Home Insurance Family Health Floater Insurance: What It Is And Why It Is Important

Family Health Floater Insurance: What It Is And Why It Is Important

Do you know a family floater protects your entire family? If all your family members are healthy and young, and only one wishes to benefit from the advantages, you can go for it.

In any case, please make certain that you carefully consider both its advantages and disadvantages before making a choice. Then, if you want to know more about the family floater health insurance plan, you’re at the best place.

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What Is Family Floater Health Insurance?

An insurance plan specifically designed to cover the healthcare costs of the policyholder’s complete family is known as a family floater health insurance.

Individuals who purchase this policy can save the headache of managing various health insurance policies.

One premium can cover the health insurance needs of the entire family under a family floater health insurance.

All family members shall share the sum assured if concurrent claims from multiple parties exist. This coverage will benefit you if you have a larger family than just two people.

A single premium covers the entire family under the family floater health insurance, making it affordable.

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Features Of Family Health Floater Insurance

A family floater plan’s selling advantage is that the sum assured can be changed to better suit the demands of the family. Risk, geography, the average age of the policyholders, and other factors are all things that the primary applicant can take into account.

A family floater permits a cashless facility like any other health insurance coverage. You can take advantage of the cashless facility by receiving care at any hospital that is a part of the insurer’s network.

In an emergency, you can pay the first cost of care and then apply for reimbursement if you receive treatment in a non-network hospital.

In the event of hospitalization, a family floater’s health insurance also covers common room rent up to a predetermined maximum.

Some floater insurance is purchased on a co-pay basis, where the insurer covers a portion, and you are responsible for the remaining balance. When purchasing the policy, each party’s payment is decided.

Before issuing the policy, the insurance companies may need you to undergo a medical checkup if the sum assured is higher.

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Advantages Of Family Floater Insurance

  • Family health insurance coverage saves the burden of managing several policies, which is one of its best features. One insurance protects everyone in your family, including your in-laws and extended family.
  • Cheaper – A family floater health insurance is significantly less expensive than an individual policy. Compared to individual health insurance plans, these plans typically give a sizable covered amount at a significantly reduced price.
  • Greater sum insured – A family floater plan’s amount insured is increased to provide coverage for the entire family. This will guarantee that there won’t be a funding crunch if two people get sick simultaneously. One of the major advantages of family health insurance policies is this.
  • Reinstatement value: A few insurers guarantee a 100% restoration of the sum insured if the sum assured runs out while treating a patient. Despite knowing that the amount insured was previously utilized in full, this guarantees that you are still covered.

Types Of Family Health Floater Insurance

1. Individual Floater Insurance

Individual Floater Insurance
Individual Floater Insurance

Plans for individual health insurance solely provide coverage for the individual. However, getting individual health insurance for each member of your family is an option.

Each member would have their insured sum and exclusive coverage in this fashion.

On the other hand, if a family had a floater health insurance policy, the amount insured would be utilized to pay for any medical costs, regardless of whether a member was ill.

2. Family Health Insurance Plan

Family Health Insurance Plan
Family Health Insurance Plan
  • Family Health Insurance Plan: As previously mentioned, an insured person’s family members are also covered by floater health insurance. Insurance companies define “family” differently based on the ties they consider part of it. As a result, a single umbrella policy provides coverage for the entire family. Each family member contributes a fair portion of the total insured amount. Let’s examine the numerous areas that family floater health insurance covers:
  • In-Patient Expenses: Your health insurance coverage will pay for the hospitalization costs associated with treatment for illness or accident.
  • Daycare Procedures: A few treatments can be finished daily without hospitalization. These procedures are also covered by your family’s health insurance floater plan.
  • Pre-policy medical exams: In most family health insurance plans, there is a certain age after which, if you are in good general health, you are exempt from having any medical exams.
  • Cashless Treatment: You may receive cashless treatment at a network hospital if your family floater plan covers it. The insured family member can receive top-notch medical care without sacrificing their budget.
  • Recharge of the insured amount is a service that many insurance companies provide. If the health coverage runs out, the business reinstates the insurance to cover the subsequent hospitalization.

What Family Floater Insurance Cover

Each insurance company has a different definition of what a family health insurance policy covers. Despite this, these plans typically provide comprehensive protection from medical costs.

By doing this, you may rest assured that in the event of a medical emergency, all of your attention will be on the health of your loved ones rather than worrying about the cost of care.

