Home > Health Insurance > Family Floater Health Insurance
right-health-policy

FAMILY FLOATER HEALTH INSURANCE

  • Know everything about Health insurance plans
  • Detailed information on all kinds of medical cover
  • Widest choice from all Health Insurance providers
  • End to End assistance from buying to claims
  • Updated information from insurance companies & IRDA
  • #Family health insurance plan

    ‘Health is wealth’ indeed, especially in today’s day and age. Rising medical and healthcare costs mean that any sudden bout of illness can upset even the most articulate of financial plans. With growing financial awareness, health insurance is today becoming a top priority for majority of people. Of all the health insurance plans, family health insurance plans are becoming even more popular as a single plan, as it can offer protection benefits for the entire family. So no more buying different plans for different family members and then tracking each plan’s inclusions and exclusions, worry about networked hospitals for each plan and premium costs and renewal dates. With a family health insurance plan you get a single plan that covers the health care needs for the entire family.

    #
    A typical family insurance plan offers coverage for the individual, his or her spouse and children. Some family health insurance plans also offer an even broader coverage by including protection for in-laws and parents as well. Family health insurance plans are typically known as family floater health insurance policies that offer protection for the entire family all for a single annual premium.

    The convenience of having a single plan that protects against any health uncertainty makes a family floater plan an ideal health insurance for a family. It is therefore no surprise that almost every general insurance company today offers a family floater health plan tailor made to suit the needs of the entire family.

    Top 10 Family Health Insurance Plans

    Insurer Name Entry age (Min/Max) Sum Assured Pre & Post Hospitalization benefits Network Hospitals Waiting period
    for Pre-Existing
    Diseases
    Cigna TTK ProHealth Plan
    • 91 Days – Life Long
    • Min:Rs.2.5 Lacs
    • Max:Rs.1 CR
    • Pre Hospitalization:
      60 days
    • Post Hospitalization:
      180 days
    4500+ Hospitals 48 Months
    Bajaj Allianz Health Guard
    • 91 Days – Life Long
    • Min:Rs.1.5 Lacs
    • Max:Rs.50 Lacs
    • Pre Hospitalization:
      60 days
    • Post Hospitalization:
      90 days
    5700+ Hospitals 36 Months
    Apollo Munich Optima Restore
    • 91 Days –Life Long
    • Min:Rs.3 Lacs
    • Max:Rs.50 Lacs
    • Pre Hospitalization:
      60 days
    • Post Hospitalization:
      180 days
    4500+ Hospitals 36 Months
    Star Health Family Health
    • 91 Days – Life Long
    • Min:Rs.3 Lacs
    • Max:Rs.25 Lacs
    • Pre Hospitalization:
      60 days
    • Post Hospitalization:
      90 days
    8200+ Hospitals 48 Months
    Religare Care Family Health Insurance
    • 91 Days – Life Long
    • Min:Rs.3 Lacs
    • Max:Rs.40 Lacs
    • Pre Hospitalization:
      30 days
    • Post Hospitalization:
      60 days
    4000+ Hospitals 48 Months
    Aditya Birla Family Floater Health Insurance
    • 91 days – Life Long.
    • Min:Rs.2 Lacs
    • Max:Rs.200 Lacs
    • Pre Hospitalization:
      60 days
    • Post Hospitalization:
      180 days
    3000+ Hospitals 36 Months
    Future Generali Floater Plan
    • 91 days - 70 years
    • Min:Rs.2 Lacs
    • Max:Rs.10 Lacs
    • Pre Hospitalization:
      60 days
    • Post Hospitalization:
      90 days
    4200+ Hospitals 24 months
    HDFC ERGO Health Suraksha
    • 91 days – Life Long.
    • Min:Rs.3 Lacs
    • Max:Rs.10 Lacs
    • Pre Hospitalization:
      60 days
    • Post Hospitalization:
      90 days
    6000+ Hospitals 48 months
    Max Bupa Heartbeat Family Floater Gold
    • 91 days – Life Long.
    • Min:Rs.5 Lacs
    • Max:Rs.50 Lacs
    • Pre Hospitalization:
      60 days
    • Post Hospitalization:
      90 days
    3500+ Hospitals 48 months
    Royal Sundaram Lifeline Supreme
    • 91 Days - Life Long
    • Min:Rs.5 Lacs
    • Max:Rs.50 Lacs
    • Pre Hospitalization:
      60 days
    • Post Hospitalization:
      90 days
    3000+ Hospitals 36 months
    Universal Sompo Complete healthcare
    • 91 Days – Life Long
    • Min:Rs.1 Lacs
    • Max:Rs.10 Lacs
    • Pre Hospitalization:
      30 days
    • Post Hospitalization:
      60 days
    4500+ Hospitals 36 months

