What is a Family Floater Health Insurance and why is it necessary

Health insurance acts as a backup plan for health emergencies. We always strive to protect our family and loved ones, and family floater insurance is one such way to do so.

In this blog, we will explore what family floater health insurance is and why you should have it. We will also discuss what steps to take in case of insurance claim-related issues.

What is a Family Floater Health Insurance Plan?

A family floater health plan, as the name suggests, is an insurance plan for the family. Under a single health plan, all your family members are covered. This includes coverage for you, your spouse, children, and parents, all together. A fixed sum is insured, and in case of any family health emergency, this insurance can be utilized.

This family floater health insurance covers daycare, ambulance charges, and pre and post-hospitalization expenses. It is important to note that a floater health insurance plan can also be customized based on your requirements by adding add-ons to the policy. You can include expenses like maternity, newborn care, and more, depending on your needs.

The premium for a family floater health insurance policy is lower than the combined premiums of individual policies for each family member. This makes it an affordable option for families looking to cover all members under a single policy.

Why You Should Have a Family Floater Health Insurance Cover

• The most important perk of family health insurance is the single premium payment. You don’t need to pay separate premiums for each family member; you can just pay one premium and get similar coverage for all. Additionally, when it comes to insuring parents, floater health insurance is much cheaper.
• In addition to the comprehensive coverage provided by the floater plan, you also gain significant tax benefits under Section 80D of the Income Tax Act. Premiums paid towards health insurance for yourself, your spouse, children, and dependent parents are eligible for deductions. This can substantially reduce your taxable income, allowing you to save more money each year.
• Including any immediate family member in the existing floater plan is very simple. With minimal paperwork and quick approval times, you can easily add spouses, children, or even dependent parents to your policy.
• The cost of a family floater health insurance premium is relatively less than paying individual health insurance premiums for each member. Moreover, the sum insured can be shared among family members. This flexible coverage allocation ensures that no family member is underinsured.

While we always take utmost care when choosing an insurance company or health insurance plan, there may be times when you face delays in claim settlement, insurance claim-related issues, or inadequate payouts. In such cases, what should you do?

You should consult Bima Seva Kendra, your trusted claim assistant. We have been in business for 100+ years and offer claim rejection services with a simple and, transparent process. Get what you deserve and never feel lost in this maze.