Family floater health insurance covers your spouse, children, parents and other dependents and protects your family during a medical emergency. Around 70% of the Indian population is estimated to be covered under public health insurance or voluntary private health insurance. It is worth the investment to gain access to quality healthcare, tax benefits, and, most importantly, peace of mind. So, a family health policy means great financial planning and protection against medical expenses during times of crisis.
Here’s what you should know about such policies and health insurance premium calculation to make an informed decision.
Benefits of Family Floater Health Insurance
Various medical expenses, including pre- and post-hospitalization costs, are covered for all the insured family members. Other top benefits of family floater health insurance from a reliable company include:
The single premium amount tends to be more affordable than covering each member under a separate health insurance policy.
Every member receives high coverage.
Some plans also offer maternity coverage.
Free annual medical tests are available for all members under specific schemes.
It is easy to compare and choose the best plan for your family.
You can add new members later in a hassle-free way.
Coverage can be enhanced so that your health needs do not outgrow the policy.
One of the biggest advantages is tax deduction. You can enjoy a rebate of up to ₹25,000 with a family health policy. This grows to ₹50,000 in case your parents are senior citizens. But remember to choose family floater health insurance based on your family’s requirements, claim settlement ratio of the insurance provider and coverage offered.
What Affects the Premium of Family Floater Health Insurance?
A family health policy is an economical plan to cover medical emergencies. You need to pay a single premium to cover all your loved ones. This eliminates the need to buy separate plans for each member.
To apply for the policy, check the various options online and compare their coverage to make the right choice. Once you have finalised the plan, you can fill in the application online in a few simple steps. You will need to enter the details of the people you wish to cover to get started with the health insurance premium calculation. It can include your spouse, parents, grandparents, in-laws, sons and daughters. Fill in details such as the age, residing city, existing illnesses and previous surgeries, if any, on the insurance company’s website. The premium will be automatically calculated on the basis of the information provided by you.
The parameters typically considered for the calculation of family floater insurance premium are:
Selected sum insured
Optional covers
Age of the senior-most member
Sub-limit (if selected)
It is a good idea to get more details on the terms and conditions, exclusions and risk factors of each policy under consideration. Also, remember that no premium will be charged for the rectification of the policy number or the addition of hypothecation.
How to Pay Family Floater Insurance Premium
The premium can be paid on a monthly, half-yearly or annual basis. So, choose the duration based on affordability and ease of payment. Monthly health insurance premium installments is the most common among Indians. You can set up an auto-debit facility with your bank for premium payment so that you never need to worry about missing a payment.
Make sure to dig deep into health insurance premiums to plan the payment better. Don’t hesitate to contact the insurance provider with all your questions to make a wise choice.
