Given the ever-increasing medical costs, it becomes important to invest in a health insurance plan. Such a policy covers medical-related expenses towards hospitalization, surgeries, or treatment of any disease, thereby providing a high degree of financial security.
One of the most important aspects to consider while buying a health insurance policy is whether to invest in an individual health plan or a family floater insurance plan. As the name suggests, a family floater health insurance is a health insurance policy tailor-made for families. Such a plan offers coverage for the entire family, which includes the individual, spouses, and children. The sum insured may be utilized by any member as and when the need arises. For example, if a family cover is taken for INR 6 lakh, then any family member may claim the amount whenever needed.
Advantages of family health plans
Due to the numerous benefits offered by a family floater health insurance plan, many people are now opting for such a policy. Following are four major benefits of a family health plan:
Premiums payable towards family plans are reasonably priced. Many insurance providers offer discounts as numerous members are covered under the same plan.
- Cashless treatment
You may avail of cashless benefit at network hospitals of the insurer. Choose a hospital in the network list of your insurance provider, display your health insurance card, and fill out a preauthorization form. Upon approval, the insurance provider will settle the bill with the hospital.
Investing in a plan like the family floater health insurance plan inculcates the habit of saving. These plans are, therefore, a good option for young couples with children.
- Avoids the need to track multiple policies
As opposed to individual plans, a family floater health insurance plan lets you do away with the need to track and maintain numerous policies.
Disadvantages of family health plans
Family plans have their own disadvantages as well. Following are three major drawbacks of family insurance schemes:
- Pricing strategy
Family plans are priced on the basis of the oldest family member. With advancement of age, the plan flexibility reduces and the premium cost increases.
- Inclusion of only your immediate family
Family floater health insuranceplans cover members of your immediate family, which includes your spouse and children. Many insurance providers do not permit the inclusion of siblings, parents, and parents-in-law.
- Renewal policy
Family plans may be renewed only till the senior-most person reaches the maximum age allowed by the insurance provider. This indicates that other members have to apply for a new health policy and forgo the benefits of the existing plan, after that.
Evaluate the pros and cons of a family health insurance plan and invest in one if the benefits outweigh the other. If you are looking for the perfect family plan, then HDFC Life Easy Health Plan is one of the best family floater health insurance plans in the market. Through this plan, you and your family may be financially prepared in case of medical emergencies. You may enjoy comprehensive cover through three plan options, namely Daily Hospital Cash Benefit, Surgical Benefit, and Critical Illness Benefit. Besides, you may also avail of tax benefits and affordable premiums. So, invest in HDFC Life Easy Health Plan and enjoy a high degree of financial security with the best family floater health insurance plan.