Written by 8:35 am Health

Gift Your Loved Ones The Protection Of Health Insurance In 2021

Health Insurance

We always want the best in life for those we hold dear. This 2021, secure your family members by buying health insurance coverage for them. Let them have access to the best in medical treatment when the need arises. 

These days, the costs of healthcare are on the rise. Even the most minor day care procedures can run into several thousand rupees and drain out your savings. Now, if you are responsible for many dependents, you might need to figure in each of their individual needs from health insurance. Generally, your dependents may include your spouse, children, senior parents and parents-in-law. The best way to secure all of your loved ones is by taking a family floater health insurance plan. Let’s look closely at what kind of protection you can expect from a family floater health insurance plan and why this coverage is truly essential. 

What is a family floater health insurance plan?

A family floater health insurance plan is an insurance product that offers medical coverage for your family members under a single policy. You can generally cover your spouse, dependent children (up to a certain age), parents, and in-laws. Some insurers like Iffco Tokio even allow you to cover other blood relatives – such as a nephew or niece – as well under their family floater plans. Under this type of plan, a single sum insured covers all family members named in the policy, thus any of them can utilise it. 

A family floater health insurance plan will offer coverage starting from around Rs 1.5 lakhs right up to Rs 30 lakhs. This limit will vary between insurance companies. Coverage is also generally offered for ambulance charges, day care procedures, nursing charges, and pre- and post-hospitalisation expenses. These plans also often come with a reinstatement benefit. 

What are the benefits of buying a family floater health insurance plan?

If you have many dependents, it be easier for you to cover them all under one single family floater plan as opposed to buying individual plans for each. This way, you only have to think about renewing on main plan each year as opposed to remembering multiple renewal dates. All your loved ones thus stay secured without any gaps in coverage.  

Moreover, with a family floater health insurance plan, you would generally opt for a higher sum insured. And since there are slim chances of everyone falling sick at the same time, each family member gets access to a much larger sum insured. This can prove immensely helpful if there is a sudden need for an emergency medical treatment. 

Family floater health insurance plans also come with tax benefits just like regular individual health insurance plans do. 

A few tips to keep in mind…

If you are looking at health insurance plans for family needs for the first time, here are a few helpful tips: 

  • Choose a sum insured depending on the number of family members included; if you are covering more family members, you need a higher sum insured
  • Check the claim settlement ratio of the insurance provider
  • If you are including your parents for coverage, choose an insurer who has network hospitals near your home
  • Compare premiums and choose a policy that falls in your budget
  • Choose an insurer with 24/7 customer support

These days, you can easily buy health insurance plans online. Make sure to do your research well and compare all the options before settling for one. 

We hope that this article will help you find the right health insurance plans for family members you need to cover. All the best!

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