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Health problems can arise at any time and to anyone. A good amount of money is spent on this. To avoid these situations, people take health insurance plans. An insurance plan covers all medical expenses and provides financial backup to the insured person. During Covid-19, people have understood the importance of health insurance and today people have started considering it as an important investment. If you are planning to buy a health insurance plan for your family, then know about the family floater plan. Apart from being affordable, it is also beneficial as you can cover up to 15 family members at a low premium. Apart from this, facilities like add-on cover in case of emergency are also available.
What is Family Floater Scheme?
A family floater plan is like an umbrella in which all the family members get coverage under the same plan and the premium is the same. Let us understand with an example – Suppose there are 4 members in your family and you take an individual plan for them with a coverage of Rs 2 lakh. In such a situation, if any member of the family falls ill, you will have to pay only Rs 2 lakh. Coverage will be available. You will have to spend all your money on this.
Whereas if you take a family floater plan with a coverage of Rs 8 lakh and there are 4 family members included in this plan with a coverage of Rs 8 lakh, then in case of any problem, each member of the family will get a coverage of up to Rs 8 lakh. . to Rs 8 lakh. Suppose a family member falls ill and out of the Rs 8 lakh family floater plan, Rs 3 lakh is spent on that member, then in such a situation you are left with Rs 5 lakh, which you can spend on yourself or the insured. Can spend on members. Of the family. Can spend on needs.
As more members are covered, the premium amount will also increase.
A typical family floater plan covers the insured, his or her spouse and his or her children. However, some policies also extend coverage to parents, in-laws and siblings. A total of 15 people can be covered in the floater plan. Generally, as the number of people covered under an insurance policy increases, the premium amount also increases. Many companies also cover pre-existing illness of the parents in floater plans. However, for this you will have to pay higher premium.
This is also an advantage
One advantage of a family floater plan is that you save yourself the trouble of taking out different policies and remembering their numbers and details. Apart from this, there are many plans in which the option of add-on cover for critical illness is also available.
This is the flaw which is important to know
One drawback of a family floater insurance plan is that the premium is determined based on the age of the senior most member of the family and insurance companies usually allow renewal only up to a particular age. This means that if the senior member of the family reaches that age. Hence the policy will not be allowed to be renewed further and none of the remaining members will have the option to extend the policy further.