Close ILTakeCare Suggestion
IL TakeCare app – For all your insurance & wellness needs

Policy purchase, claims, renewal & more

 

Understanding Family Floater Policy in Health Insurance

In a family floater plan, each covered member is free to use the sum insured up to the full amount.

  • 23 Jan 2023
  • 3 min read
  • 8988 views

 

As the name implies, a family floater health insurance covers the entire family under a single policy. The policy benefits apply to your spouse, dependent children, and dependent parents. Sometimes siblings are also covered by this plan, but you must check this with your insurer.

Here Is How Family Floater Plan Works

Assume you have a Rs 1,000,000 worth family floater insurance policy. Along with you, the plan covers your spouse and children. Your spouse and child became severely ill within a year of purchasing the policy. The treatment bill for your spouse is approximately Rs 800,000, and that for your child is around Rs 200,000. In this case, the sum insured of Rs 1,000,000 will cover both sets of bills.

In a family floater plan, each covered member is free to use the sum insured up to the full amount. However, if one member uses the entire amount, the other member will be denied benefits. To overcome this, you can supplement your policy with a reinstatement add-on. It will restore the sum insured, allowing other covered members to benefit from the coverage.

Family Floater Policy Coverage

  • The policy reimburses for pre and post-hospitalisation expenses.
  • This family health insurance covers daycare procedures such as minor surgeries and anaesthesia.
  • There is also a provision for medical expenses related to organ donors for a specific time.
  • You can also raise medical bills related to in-patient and domiciliary expenses.
  • In case you or a loved one has contracted coronavirus, the associated medical bills will be reimbursed.

A family floater plan is essential today. However, before choosing an insurer, you should consider the coverage scope, renewability options, ease of adding new members and claim settlement process.

Also read:

  • family floater plan
  • family health insurance
  • Looking for tailored advice?

    Schedule a call with our insurance advisors

  • OR
  • Call us:

    1800 2666
Please enter valid name
Please enter a valid mobile number
Please select the Category

Subscribe to our newsletter

Understand insurance better by reading our helpful guides, articles, blogs and other information.

Please enter valid name
Please enter valid Email

Error message here