What is family floater plan In Health Insurance?
Why should you take it?
- Since it is a single policy covering the entire family, it reduces the hassle of maintaining individual policies.
- It gives more flexibility in cases where one or two members need more coverage than the others in the plan.
- The inclusion of older parents is possible. This gives a higher available coverage for the older members since younger members do not need the mediclaim as much, still remain covered under the plan.
- Maternity and newborn coverage are added benefits. These generally come after a waiting period.
- Availability of discounts and incentives on family floaters make this a good choice.
- Tax benefits on premium paid is an added plus. A max of 55 thousand rupees tax benefit is possible where up to 25,000 rupees is for self and 30,000 rupees is for senior parents.
- If there are some family members who have a medical history of high risk health factors like heart disease, smoking or diabetes, including them in the floater plan increases the premium. It is better to take separate insurance for high risk members. The premium for low health risk members floater plan is much moderate.
- The family floater plans are priced based on the highest age of the family member. So if there is much age difference between the senior most member and the other members of the family, it is advisable to get a separate insurance plan for the senior member. The premium of the floater plan that is considerably low for middle-aged or younger members.
- The policy gets void once the senior most member reaches the maximum allowable age limit. This causes the loss of continuous coverage that they got earlier under family floater policy. They also lose their claim history and pre-existing disease coverage benefits from the continuous renewal of the earlier policies.