How To Cover Your Entire Family Under Health Insurance?

Medical inflation is currently on the rise. According to reports, the inflation rate had increased to around 8.4% as of May 2021. Since the cost of medical treatments is getting more expensive with every passing day, having a health insurance plan is a prerequisite in today’s times.

However, instead of availing separate health insurance policies for every family member, it is better to go for family floater plans. Read on to understand the details of these policies, and find out how these are beneficial.

Understanding a family floater health insurance plan

A family floater plan mainly refers to a health insurance policy that provides coverage to the entire family. Under such policies, an individual has to pay a single premium to get insurance benefits for every member of his/her family. Most of the popular health insurance plans for family cover spouses, parents, children, and even parents-in-law.

Here is a list of coverage that comes with these policies:

• Hospitalisation, pre-hospitalisation and post-hospitalisation expenses
• Maternity cover
• Daycare procedures
• Domiciliary treatment
• Organ donor expenses
• Mental illness cover
• Daily cash allowance

Apart from these coverages, family health insurance policies come with some additional benefits. Air Pollution Linked to Heart Attacks in Non-smokers, Reveals Research.

Advantages of family floater plans

Here is how these insurance policies are more beneficial than individual health insurance policies:

●       Add new family members easily

With such policies, individuals get the convenience of incorporating another family member easily. To get a new member insured, one has to pay an additional cost over and above the existing premium amount. This way, individuals can avoid the hassle of opting for a fresh policy whenever there is an addition to the family.

●       Affordable premium

As mentioned earlier, in case of family floater plans, individuals just need to pay a single premium each year to keep the entire family insured. Since one does not need to pay the premium for each person separately, the overall expenses inevitably come down, helping him/her to save more.

Note that the premium amount varies across different insurance providers and plans. Therefore, before investing, one should consider comparing multiple options and check whether their chosen policy is equipped with the required features.

●       Tax benefits

Those paying premiums for health insurance policies for their children, parents, and other family members, qualify for tax benefits under Section 80D of Income Tax Act.

Other than these, facilities to opt for riders like critical insurance cover, stress-free hospitalisation expense cover, etc., in medical emergencies are some advantages every member of a family floater plan gets. However, considering so many options are available in the market, choosing a suitable plan might seem challenging for some. This is why individuals should check some key aspects to make that process easier. World Breast Cancer Research Day 2022: Date & Significance of This Annual Event To Recognise Research Done for Breast Cancer.

Factors to consider while picking a family floater policy

Look for the following aspects before you select a health insurance plan for yourself and your family members:

●       Sum insured:

Health-related expenses inevitably increase with age. So, when you include your parents in such a policy, make sure the sum insured is high enough to cover their individual medical needs.

●       Exclusions:

While availing a family floater plan, it is necessary to check things that are not available. Note that there is a waiting period for certain pre-existing diseases. Check them as well before moving forward.

●       No Claim Bonus:

In case a policyholder does not file a claim in an entire year, he/she is rewarded with an NCB feature. Understanding the terms and conditions associated with it beforehand.

Other than that, checking the Claim Settlement Ratio (CSR), hospital network, availability of cashless treatment, etc., is equally essential. Along with that, take note of insurance providers' terms on deductibles on family health insurance plans so that you can stay prepared in case of medical emergencies.