Every individual has different family needs and unique expectations from the health insurance plans. Therefore, every plan is designed, keeping thechanging needs of every family in mind. Health insurance provides an uninterrupted financial support during medical emergencies. Medical expenses are directly proportional to the level of medical services provided.
If you are looking forward to protecting the requirements of your loved ones,cover them under family floater plans. These plansare perfect for your family needs. There are many benefits of investing in a family floater plans.
Benefits of family floater plans
- One premium
The family floater insurance plans cover your whole family in one annual premium. Rather than buying individual health insurance for every member of the family, you can insure everyone under one cover.
- Tax benefits
Investing in a health insurance plan makes you eligible to receive income tax benefits under the Income Tax Act, Section 80D. For instance, if you purchase a cover for your family, then the deduction is valid up to Rs. 25,000. When you buy a cover for senior citizens above 60 years, the deduction rises to Rs. 30,000.
- Scalable
You can add new members to your family floater health insurance plans easily. You can add your children or any other family member and cover them too.
Family floaters provide various features. These features make them stand out of other policies. Family needs and expectations might differ from person to person, but there are certain features that make any family floater plan stand out. You must check for the following features before finalizing any family floater plan.
Here are the features of family floater plans that make it a must-buy option for many.
- Lifetime renewability
Lifetime renewability is one of the best features every family floater plan should have.If you have a pre-existing health insurance policy that offers lifetime renewal, you can renew your health insurance policy until you need it, irrespective of the age constraint. Now, you no longer have to worry about your hospitalization expenses in your golden years.
- Increasing the cover amount
With medical expenses skyrocketing every year, it is essential, that we must have health insurance plans that can cope up with such medical expenses.Your health plan should be able to prepare you for such challenges in the future. Some family floaters allow you to increase your health cover in the future. Hence, this is a very important feature since it will enable you to gauge yourself according to your medical needs.
- Cashless treatment
Cashless hospitalization is one of the very convenient features that will make you feel a little relieved when you are caught in between a medical emergency. Cashless hospitalization allows the policyholder to complete the treatment without spending any of their savings. You have to inform the general insurance company about it and fill the necessary forms, and the insurance company will pay off your medical bills.
Eligibility for family floater plan
- For policyholder
In most cases, the breadwinner of the family becomes the policyholder. The entry age for a policyholder is from 18 years to 65 years of age. Some insurance companies allow the policyholder up to the age of 70 years.
- For family members
If you want to add an adult family member to the policy, the minimum entry age is 18 years, and the maximum entry age is 65 years. The maximum age may vary according to your insurance provider. Some of the insurers allow the maximum age to go till 70 years.
- For children
If you want to add children, the minimum entry age is from 90 days, and the maximum age is 25 years. The minimum age can start from 30 days as per the terms and conditions of your insurance company.
Coverage under family floater plans
The family floater plans cover in-patient hospitalization, pre- and post-hospitalization, daycare, health check-up, and emergency ambulance services. All such expenses are rightly covered under the family floater health insurance plans, and this stands valid for everyone covered under the policy.
Health insurance plans for family help you to prioritize your family’s health first. Medical expenses are managed by family floater plans and help you to deal with medical contingencies with ease.
