During planned hospitalisation, your entire focus should be on giving a superior level of care to the unwell family member(s). Rather than running from pillar to post for arranging funds from various sources, you can opt for a mediclaim policy and avail total protection against hospitalisation expenses.
A family floater Mediclaim policy is similar to an individual health insurance plan but covers the entire family. The underlying principle is same as a mediclaim health plan for a single person.The only differentiating factor here is that the mediclaim policy for family extends like an umbrella over your whole family.
This is better for the family as a whole because the person who earns in the family need not buy multiple policies for all the family members. Instead, he can buy a family floater mediclaim policy and have his whole family insured at the same time under the same policy. Some companies extend the coverage to in-laws as well.
Why go for a family floater mediclaim policy?
There are various benefits of family floater policy which can be reaped. Here are some of the compelling benefits:
Affordable Compared to individual plans
A family floater plan costs less compared to buying a health plan for every single person in the family.
Higher total insurance amount
Sometimes the bill for an individual can be higher than expected. In these cases, the family floater policy helps because insured sum for the whole family is more.
Under Section 80D of the Income Tax Act, the mediclaim policy for family is better for saving tax too, as the premium paid towards this insurance plan qualifies for tax exemption
More savings opportunities
Family floater plans cost less compared to individual health plans and at the same time also qualify for tax exemption, which saves money.
Multiple claims allowed
Usually, insurance companies allow more than one claim for different family members during a particular tenure. This way, if two or more family members fall ill, all of them can avail of coverage in the same year
An individual policy denotes a distinct coverage for every single person. As opposed to this, a family floater mediclaim allows the insured amount to be used up by more than one family member.
Family floater Mediclaim usually come with the options of higher sum insured than individual health care plans. This is necessary as the cover is for multiple persons within the family. Typically, a mediclaim policy for family covers the health of the insured person, the spouse, and the children. However, there are now Mediclaim policies that extend the cover to dependent parents, siblings, and the in-laws. It is no wonder that these types of policies are gaining more popularity than ever before.
With a family floater mediclaim, you can save a lot and also benefit more, as compared to individual health plans. However, before pitching in for a family floater plan, be sure to thoroughly go through the terms and conditions. This will help you to ascertain the coverage and the exclusions. With this knowledge, you can choose the policy best suited to you and your family’s needs.