Family Floater Health Insurance Plan: Family's First Health Cover - YouTube

We discuss how Family Floater Health Insurance Policy or Family Floater Health Insurance Plan helps

We cover their essential features and what to keep in mind before buying them

Buying a Family Floater Health Insurance Plan is a great first step to protect family from health expenses

Expenses from health emergencies can make a dent on family finances

They help prevent impact on financial goals

The policy provides protection to all family members

There is a single health insurance amount available for the whole family

This is in contrast to Individual Health Plans (IHP) where insurance amounts are available to each family member

Premiums for Family Floaters are less than Individual Health Insurance Plans (IHP)

Family Floater Insurance typically cover you, your spouse, dependent children and parents

The assumption about Family Floater is that in one policy year, all the members will not need health insurance

In some Family Floater policies, you will have the original insurance amount reinstated even after a claim

Else, remaining amount is available to family members in the remaining policy year

Cashless settlements with empanelled healthcare facilities, else reimbursements happen

People between 18-65 years can typically buy this policy

Typically, most plans have lifetime renewability

Family Floater premiums are lower than those of Individual Health Insurance Plans

Insurance coverage can vary from Rs 1-50 lakh, going upto Rs 1 crore, or more

Higher the insurance amount, higher the premium

Buying these plans online are likely to mean lower premiums

You get annual tax deduction under Section 80D of upto Rs 25,000

For senior citizens, the limit is Rs 50,000

You can claim tax deductions for your dependent parents

Every policy year without claims gives you a No Claim Bonus which increases the insurance coverage

It is a percentage of the sum insured

Depending on your needs look out for coverage of Day Care procedures, OPD and critical care

Home treatment, pre- and post-hospitalisation expenses

Check for coverage of ambulance charges and organ transplant

Annual health check-up and outpatient expenses like glasses, contact lenses, dental expenses and hearing aids may be covered

Ensure to check out what is not being covered or the exclusions

There could be waiting period for coverage of certain conditions

Pre-existing conditions or pre-existing diseases are not covered and there might be a period of no coverage

OPD treatment and regular medical check ups may not be covered

Life support machines like ventilators may not be covered

Aesthetic procedures like cosmetic surgeries are typically not covered

Check for limits to coverage such as those for hospital room rent

Ensure restrictions don't exist or sum insured is such that your room rent will get covered

The premium also needs to be affordable

Family Floater can be supplemented by Individual Health Insurance Plans and Critical Illness Insurance Plans

Besides Daily Hospital Cash Benefit Plans and Emergency Funds