    #Compare health insurance from top insurers to buy the best family floater plans in India.

    Types of Family health insurance plans

    Just like an individual health insurance plan, family health insurance plans can be broadly classified into two distinct categories based on the type of health cover on offer. The two distinct family health insurance plans include the likes of Indemnity based health insurance plans and Defined benefit health insurance plans.

    Indemnity based family health insurance: Indemnity based health insurance plans also commonly known as reimbursement plans are those which offer reimbursement of medical expenses including pre and post hospitalization. The premium of any such plans is based on the total sum assured. So under a family floater plan the sum assured is available for all insured members of the family. For example if a family of four opts for a family floater plan with a cover of Rs. 25 Lacs, any member can claim an amount up to Rs. 25 Lacs in the year. However should another family covered under the plan require health insurance only the remaining amount is available for the remainder of the policy term.

    Family floater critical illness health insurance: Family floater critical illness health insurance plans offer a fixed benefit plan wherein fixed benefits are paid if any of the policyholders is diagnosed with a pre specified illness. Usually under critical illness plan the insurer pays out a lump sum amount irrespective of the treatments and hospitalization costs.

    Advantages of Family floater health Insurance

    Family floater health insurance plans are not just a collective single plan but come with a host of added benefits for the policyholder at the lowest premium on health insurance. Some of the most articulate advantages of opting for a family floater plan include

    • Single protective cover for the entire family: With a family floater plan, all family members are aptly protected which ensures optimum health insurance for everyone in the family. This is done through a single policy and single premium.
    • Convenient to seek health insurance with a family floater plan: For a family of four having four different health insurance plans mean worrying about premium costs for each plan, tracking the terms and conditions for each policy, inclusions and exclusions, waiting period for any pre-existing diseases and then compare for each health insurance from top insurers etc. With a family floater plan, everything is included in a single plan with a single annual premium making it far more convenient and user friendly than multiple plans for the each member of the family.
    • Availability of optimum discounts: General insurance companies usually offer discounts and multiple incentives for family floater polices. This makes a family floater plan more pocket friendly as compared to individual health insurance plans.
    • Option to add in new family members: Unlike an individual plan where a new family member will need to seek an additional individual plan for health insurance, family floater plans offer the ease of addition of a family member in the family floater health plan. Likewise if a senior member of the family plan expires, the policy continues unaffected making a family floater health plan far more comprehensive than individual health insurance.
    • Wide coverage with inclusion of extended family: Many general insurers are offering family floater policies allowing the option to include extended family including in laws and parents in addition to the existing family of spouse and kids.
    • Availability of long term protective cover: Worried over annual increase in insurance premium? Family health insurance plans also come with a long term protective cover of 2 years making the plans comprehensive and pocket friendly.
    • Attractive features: Family health insurance plans offer innovative and unique features including cover for a new born baby as well as maternity cover post the waiting period making it attractive for younger individuals looking at starting family post insurance.
    • Tax benefits: Section 80D of the IT Act allows for tax benefits for family health insurance plans. An individual can seek a total tax benefit of Rs. 55,000 including Rs. 25,000 for the self and Rs. 30,000 for parents or senior citizens in the family covered under the plan.

