5 Things To Keep In Mind About Family Floater Health Insurance Plans
Illness
can strike anyone irrespective of their age. This is why it is extremely
important to buy health insurance for all the immediate members of your family,
including your children.
Now,
getting individual health insurance plans
for each member of your household can prove to be quite tiring. These
individual plans might also fall more expensive for you. To help you easily get
medical coverage for all your loved ones, health insurance providers offer
family floater plans. Family floater health insurance plans allow you to cover
all your immediate family members under a single policy.
So,
if you are about to buy medical coverage for your whole family, a family
floater plan is the right way to go. Before you go ahead and buy your policy,
read on for a few things you need to keep in mind about this type of health
insurance plan.
You
need a high sum insured
In a family floater plan, the sum insured is shared by all the members covered. Thus, it would be advisable to opt in for the highest sum insured that you can afford. It could happen that two or more family members unfortunately need to make a claim in the same year; in such a situation, you would want sufficient coverage for all.
Know
who gets covered
A
family floater health insurance plan is generally designed to cover you, your
spouse, and two children. Some plans are more comprehensive and allow you to
cover your senior parents as well as siblings. Make sure to do your research
well and choose a plan that offers the extent of coverage you need.
There
are tax benefits
Under
Section 80D of the Income Tax Act, you receive a tax deduction for the premiums
paid towards your health insurance. This deduction is
also applicable for family floater health insurance plans.
The
premium is often based on the oldest member insured
An
important thing to keep in mind when buying a family floater health insurance
plan is that the premium is often calculated based on the age of the oldest
member insured. So, if you buy a family floater plan that includes your parents
who are seniors above 60 years of age, your policy premium might be much
higher. You might want to then evaluate whether it would be advisable to
include your aged parents in your family floater plan or buy separate health
insurance plans for them.
Lifetime
renewability
Leading
insurance providers in the country offer lifetime renewability on their family
floater health insurance plans. This is an important feature that truly gives
you peace of mind knowing that you and your loved ones enjoy constant coverage.
Quick
tip: Health insurance companies often give a ‘free trial’ period for their
family floater plans. Do keep this in mind when getting health insurance. Ask
your insurer whether they have a trial period and what are the terms associated
with it.
We hope this article has helped you. Take care.
Comments
Post a Comment