One of the most important things in this world is family, and to be able to take care of one’s family’s needs financially and the health of every loved one is what matters the most. In this increasingly fast-paced life, accidents and ailments strike without warning and the treatment cost of a single family member can impact an entire family. The most appropriate financial planning tool available to ensure the safety of one’s loved ones is a Family Floater health insurance plan that covers each family member.
Although people are conscious of the need of a healthcare plan, most do not know which plan to buy, i.e. whether to spend on a personal health plan for each family member or to purchase a Family Floater plan. Individual healthcare policies offer coverage for a single person with a specific sum insured. On the other hand, in a family floater plan, the sum insured can be utilised by any of the family members listed under the cover. A family floater plan covers all the members of a family under one single umbrella of health insurance.
To understand how a Family Floater plan works, here is an example: Mr. Verma has purchased a family floater plan with a sum insured of Rs 10 lakh to cover his family – self, his wife and their two children. During the policy tenure, he is diagnosed with dengue and as a result he is hospitalized. His treatment costs around Rs 3 lakh. Under a family floater plan, he is able to claim this amount from his insurer and obtains reimbursement after submitting the required documents and proof. Under his family floater plan, he still is left with Rs 7 lakh for the rest of the year, for himself , his wife or children, in case the need arises.
With a Family Floater plan, a policyholder is able to obtain a wider coverage for the whole family at an affordable premium, under a single policy. There are several additional benefits of having a family floater such as reimbursement of ambulance charges, OPD coverage, AYUSH benefits, and a health checkup for every claim free year, domiciliary hospitalization expenses and cover for all day care procedures.
Also, some Family Floater plans offer automatic restoration of the sum insured. The advantage is that there is no way the policy can run dry, even if the entire sum insured is exhausted.
We all love and care about our families and that’s the reason we go the extra mile to keep them safe. And, a Family Floater plan exactly does that.
Stay Healthy! Stay Invested!
