Can you insure whole family with just one policy? Yes, Floater Health Insurance cover can. This is a type of health insurance cover that covers you and your family in case of any health problem when the policy is in force. Floater policy covers medical expenses that you or your family has to incur as a patient during hospital stay of over 24 hours.
Floater health insurance covers maximum possible health insurance cover at the lowest possible price, which make it quite attractive to money savvy people.
Everybody understands the importance of health insurance in these unsure times where any calamity or disease may strike us all of a sudden. Expenses like hospitals stay and medicines can take a heavy toll on anybody. So while regular health insurance covers only a single person, a floater policy covers whole family. So, if you or any member of your family is stricken with any disease and need to stay in hospital for more than 24 hrs then all those expenses are covered by floater policy. These expenses comprise of room charges, medical experts's fees, medicines as well as expenses incurred a month before hospitalization and for next 2 months after discharge from the hospital.
Let's understand this with help of an example. Suppose you are a family of 4 and under regular health insurance plan, you have to pay a premium of Rs. 10,000. Under floater health policy, you may have to pay almost half of this sum as premium. Under a regular health insurance policy, you have to specify the sum insured for each member of the family. But in case of the claim, if the expenses exceed this sum insured, you have to pay the balance. This is quite different in a floater policy; every member included in floater policy get the same benefit of the whole sum insured in the policy. So, suppose a child is insured for 2 lakhs and incurs expenses of 2.5 lakhs, you will have to pay Rs. 50,000 from your own pocket under regular insurance. But in case you have taken a floater insurance of 6 lakhs, then each member will get the whole sum insured in case of any such eventuality during the policy term.
Benefits of floater plans do not end here. Floater plans also ensure free health checkup facility for senior citizens of the family. There is an option for choosing 2 year cover that provides a nonstop 2-year protection without any increase in premium in the 2nd year. That means you pay the same premium for 2 years. There is no need for medical examination till the age of 45 years. Floater policy also gives income tax benefits as per section 80D. You can deduct up to Rs. 15,000 (Rs. 20,000 in case of senior citizen) from your total taxable income.
Floater policy is apt for young, healthy people who are relatively healthier and less prone to illnesses. For others, regular health cover is suitable.
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