religare Health Insurance

91 days – No upper limit

3,00,000 – 60,00,000

 

Benefits of a Family Floater Plan

Coverage for the whole family:

floater plans offer the benefit of providing protection for the entire family. A lot of the times not only do these plans cover the primary insured and immediate family members including spouse and children, but also dependent siblings, in-laws and parents. Additionally they are also flexible so that other family member can be added to the plan. The coverage would also be continuous for the entire tenure without any change in premium.

Better and wider coverage:

All expenses including visits, consultations, hospitalization fees, hospital care, ambulance cover, and a host of other expenses in case of health and medical exigencies are taken care of. Therefore the medical coverage that is ensured is comprehensive.

Tax benefits and other discounts:

Holders of floater health insurance policies are eligible for tax benefits under section 80D of the Income Tax Act. Also for those who pay policies on behalf of their parents, the benefit doubles.

Economical:

Finally the foremost benefit of opting for a floater policy is that it works out to be cheaper in the long run. The premium paid on a single policy will be far less than one paid on individual policies.

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