Family Floater Mediclaim
A family floater is a health insurance plan that extends the coverage to the entire family rather than just an individual. Simply put, a floater brings all the members of the family under an umbrella cover. Being covered under a floater, every family member gets benefits under a larger common pool. Though chances of getting the entire sum insured exhausted within the policy term are thin. Because, the probability of the whole family getting hospitalised within a single term.
Simply put, it is a mediclaim plan for entire family together, rather than taking individual cover.
Advantages of Floater Mediclaim:
1. Under a family floater plan, all members of a family are included in one policy, which is easier to manage than having separate policies. Hence, the policyholder gets to take care of the entire family in one policy.
2. Family floaters are a cheaper option when getting insurance for parents than opting for a separate senior citizen’s health plans. As the elderly’s are more prone to sickness and disease, the premium for their insurance cover is quite high.
3. With a family floater plan, it is easy to add a family member be it a spouse or a new-born. This, however, varies from company to company.
4. With family floater plans, if one of the family members included in the policy gets sick and needs to be hospitalized, the total sum insured of the policy can be utilized by that member for his/her treatment.
5. Family floater insurance plans come with income tax benefits under section 80D, of the Income Tax Act, same as under Individual.