The biggest significance of buying family floater plans is the rising medical inflation. Individual Health insurance plans can be claimed only once. Whereas, family floater plans can be claimed as many times you would want. Another essential thing which makes buying FF a preferred option is the probability that every member of the family won’t be suffering from a sickness at the same time. Hence, you can claim for each member at different times.
Family Floater helath insurance plans covers all the family members under a single bracket. It means that the single assured sum is for all the members of the family in case a health emergency occurs unexpectedly. Hence, the name Family Floater, as the same sum keeps floating across all the members.
Why Family Floater is Important Than Individual Health Plans
The biggest difference between both plans is the sum assured. As mentioned before, single sum can be claimed for any member. That means, if you have purchased a sum insured for a family floater of 15 Lakhs and a family member has made a claim of 2 Lakhs, there is still 13 Lakhs left for others to utilize.
- Studies have indicated that in India, most of the senior citizens suffer from chronic diseases like heart attacks, diabetes, or high blood pressure due to sedentary lifestyles. Hence, it is always essential for them to ensure that there are enough funds to deal with any medical emergency.
- If you are a salaried employee, you are usually covered under the group health insurance by the employer. They also cover the family needs, but they don’t provide benefits as good as FFs. Some illnesses are not covered under such plans, and there is no renewability. The policy is terminated when you resign from the organization. Hence, to avail maximum benefits, it is advisable to support such a plan with an FF. However, if you are self-employed, it becomes even crucial to buy FF for your family. You can buy a basic plan and support it by some top-up plans.
- If you buy a FF when you have just started your family with your spouse and kids, you can save money by paying lesser premiums. Young family would be at a lesser risk of health diseases.
- The FF also depends on the age of oldest member of family. Hence, the premium would be decided based on it. Also, if there is a death of the primary insured person, the policy will be terminated. Other family members wouldn’t be covered under it, and you would have to buy a new policy. Hence, you can purchase separate policies for your parents and choose FF for your spouse and children.
- FF also provides the benefits of adding new members as your family expands over time. Also, you can remove the members as and when you feel the need.
- One important thing to be noted is that there is no benefit of No-claim bonus for other members if a member has already claimed it. However, FF is yet a preferred option because it is cheaper than other individual plans.
FF policies not only provide coverage for the health issues of the family members, but it minimizes and prevents the symptoms leading up to a disease. These policies include preventive health check-ups essential for diagnosing of a disease. It also reduces the worries of hospitalization costs by providing cashless treatment across network hospitals.