Any kind of illness does not come with a prior warning. In today’s fast paced world, we often tend to take the good health of our family for granted. It is only when a medical mishap occurs that one realizes that one’s family is mortal and such a situation can impact finances and future plans. You may be insured on medical grounds, but it’s always a good idea and a sensible option to extend that security umbrella to your near and dear ones.
With so many options available in the market, it is a good idea to opt for a family floater policy that gives your family the maximum benefits at a premium that you can afford, in accordance to your finances.
What is a family floater policy?
As the term suggests, a family floater policy is essentially a health plan which provides medical cover to your parents, spouse and children. There are some policies which also extend their services to other family members like siblings and in laws. Though the benefits of both individual and floater plans are more or less the same, the biggest advantage a floater plan offers is that you have the option of adding a new family member, like a newborn. Usually, such type of policies factor in the renewal of the policy till the policy holders are 60-65 years of age.
Advantages of family health insurance plans
· Tax benefits
· You can continue the cover for a defined period say like two years
· Cashless facilities are available
· You can also avail discounts and sops, depending on the type of policy you’ve opted for
· Peace of mind that your kin is taken care of
· Family floater health insurance has options with higher sum insured than individual health plans hence the coverage is more extensive
· Some plans also cover other family members like siblings and in-laws
· Since your kin is clubbed under one policy, it saves you the headache of extra paperwork of buying and maintaining more policies and keeping a track of them on an individual basis. This type of policy ensures your paperwork is sorted under one roof, literally.
· Any additional hospitalization costs
· Ambulance & attendant services
· Hospital costs like room rent, prescription drugs, lab tests, services and devices that aid your recovery
· Maternity and newborn care
Your biggest denominator should be choosing a policy with an extensive coverage of critical ailments because that will be your biggest safety net. Always evaluate your future goals and then zero into a policy. It is also pragmatic to take into account factors like whether your family floater policy supports medical conditions like pre-existing diseases etc.
While buying these polices, always read the fine print and compare existing policies --premium, benefits, disadvantages, sops, terms and conditions--to see what suits your needs the best. It's always best to buy an insurance policy online as it saves time, is cost effective and is a transparent option
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