Benefits of Family Floater Plan

Updated on April 27, 2021

Anybody can buy a house, but it is only our supportive family that makes it a home. The time spent with our families is what makes life’s daily grind totally worth it. It is also our utmost responsibility to reciprocate their affection and take good care of them. Despite one’s best efforts, there can be instances when a family member can fall sick or contract an illness. Such situations strike unexpectedly, taking a toll on the mental and physical well-being of all the family members. It hits one doubly hard, if one is not prepared with a back up plan to handle such situations. This is why most medical experts and wealth management specialists advise families to invest in a family floater plan.  

A family floater plan, similar to your health insurance provides an exhaustive cover for the insured against any illnesses. However, unlike a health insurance policy which only covers one person, a floater plan provides umbrella coverage for all the members of the family like the insured, their spouse, dependant parents or guardian, and dependant children. With the ongoing pandemic, it is only advisable to protect our families and be prepared to face any such situations that come our way. Listed below are some of the benefits of investing in a family floater plan.

Benefits of Family Floater Plan

  1. The extent of Coverage – Unlike other health insurance policies, a floater plan offers a higher sum insured with relatively greater coverage. In addition to parents and children, some insurance providers have also made it available for the insured to include dependent siblings and in-laws, as a part of their floater plan.
  2. Tax Benefits – Apart from the obvious medical benefits, one of the main reasons why most financial experts advice people to invest in health insurance is that they can avail certain tax benefits from their medical insurance policies. Especially, with a family floater plan, the insured is eligible for tax deduction under section 80D of the Income Tax Act. If your parents are also a part of your floater plan, you could also enjoy double benefits. 
  3. Easy Addition of New Members – The family floater plan has also made it easier for the insured to add any new members with ease during any point of the tenure. They will enjoy equal medical benefits as the other members in the floater plan.
  4. Greater Medical Assistance – The exhaustive medical coverage under the family floater plan includes hospitalization fees, doctor consultations, ambulance cover, expenses incurred due to medical procedures or surgeries if any, and other related expenses in case of illness or accidents. Some of the insurance companies also provide an annual overall medical check-up for all the members listed in the plan.
  5. Stress-free Experience – Having a floater plan makes it a lot easier for the policy-holder to manage the policies, which can get quite confusing in case of separate plans for all the family members. Also, with a floater plan in place, the premiums are much lower compared to individual plans.

A family floater plan makes it a lot easier for you to take care of your family all under a single policy. With a single policy, you can now secure your family’s future and stay resilient in times of medical emergencies and afford the right health care for your loved ones without worrying about the financial burden. 

The Editorial Team at Healthcare Business Today is made up of skilled healthcare writers and experts, led by our managing editor, Daniel Casciato, who has over 25 years of experience in healthcare writing. Since 1998, we have produced compelling and informative content for numerous publications, establishing ourselves as a trusted resource for health and wellness information. We offer readers access to fresh health, medicine, science, and technology developments and the latest in patient news, emphasizing how these developments affect our lives.