Unlike an individual health insurance policy, family floater insurance is meant for all the family members, based on the terms of the policy. Many people are opting for this type of insurance as it provides comprehensive coverage for the family members. It is also logical to take a family floater insurance as the chances of everyone getting sick in the same year are really less. As a matter of fact, the premium for a family floater policy is usually less than the premium for individual plans clubbed together. Let us have a look at some of the benefits of family floater insurance.
Benefits of Family Floater Insurance
- Better Coverage: The coverage per person is high in family floater insurance. Each family member can avail the entire benefit of the medical insurance, making it more profitable than the individual insurance.
- Manageable: When everyone has a different insurance plan, it can get difficult to remember the premium dates and keep a tab of multiple plans. On the contrary, a family floater insurance has only one renewal date and is thus easier to manage.
- Members Can Be Added Easily: It is very easy to add a new family member in a family floater insurance. This can come in handy when you are getting married, or are having children, or are moving with your parents. In order to know the exact amount you will have to pay, you can use a health insurance premium calculator.
- Continuity in Plan: In the event of the death of a family member, the family floater plan continues. All the benefits remain intact as well. You will not have to apply for a new plan altogether.
How Does the Plan Work?
A family floater insurance plan ensures that every family member gets the coverage. It is valid for the person buying the policy as well as the dependents. It includes dependent parents and children along with the spouse of the individual buying the policy.
A single premium has to be paid in order to secure the health of the entire family. The covered members get access to the best healthcare as per the chosen health insurance plan.
Moreover, there are good discounts that are offered by a family floater insurance plan. You must always compare several plans and then select the best one. Before picking a health insurance plan, it is important to consider the age, number of family members to be insured, as well as their current health.
Be mindful of the pre-existing illnesses while choosing a family floater insurance. Keep your budget in mind while selecting the plan and the estimated premium that you will have to pay.