Significance of Family Health Plan
27 Jun 2017
Nutan Gupta
New Page 1
Family is one of the life’s greatest
blessings. They are your strength because they see you through good and most importantly
through bad times. Thus, it makes sense that when it comes to them and their well-being,
only the best is acceptable. And in the insurance world, the best for your family
translates to a family floater plan.
What is a Family Floater Plan?
In quite simple terms, it means insurance coverage for you as well as
your family. If you are the only working member with dependents, then this is an ideal
plan in terms of savings. It is a basic comprehensive health plan specifically designed to
provide coverage to entire families.
A family health plan proves to be a godsend when it comes to protecting
the finances as well as the health of an entire family, and all this in one policy
package!
Which is better – An Individual Health Insurance Policy OR a
Family Health Plan
*Given figures are only for demonstrative purposes.
As you can see from the above example, with a family health plan,
Mr.Nair and family get better coverage while at the same time paying a lesser premium
amount. Moreover, he avoids the hassle of handling multiple insurance policies.
Suppose, Mr.Nair’s father has to undergo hospital treatment that
amounts to Rs.3 lakh. The Nair family still has a cover of Rs.7 lakh to safeguard them
from treatment costs for the remaining of the year. Under an individual health insurance
plan, Mr.Nair’s father would have had to pay Rs.1 lakh out of his own pocket as his
insurance coverage was only up to Rs.2 lakh.
The Worry of Rising Medical Prices
With the steep inflation of medical prices, getting even a simple
procedural treatment can prove to be a costly affair. Though newer treatments, innovative
healthcare, and revolutionary drugs are increasing life expectancy, they are also
proportionately increasing the cost of treatment. Add to that the responsibility of the
health costs of an entire family and you’ve got a constant worry on your hands.
It is important to note here that, in case any one family member
utilizes the sum assured before the end of the policy year, the other family members
won’t be able to benefit from it for the remaining part of the year.
A Better Plan for Everybody
Due to the changing insurance scenario, many insurance companies offer
tailor-made policies that cater to family needs with a number of added benefits. With
facilities like Daily Cash, Maternity Cover, Health Check-up, Ambulance Charges, Dental
Cover, OPD Coverage etc. family health plans are becoming more popular because of the
advantages they offer. Insurance companies are also offering coverage for extended family
members.
However, having said all that, it is imperative that you do thorough
research about the features and benefits before selecting any family floater health
insurance plan. By carefully combing through the policies, you can find minute differences
that can prove invaluable – you can save money on premiums while getting similar
superior benefits.