Family Health Plans

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Health insurance policies are a smart way to reduce or eliminate expenses arising due to hospitalisation or other medical reasons. Health insurance plans can be purchased for a single individual or for the entire family. In case it is purchased to provide health cover for the entire family, the plan will be called a Family Floater Health Insurance Plan.

These plans offer a larger sum insured and they can be used in varying amounts by different members of the family. Family floater health insurance plans are usually much cheaper than buying individual insurance plans for each member of the family. They are also much easier to manage since there is only one master policy and only a single premium needs to be paid towards it.

Why Should you Buy a Family Health Insurance Plan?

Family floater health insurance plans offer several benefits to the proposer and his/her family, such as:

  • Larger Sum Insured: If you were to take up individual health insurance policies for each family member, the sum insured for each member would be quite low. If the hospitalisation expenses were to exceed this sum insured, you will have to pay for these expenses, out of your pocket. If this sum is not used at all, then it goes to waste. With a family floater health insurance plan, the sum insured is available to all family members, and is also much higher than what is offered in individual plans.
  • Single Policy: Managing individual policies and premium payments for each policy is sure to take up a significant amount of time and energy. With family floater health insurance plans, you only need to manage a single policy for all the members of your family.
  • Tax benefits: Premiums paid towards family floater plans are eligible for tax benefits under Section 80 D of the Income Tax Act, 1961. 
  • Option to extend the Policy Cover: Most family floater health insurance plans only cover the immediate family – the proposer, spouse and two children. However, these days, several insurers allow members to extend the policy cover to include their parents, in-laws, grandparents, and grandchildren for a nominal cost.
  • Cashless hospitalisation: While you can always seek medical treatment/hospitalisation at any hospital of your choice and claim for a reimbursement later, family floater health insurance plans give you the added benefit of availing cashless treatment at a network hospital.