A family floater health insurance policy covers insured and family members under a single plan. A family floater plan generally covers self, spouse and 2 children. The family elders like in-laws or dependent parents can be added by paying an extra premium. It covers the members against various diseases and ailments and helps meet hospitalization expenses during a medical emergency.
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See Also: Types of Health Insurance Plans in India
The family floater health insurance plan provides insurance cover to more than one member of the family. Under the family floater plan, the sum assured can be availed by either one or all the family members.
There are cases where individual health insurance plans are better than family floater health insurance plans. Family floater plans consider age of the eldest member. This means a higher premium vis-à-vis individual health insurance plans.
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Suraj a 36 year old; owned a grocery store in a town. He wanted to insure his family members against diseases and availed a family floater health insurance plan to secure his wife and his only son (4-year-old).
One fine day his son fell ill. On diagnosis, they found their child suffering from jaundice. He was hospitalized in a reputed hospital. Though the medical expenses were high; Suraj was not perturbed. The family floater health insurance plan took care of the medical expenses.
The family floater health insurance plan helped the family focus on the child’s recovery; as it offered the cashless facility. Suraj didn’t have to pay a single rupee from his pocket as the insurer settled the medical bills with the hospital.
Suraj was also relieved as the family floater health insurance policy; also covered post-hospitalization care. The family floater health insurance plan helped Suraj and his family avail medical care at a reputed hospital during the medical emergency and saved his finances from getting derailed.
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