At the time of buying a health insurance plan, people come across the concept of family floater medical insurance plan. This article will be your guideline about how a floater health insurance plan works and how it is beneficial for you. It will help you to make better insurance decisions for yourself and your family.
In an individual medical insurance plan, every individual is provided coverage for the specific limit of his/her insurance plan coverage limitation. On the other hand, a family floater medical insurance plan covers each person to the limit of the total coverage in a single master plan that is applicable for an entire family. A family health insurance premium is economical. Basically, it offers every family member the advantage of exhausting the entire sum assured as the master plan in case there is any need.
The family floater medical insurance plan is a great plan because every family member gets a larger insurance cover. The chances are lower that anyone in the family would get hospitalized in a single year. It is because not everyone will have a health issue at the same time. In a rare case scenario, this might also happen.
Benefits of a Family Floater Health Insurance Plan
- Better Coverage for the Individuals-As every family member can use the benefits of a family cover, every member gets a higher coverage by paying the same premium.
- Better Coverage for the Senior Citizens-There can be times when the individual medical insurance plans for senior citizens can create a technical issue because of cut-off renewals above a specific age. But, when they are a part of a family floater medical insurance plan, there isn’t any problem as such.
- Economical-Generally, the premium for a family floater medical insurance policy is lower than the total premium of individual health insurance policies. Buying a family floater health insurance plan doesn’t make a hole in your pocket.
- Easily Manageable- Buying different health insurance plans for the different family members means remembering multiple renewals dates that start and end at the different times. Buying a family floater medical insurance policy saves you from all this pain as it is a single plan that comes with one renewal date. This is easier to manage.
- Easy to Add New Members-Instead of purchasing a fresh medical insurance policy when there is a new addition to your family such as wife or baby, then it is very easy to add that member to a family floater medical insurance policy.
- The plan Continues if a Family Member Dies- If a senior family member who is included in your family floater health insurance policy dies, the policy continues with all its benefits.
A family floater medical insurance plan offers a great value for money. It is a good choice for buying a health insurance plan for your family. It secures you financially by offering you a combined health insurance package that is very economical.