    Common exclusion of family floater
    Before opting for the best family floater plans in India, it is essential to understand the policy details including common exclusions. It is recommended to read the policy document carefully before opting for a family health insurance plan. Some of the common exclusions in family health insurance plans include:

    • General exclusions: Depending on your family health insurance check on the general exclusions and whether treatments like OPD and day care treatment along with treatment through alternate medicines is included in the family floater plan or not.
    • Pre Existing diseases: Most family floater plans have a lock in period before covering any pre existing diseases. Check with the insurer before opting for any family plan especially if suffering from any pre existing diseases.
    • Pregnancy and child birth: Unless otherwise specified, family insurance plans to not include medical coverage for pregnancy and child birth related expenses. You can however seek maternity cover inclusion after paying an extra premium as per your policy.
    • Cosmetic treatments: Usually most family health insurance plans do not cover any cosmetic surgery expenses including dental and ENT related surgeries and expenses.
    • Limited cover for the family: Any war, riots and/or nuclear weapon related damages are not under the ambit of most family health insurance plans.
    • Children covered only up to a certain age: Family health insurance plans offer coverage for a child only up to a certain age. The age in most cases is 18 years. Check with your insurer before opting for a family child plan with children.

    #Eligibility criteria for buying Family Health Insurance Plan
    A family health insurance plan is available for any individual looking for a group health insurance for his or her immediate family. While there are no specific eligibility criteria to opt for a family health insurance plan, make sure to know the maximum limit of individuals that can be covered in your selected family plan.

    A family health insurance plan expires as soon as the eldest member covered under the plan attains the maximum covered age. Some family health insurance plans allow for an extended cover of extended family and parents up to 6 individuals. You can add an additional family member by paying an additional premium in your family plan. However should you choose to add new family members make sure to increase the sum assured appropriately to ensure optimum coverage.

    #Why family floater plan is better than individual health insurance plan?
    Although individual health insurance plans have their benefits offering an individual centric coverage, family plans are gaining popularity owing to their essential benefits over and above the individual health insurance plans.

    • Ensures protection for the entire family: A family health insurance plan ensures that all members of the family are aptly protected against any health related emergency. Unlike in an individual plan where policyholders usually opt for protection of the earning family member, a family plan offer wider coverage.
    • Easy to track: Each individual health insurance means tracking the policy details, its exclusions, its premium details, the list of networked hospitals etc. A family health insurance is easier to track with a single premium for the entire family without any multiple tracking of policy details adding to the convenience.
    • Cheaper premium costs: Family health insurance plans are more cost effective and come with the lowest premium on health insurance as compared to multiple individual health insurance plans. What’s more if you opt for a 2 year family plan, the premium costs turn out to be even more cost effective.

    #Tax benefits to buy family health insurance plan

    You can avail a tax deduction of up to Rs. 25,000 for premium paid for health insurance for self if you are below 60 years of age and Rs. 30,000 if you are a senior citizen. Now for a family insurance plan since you are paying for health insurance for your children and spouse, you can avail an additional tax deduction of Rs. 25,000 provided the age of the individual is below the threshold of 60 years. If your parents are part of your family insurance plan, you can avail a tax deduction up to Rs. 30,000 provided they are above 60 years of age. Know that tax benefits are only available if you are paying either through electronic transfer, cheque, demand draft, credit card etc and not available for any cash payments.

    #Smart buying tips to buy family health insurance plans
    If you are looking to opt for a family health insurance plan, here are some smart buying tips to help you choose the best family floater plans in India.

    • Compare family insurance plans from multiple insurers: With many family insurance plans being offered by almost all general insurers, comparing various plans remains paramount. Make use of an insurance aggregator to compare all shortlisted plans before selecting the right one.
    • Read the policy document carefully: Always read the policy terms and conditions as mentioned in the policy document and not take the world of mouth of any insurance advisor to ensure optimal protection for your family.
    • Check on inclusions and exclusions: Make sure to know the finer details of all inclusions and exclusions of your shortlisted policies and then opt for one suiting your needs.
    • Buy family health insurance plans online: Buying a family health insurance plan online can make it even more pocket friendly with no extra costs for advisor’s fee.
    • Opt for long term family health plans: Many general insurers offer a long term policy of 2 years with a fixed premium. Opting for a long term family plan not only offers a longer protective cover but also makes the policy quiet budget friendly in the long run.
    There are many benefits of buying health insurance online.

    #Basic and super top up health insurance plans
    A good way to ensure optimum protection for your family is to seek a top up and a super top up health insurance plan for your family floater policies.

