Family Floater Health Insurance:
A family floater health insurance plan is a type of health insurance policy that covers the medical expenses of all members of a family under a single sum insured. In other words, a single health insurance policy covers the entire family, including the policyholder, their spouse, and their dependent children.
One of the main benefits of a family floater health insurance policy is that it offers flexibility in terms of the coverage provided. Under this policy, the entire sum insured can be utilized by any member of the family, depending on their medical needs. This is in contrast to an individual health insurance policy, where each member of the family has a separate policy with a fixed sum insured.
Advantage Of Family Floater Health Insurance:
Another advantage of a family floater health insurance policy is that it is generally more cost-effective compared to purchasing individual policies for each member of the family. This is because the premium for a family floater policy is usually lower than the combined premium for individual policies.
However, it is important to keep in mind that the sum insured under a family floater policy is typically lower than the combined sum insured of individual policies. This means that if the medical expenses of all members of the family exceed the sum insured, the policyholder will have to bear the excess costs out-of-pocket.
To determine the right sum insured for a family floater policy, it is important to consider the medical needs of all members of the family, their age, and any pre-existing medical conditions. It is also advisable to choose a policy with a high deductible, as this can help to lower the premium.
Some of the common exclusions of a family floater health insurance policy include pre-existing medical conditions, cosmetic procedures, and alternative treatments such as Ayurveda and homeopathy. It is important to carefully read the policy terms and conditions to understand the exclusions and limitations of the policy.
In Conclusion:
A family floater health insurance policy is a convenient and cost-effective option for covering the medical expenses of a family. It offers flexibility in terms of the coverage provided and can be a good choice for families with varying medical needs. However, it is important to choose the right sum insured and to be aware of the exclusions and limitations of the policy.
