Family Floater Health Insurance

You can buy a single health insurance policy for your entire family, including spouse, dependent children, dependent parents, and dependent parents-in-law, with the sum insured shared among all the insureds. Usually, up to six people are covered in a policy. This is called a family floater cover and will cost you less than an individual health insurance policy for each family member.

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Charges and Expenses

Hospitalization

Claim all your hospitalization bills as per the terms of your policy and even day-care treatment and preventive health check-up costs.

Pre-hospitalization expenses

The policy covers pre-hospitalization expenses like diagnostic tests incurred in the 30 days preceding the hospitalization and related to it.

Post-hospitalization expenses

Medical expenses incurred for 60 days after discharge from the hospital, like medication and tests related to the treatment, are also covered.

Day-care treatment

Coverage will be provided for medical procedures that require less than 24 hours of hospitalization, like cataract surgery.

Ambulance charges

Most insurance companies provide coverage for emergency ambulance charges. However, the coverage amount varies from one insurer to the other.

Advantages of Family Floater Health Insurance

• Coverage for Multiple Members
  A family floater health insurance plan covers multiple family members under a single policy. This simplifies management and eliminates the need to maintain separate policies for each member.

• Cost-Effective
  These plans are generally more economical than purchasing individual health insurance for each family member, as the premium is shared among all covered members.

• Flexibility in Sum Insured
  The entire sum insured is available to any insured member, providing financial flexibility in case one person requires higher medical expenses.

• Tax Benefits
  Premiums paid for family floater health insurance are eligible for tax deductions under Section 80D of the Income Tax Act.

• No Age Limit
  Unlike individual policies, many family floater plans do not impose an age restriction on enrollment, making them accessible for all age groups.

• Renewability
  Most plans offer lifelong renewability, ensuring continuous coverage for your family over the years.

Who is Eligible for Family Floater Health Insurance?

• Entry Age

  • The oldest member of the family is considered the primary policyholder.
  • Adults must typically be between 18 to 65 years of age.
  • Children can be covered from 90 days old, though some insurers allow coverage starting at 30 days.

• Medical Tests

  • Medical tests may be required based on the age of the insured and the sum insured.
  • These requirements vary by insurance provider.

• Coverage for Your Parents

  • You may include your parents under the same floater policy, but it’s often advisable to buy a separate senior citizen health insurance policy, as most floater policies cap entry age at 65 years.

Exclusions under family floater health insurance policy

The following expenses will NOT be covered.

•  Hospitalization due to abuse of alcohol or drugs
• Sexually transmitted diseases (STD) like AIDS or Herpes
• Infertility treatment and treatment for complications in pregnancy
• Hospitalization due to a suicide attempt of the insured
• Dental and cosmetic surgery except if necessitated due to an accident

FAQ

1. Once there is a claim in a family floater policy, what happens to the sum insured for other family members?

After a claim is made, the remaining sum insured is still available for use by other family members during the policy year. Upon renewal, the full sum insured is restored for all members.

2. What happens to the family floater coverage if one of the covered family members dies?

The policy remains active and continues to cover the remaining members until renewal.

• If the deceased was the policyholder, the policy is transferred to the next oldest insured member.
• The sum insured can be adjusted with a partial premium refund or modified at the time of renewal.

3. Is it better to buy a family floater or individual insurance policies?

Both options have benefits:

• Family Floater: Offers a shared higher sum insured at a lower premium, ideal for young families with fewer health issues.
• Individual Policy: Provides exclusive coverage to each policyholder, suitable when individual health risks vary or for older individuals.

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