The most effective family floater plans will cover the following:

  • Daycare procedures – A daycare procedure is a medical procedure that doesn’t require more than 24 hours in the hospital. Chemotherapy, cataract surgery, tonsillectomy, and other treatments are some examples of typical childcare procedures. The finest family floater plans will cover 160+ such daycare procedures.
  • A family floater, health insurance coverage often covers surgeries and operations, both big and small. However, you should double-check the list of procedures that each insurance company covers because it typically varies from one plan to the next.
  • Room Rent is the daily fee for a bed or room that must be paid in the event of hospitalization. It is typically one of the largest price categories in the event of hospitalization. Thankfully, most family floater plans will pay for this for you! The better plans would also pay for service fees and hospital registration.
  • Health examinations and vaccine costs- Keeping an eye on our health is crucial but can also get expensive, particularly if the entire family needs to check. Fortunately, a solid family floater health insurance will provide free annual physicals regularly. A decent plan will also pay for vaccination costs, which can be quite beneficial, particularly during this COVID-19 outbreak.
  • Pre-hospitalization and post-hospitalization medical costs: If a patient has a disease or a medical condition, healthcare costs may start long before they are admitted to the hospital and may last long after they are released. Considering this, pre- and post-hospitalization costs are typically covered by a family floater health insurance. However, you may be able to extend this coverage under some plans by paying a higher price.

Alternatives To Family Floater Insurance

Family health insurance plans with floaters are typically advised for newlyweds, nuclear families, and those who only need coverage for themselves, their partner, and their dependent children.

You can purchase individual insurance plans for every family member if you believe a family floater policy is not right for you.

As a result, each of you will have a unique health insurance plan with a different premium and maximum benefit.

This is a wonderful alternative for large families and those who want to ensure their elderly parents because you can get policies suited to their needs. Everybody will have enough money protected to cover them.

Procedures Involved In Family Health Insurance Plan

Family Health Insurance Renewal Procedure: When purchasing a family health insurance floater, it’s important to remember that the benefits will end when the policy’s term is up.

You should submit a request for insurance renewal before the policy’s expiration.

The policy must be renewed during the 30-day grace period that begins after the expiration date is reached. Remember that no claims may be made during the grace period.

Keep the following things in mind when renewing your policy:

  • It will expire if you don’t renew your floater health insurance by the expiration date.
  • Claims submitted within the Grace Period won’t be accepted.
  • Other than when an accident requires it, dental treatment costs
  • Birth control, surrogacy, and infertility treatments are not covered.

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Frequently Asked Questions

How many people may be protected under a single-family floater insurance policy?

Most insurance providers limit the number of family members to the primary insured, their spouse, and two dependent children. However, due to the increased competition, many insurers now permit coverage of parents, siblings, and parents-in-law under a single policy.

How can I include my family in the current family floater insurance policy?

When purchasing or renewing a family floater policy, one can include additional family members in the existing policy.

If my family and I are insured through a company health policy, do I need to get a separate health policy?

Yes, even if you and your family are protected by business insurance, having separate coverage for yourself and your family is always preferable and advantageous. The separate health insurance policy provides total insured coverage and additional financial security.

Is a family floater insurance plan preferable to a personal health insurance policy?

The family floater health policy is a better and more cost-effective alternative to individual health insurance since it allows the primary insured to cover his entire family under one premium plan, saving him the trouble of purchasing separate policies for each member.

Do policies for family health insurance have a waiting period?

Yes, there is a one-month initial waiting period that, depending on the ailment, may extend to 90 days. At the same time, the waiting time for pre-existing conditions might last up to two to three years after the start of the insurance.

Who should purchase a floater policy?

A family floater health insurance is appropriate for married people with kids. People can add their parents and in-laws to the coverage because it protects older persons and extended family members.

A family floater policy is the ideal health insurance option for married people with children seeking a comprehensive policy. Families with no history of medical problems can also benefit greatly from it.

However, Individual health insurance coverage can be a more practical choice in the long run if one or two members of your family have any serious medical concerns.

What document is needed when purchasing a family floater plan online?

To purchase health insurance online, no such paperwork is necessary. Few insurance firms request identification or age verification, if necessary; otherwise, everything is self-declared. All information is verified during the claims process, and any false information will result in the denial of the claim.

Family Floater Insurance Conclusion

The information in the previous sections should have convinced you that family floater health insurance is significantly more profitable than individual ones. Therefore, get a family floater insurance policy to ensure your complete family’s welfare at a reasonable premium cost.


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