Significance of Family Health Plan

Significance of Family Health Plan

by Nutan Gupta Last Updated: Dec 13, 2022 - 05:47 pm 206.2k Views
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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.

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