Benefits of Family Floater Mediclaim Policies

Securing the health and well-being of your loved ones is one of the top priorities. Keeping the body in good health is a responsibility because, without it, our minds cannot remain sharp and resilient. A Family Floater Mediclaim provides Medical insurance coverage for an entire family under a single policy. It allows all family members to share a single sum insured and pay a single premium, offering a comprehensive solution and potentially budget-friendly coverage. Healthcare costs are going up every day, and illness and hospitalisation affect our finances and daily lives; investing in a Family Floater Mediclaim policy is an effective way to protect your families while enjoying cost savings and peace of mind.

What is a Family Floater Mediclaim Policy?

A Family Floater Mediclaim policy is health insurance that covers all the family members under a single sum insured. In simple terms, you can say that the entire family can take advantage of this plan or can utilise the coverage amount as needed. Unlike individual policies, where each member has a separate coverage limit, a floater plan enables the whole family to share the sum insured. This makes health insurance affordable for families, particularly for those seeking to get as much coverage as possible without going over budget.

Family Floater Policy Benefits

The Family Floater Policy offers numerous advantages, with its primary appeal being the consolidation of all family members under a single, easily manageable plan. Below are some of its benefits, making it a popular choice among health insurance plans for family.

• Coverage for entire family: Individuals can take care of their family under one single plan. They can add their children, elderly parents, and spouses. 
• Extensive Coverage: One of the primary benefits of family health insurance is that it offers comprehensive coverage as it covers hospitalisation expenses, doctor consultations, pre-and post-hospitalization costs, etc under a single plan.
• Cashless Treatment: Many Family Mediclaim Coverage plans offer cashless hospitalization at network hospitals, safeguarding a hassle-free treatment process.
• Cost-Effective: One of the most important benefits of family health insurance is its affordability. Additionally, a Family Floater Mediclaim policy is both budget-friendly and easily accessible.
• Tax Savings: Another advantage of purchasing a Family Floater Mediclaim policy is the tax benefits of Mediclaim policies. Beneficiaries can avail of Tax Benefits of Mediclaim Policies under Section 80D of the Income Tax Act.
• Coverage for Critical Illnesses: Most of the Family Floater Policy advantages include coverage for serious lifestyle diseases such as cancer, stroke, renal failure, heart disease, kidney failure, etc.
• Lower Premiums: Compared to separate policies, Affordable health insurance for families provides lower premiums for the same coverage.

Eligibility Criteria for Family Floater Mediclaim Policies

To obtain a Family Floater Mediclaim policy, individuals need to fulfil specific eligibility requirements. 

Who Can Buy It? 

The primary policyholder is between 18 and 65 years old.

Who Can Be Covered? 

• Spouse (husband or wife)
• Dependent children (usually up to 25 years old)
• Elderly Parents and parents-in-law 

Number of Family Members Included: Most policies cover up to 6-8 family members under one plan.

What does family floater Mediclaim cover 

• Hospitalisation Expenses: The Family Mediclaim Coverage plan covers all the hospitalisation expenses. It provides coverage for room rent, doctor consultations, nursing charges, and more.
• Pre- and Post-Hospitalisation Expenses: These include costs of diagnostic tests, follow-up consultations, and other related expenses before and after hospitalisation.
• Ambulance Charges: It also covers the ambulance costs from home to hospitals in case of emergencies.
• AYUSH Treatment: Many policies also cover Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homoeopathy (AYUSH) treatments. 
• Annual Check-Ups: Some insurers offer free yearly check-ups.
• Daycare Treatments: Family Floater Mediclaim covers minor surgeries and medical procedures that don’t require 24-hour hospitalization. 

What is not Covered

While a Family Floater Mediclaim covers many aspects, it is also important to know the exclusions. Things that may not be covered are listed below.

• Pre-existing diseases (Usually covered after a waiting period).
• Cosmetic or dental treatments are not covered in this policy.
• Self-inflicted injuries or substance abuse-related treatments.
• Treatment for alternative therapies is also excluded.

Things to Keep in Mind While Buying a Family Floater Mediclaim Policy

When purchasing a Family Floater Mediclaim policy, make sure you select the best plan according to your family’s needs; here are some important things to keep in mind: 

• Sum Insured: With rising healthcare costs, select coverage that will cover all family members’ medical expenses.
• Number of Family Members Covered: Verify the policy will cover the maximum number of family members (spouse, kids, parents, and in-laws). 
• Additional Benefits: To make sure you’re getting value for your money, weigh the premium price against the benefits provided. 
• Cashless Hospital Network: Verify that the insurer has a wide network of hospitals that take cashless payments in order to speed up the settlement of claims. 
• Benefits for Maternity and Newborns: Check to see if the plan includes coverage for maternity expenses and, if required, newborn care. 
• Claim Settlement Ratio: Know the insurer’s claim settlement ratio to ensure seamless claim approvals. 
• Policy Term and Renewability: Confirm that the policy offers lifetime renewability and flexible terms so you can continue to be covered for as long as you need it.

Some other aspects to consider are: 

• Waiting Period
• Critical Illness Coverage
• Pre-Existing Disease Coverage
• Tax Benefits
• Add on covers
• Preventive Check Up

Summing Up

A Family Floater Mediclaim policy is a smart and practical way to secure the health of your family and protect yourself from healthcare expenses. The benefits of family health insurance go beyond financial coverage, including tax savings and more. In addition to family benefits, Family Floater Mediclaim also comes with tax deductions. The premiums are eligible for tax deduction under Section 80D of the Income Tax Act. With its several Family Floater Policy advantages, this policy safeguards you and your loved ones during medical emergencies.