With the birth of a child, you enter the brave, new world of parenthood. Your children often become your priority and as a parent you always want to ensure that your child leads a healthy life and receives the best possible in terms of education, lifestyle, etc. As a parent you strive to maintain a healthy lifestyle for them, with the right nutrition, exercise, etc. Despite that certain health emergencies may often be unavoidable. In such a scenario, financial worries should not deter you from making the best healthcare available for your child. Hence, having a family floater health insurance plan that provides adequate coverage for your children is a must.
This Children’s Day, a health insurance cover may be an ideal choice for your children.
What is a family floater health insurance?
A family floater policy is one in which you can cover your dependent family under a single sum insured. The sum insured floats over the family members and any one or more member of the family can claim under the same policy, however, subject to the family floater sum insured on a cumulative basis. For a married individual with a spouse and kids, a family health floater is ideal. This is because a family floater can cover for the health exigencies of all your loved ones at a reasonable cost.
When should you get a family floater?
The premium for a family floater health insurance plan, is generally based on the Sum Insured opted and the age of the oldest family member getting insured. Thus, if you are a young person in your 20’s or 30’s with spouse and a child, now is the time to get a family floater. The premium for a young family is much lower for a higher coverage. Furthermore, you have the flexibility to enhance the cover amount and even add family members in the floater in case a new family member arrives.
Up to two adults and three children can be covered through a floater plan. Children can be covered under a family floater plan to the age of 18-25, depending upon the insurer and the features of the plan.
Benefits of a family floater plan
A floater plan will enable you to provide comprehensive coverage for your entire family including spouse and children under a floater sum insured economically. Benefits under the policy can be availed by all members of the family cumulatively up to the family floater sum insured limit even in case of multiple hospitalisations during the year. Moreover, further, you can claim tax benefits under Section 80D of the Income Tax Act.
Difference between individual and family floater plans
In the case of individual plans, each member of the family will have a separate sum insured. Under a family floater plan, there will be a single “floater” sum insured which will float over all the members of the family insured under the policy. The insurance company’s maximum liability with respect to all the members of the family covered under the policy cumulatively will be restricted to the family floater sum insured.
The last thing you want to be concerned about, is financial stress if your child has a medical emergency. Buying a health insurance plan for your children is the best way to ensure that you have both financial security and peace of mind.
Views expressed by Shreeraj Deshpande, Head – Health Businesses, SBI General Insurance