    • A top up cover gets active once the limit of the family health insurance plan gets exhausted. Since top up plans have a high deductible, they are more pocket friendly than seeking a higher sum insured in the policy itself.
    • For example if you have a family floater plan for Rs 5 Lacs and also a top up Health cover for Rs 10 Lacs with the threshold limit or deductible of Rs 5 Lacs, any claim over Rs. 5 Lacs is covered by the top up policy.
    • Top up plans however work on ‘per hospitalization’ basis which means it is useful only if your claim amount for a single hospitalization is above the threshold limit.
    • Super top up plans on the other hand are similar to top up plans and do not work on ‘per hospitalization’ basis but as per the total bill amount.
    • For example let us assume there are two claims in a year, one for Rs 5 Lacs and another for Rs 3 Lacs, your regular family floater policy will pay the first claim amount of Rs. 5 Lacs exhausting your cover. The second claim of Rs. 3 Lacs is not covered by regular as well as the top up plan as the bill amount is lower than the threshold limit.
    • A super top up plan will ensure that your second claim gets approved even if the claim amount is less than the threshold limit as it considers the total billed amount and supports multiple hospitalizations.

    #Why to buy Family Health Insurance plan for Rightpolicy?
    There are many benefits of buying health insurance online from Rightpolicy

    • Compare all family insurance plans under a single platform: Rightpolicy offers a one stop platform for you to compare all family health insurance plans helping you choose the right one. Compare health insurer from top insurers on Rightpolicy before making a decision.
    • Check instant premium for selected plans: All the shortlisted plans at Rightpolicy offer essential details including inclusions and exclusions and the final premium costs as per your needs.
    • Compare user reviews and community discussions: Being a popular insurance aggregator Rightpolicy offers user communities sharing their reviews of each general insurer helping you choose the right family plan as per your need.
    • Easy claim related information: All claim related information and details are listed on Rightpolicy making your insurance purchase as easy as a click of a button with no fear of any mis-selling.
  • Q: Is family health insurance plan same as family floater plan?
    A : Yes a family health insurance plan is the same as a family floater plan which offers protection for all members of the family under a single plan with an annual premium.
    Q: How does sum assured work in family health insurance plan?
    A : Under a family floater plan the sum assured is available for all insured members of the family. For example if a family of four opts for a family floater plan with a cover of Rs. 20 Lacs, any member can claim an amount up to Rs. 20 Lacs in the year. Should another family covered under the plan require health insurance only the remaining amount is available.
    Q: Does a family health insurance plan require medical tests?
    A : Yes depending on the family plan opted and the age of the members, some family health insurance plan may require medical tests.
    Q: Is it possible to add new family members in a family plan?
    A : Yes you can add new family members like a new born baby or a newlywed to the family health insurance plan at the end of the tenure subject to the terms and conditions of the family plan.
    Q: Can I cover my parents and in-laws in the same family plan?
    A : Yes many general insurers are offering family plans allowing for coverage of up to 6 individuals including parents and in-laws. Check with the respective family plan for details.
    Q: Does family health insurance plans also support cashless hospitalization?
    A : Yes family floater plans support cashless hospitalization as per their networked hospitals for each insurer. Check the listed cashless hospitals for the insurer before opting for a family plan.
    Q: Will a single family plan turn out to be cheaper than individual health insurance plans?
    A : Yes, family health insurance plans are more cost effective and usually come with a cheaper premium compared to multiple individual health insurance plans
    Q: Is there any tax benefit for seeking family health insurance?
    A : An individual can seek a total tax benefit of Rs. 55,000 including Rs. 25,000 for the self and Rs. 30,000 for parents or senior citizens in the family covered under the plan. Also if you are above 60 years of age and have parents as part of your family health insurance plan, you can attain a tax deduction of Rs. 60,000 under Section 80D of the IT Act.
    Q: Can one opt for a super top up cover for a family health insurance plan?
    A : Yes you can easily opt for a top up cover as well as a super top up cover for your family health insurance plan.
    Q: Are there any long term family health insurance plans?
    A : Yes many insurers are now offering long term family health insurance plans for 2 years making the plans quite budget friendly.
arrow-up