What Are the Advantages of a Family Floater Health Insurance Plan?
As the name suggests, a family floater health insurance policy specially caters to the insurance needs of a family. The working of a family floater health insurance is similar to the individual health insurance, the only difference is that it covers a group of people rather than just one individual. It covers all your family members under a single policy.
If you are looking for medical insurance for your family, family floater health insurance is one of the best options as it safeguards the healthcare needs of your loved ones. Since it allows you to get a single policy for all, you need not have to go through hassles of buying individual policies for each member and keeping track of the premium payments and due dates for all.
Let us look at some of the benefits of buying family floater health insurance.
One of the most significant benefits of buying family floater health insurance is that it is highly cost-effective. The premiums for such plans are much lower as compared to individual health policies. You can save up to 15% to 20% on the premium cost by buying a family floater policy rather than purchasing multiple policies for the family members.
Your family’s health insurance needs may change overtime and you may feel the need to increase or decrease the cover accordingly, right. For example, if you have a family plan that covers your spouse and parents, you can easily add your child to the policy and increase the sum insured later.
Also, if any of your family members is diagnosed with any illness and you feel you may need higher coverage to cover the expenses, you can increase the sum insured as required.
Cashless treatment facility for all
This is another major advantage of a family floater plan. You can avail treatment at any of the hospitals that are part of the insurance company’s network without worrying about bill settlement. Once you or any insured family member gets discharged, you must submit the bills to the insurer, and they will settle the bill directly with the hospital. This is an excellent feature as it helps you avoid the hassles of arranging cash, especially during an emergency.
Today, as most insurance companies offer online services, filing a claim and the claim settlement process has become simple and hassle-free. You can raise a claim when needed by submitting an online application along with the bills, prescription papers, and other documents to support your claim. Once the insurance company verifies the same, they settle the claim in quick time.
Apart from providing health cover to your family and protecting your savings from the high medical cost, family floater plans allow you to enjoy tax benefits. The premium you pay for the policy is eligible for deduction up to Rs. 25,000 under Section 80D of the IT Act.
You can get an additional deduction of Rs. 25,000 if the policy includes your old-aged parents (aged more than 60). This means, you can effectively get tax benefits up to Rs. 50,000 and reduce your annual tax liability.
If you don’t have a health insurance cover yet, make sure that you purchase a family floater policy today and enjoy the above benefits.