Health Insurance Plans

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Understanding Family Floater Health Insurance

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If you are looking for Health Insurance in India to cover and protect your family, choosing a Family Floater Plan may be ideal. Health insurance offers various types of Coverage and premiums for the best health plans. While deciding on a health plan, one often wonders which would be the best health plan for their needs. Should you choose an Individual Health Plan or a family floater plan? Here is some information to give you insights into family floater health insurance in India.

A family floater plan covers every family member for a fixed amount. This means that all family members can collectively make claims up to that fixed amount under the best health plan. Usually a family floater plan includes a family of 4, 2 adults and 2 children. It is cheaper than taking out individual health insurance for each family member.

Advantages of family floater plans

  • If your kids are still young and at lower Risk for health problems, a family floater plan will be most ideal.
  • The best health plan offers high amount of health insurance cover. This means that if you or a family member needs to make one Claim of very high amount for whatever reason, you can easily do this with your family floater plan.
  • Any family member can make the claim as opposed to the health insurance being limited to one person
  • You have just one health plan to worry about, in terms of Premium payments, duration, making claims etc.
  • Disadvantages of a family floater plan

  • Medical emergencies cannot be foreseen. If one member needs to make a big claim under the health plan, there will be little coverage left for other family members.
  • Most family floater health plans only offer coverage for immediate family such as spouse and children. You may not be able to include your siblings or parents under the health insurance in India.
  • In case of higher health risks in all members, this health plan will not be adequate.

Good to know

As the oldest member of the family gets older, family floater health insurance in India tends to get less flexible and beneficial for the individuals. This kind of health insurance is also limited by age. If the senior-most member exceeds maximum age under the health plan, the entire family will need to get a new plan. Similarly, if the children exceed age limits stipulated under the family floater plan, they will need new health insurance policies. The best health plan will make sure that the family remains covered even if the senior-most member dies while the health insurance is still active. The best health plan will be one which allows you to take all claim history when you switch to an individual plan. But most family floater health insurance in India does not offer this benefit at the moment.

The best health plan is one which fits your needs appropriately. If you are a young family with low health risks, the best health plan for you is a family floater plan. On the other hand if you have a big family with siblings and grandparents, especially where most members are older, this will not be ideal. Health insurance in India offers all types of coverage. You need to keep your family safe and secure. So get the best health plan which covers each member adequately. If one person has an on-going or chronic condition or requires regular hospitalization, it would be better to get an individual health plan.