Family Floater Health Insurance Plans

When you purchase a family floater plan from an insurer, you’ll get a list of network hospitals. You can get the benefit of cashless hospitalisation at any of the listed network hospitals. The expenses will be covered entirely by the insurer.

You can avail tax benefits on the premium paid for a family floater health insurance policy up to a limit of Rs 1 lakh in a financial year, as specified under Section 80D of the Income Tax Act of India, 1961. Below is a detailed table showcasing the deductions that can be claimed u/s 80D regarding the premiums paid towards a family floater plan:

The most important benefit is that a family floater plan helps you to cover your entire family (self, spouse and children + parents and/or in-laws) under a single health insurance plan.

You can also opt for multiple riders, as offered by the plan you choose the enhance the benefits of your chosen health insurance plan and get the maximum out of it.

First and foremost, you must have a clear understanding of what you require from a family floater plan. Once you’ve narrowed down your needs, you can shortlist the insurance plans you can choose from. Have clarity regarding how many people you wish to include in the plan. If there are senior citizens in your family, getting separate health insurance policies for them will be a wise decision.

Don’t forget to take into account pre-existing illnesses or other health conditions of your family members as that can affect the premium amount and sum insured significantly.

When you choose your sum insured, remember that it will be shared among all family members. So, the sum insured you choose must be high enough to cover all the family members. It should also be enough to cover the medical bills if more than one member has been hospitalised at the same time.

Don’t forget that if you opt for a higher sum insured, you’ll end up paying a higher premium.

Check the policy inclusions (what’s covered in a family floater plan) minutely to see if it fulfils all your needs. It's important to ensure that the family floater plan covers ambulance charges, in-patient hospitalisation, day-care treatment, pre and post-hospitalisation, room rent, ICU charges, etc.

Policy inclusions are bound to differ from one policy to another. So, you must compare family floater insurance policies before choosing one.

This is one of the most significant factors to consider when you choose a family floater plan for health insurance coverage. The claim settlement ratio indicates the number of claims an insurer has successfully settled as against the total number of claims that have been made.

It’s always advisable to choose an insurance company with a high claim settlement ratio. It’s also quite important to check whether the claim settlement procedure is smooth and hassle-free.

Check whether the family floater plan offers optional benefits in the form of add-on covers or not. Riders, waiting period waivers, lump sum for diagnosis, personal accident cover, and daily hospital cash are some of the add-on benefits that family floater plans typically offer. However, it will vary from one health insurance company to another.

You have to pay an additional premium to avail these additional benefits. To choose the best add-on, check your family’s medical history and assess the overall health risks to understand which add-on covers are necessary.

You can check and compare different health insurance policies easily. In addition, you can pay premiums and file claims online. Just make sure you have all the documents ready at hand before beginning the online purchase process.

You can consider visiting the official websites of each of your shortlisted insurers. If the insurance policies are well-suited to your insurance goals, fill out the form available at the site to get a quotation. Once you’re satisfied with these findings, purchase the insurance policy.

Buying an insurance policy online is quite convenient. Gone are the days when people had to wait in long lines to buy an insurance policy.