fbpx

What Is a Family Floater Policy and How Will It Benefit You?

by Alden Bert

All products and services featured on this site are independently selected by our authors and editors. If you buy something through links on our site, we may earn an affiliate commission.

A family floater health insurance policy is a product designed to give comprehensive protection to your family members such as spouses, parents, and siblings. The plan gives you the financial support for the medical expenses incurred during the treatment of any family member. 

Let’s understand the benefits of a family floater policy in detail:

Benefits of Family Floater

The greatest benefit of a family floater policy of health insurance is affordability. Usually, insurance plans for individuals can be very expensive. Even when you factor in the high deductibles, the premiums, and co-pays that can make health insurance an unattractive financial decision, you still may be paying an enormous amount of money. A family floater policy eliminates all of these costs and keeps you covered with an adequate sum insured for each member of the family.

Image Source: Shutterstock

Coverage for Injuries   

When it comes to protecting the health of your loved ones, a family floater policy is one of the greatest solutions. Because it is one policy with a family benefit, it relieves you of the burden of maintaining and tracking several health insurance plans while still being affordable.

Another advantage of a family floater health policy is that if one of the family members becomes ill and needs to be hospitalised, the policy's entire sum insured can be used to treat the sick member of the family. Needless to mention, a family floater policy provides higher coverage possibilities than solo health plans, thus the coverage is more comprehensive.

Employee Insurance Benefits

The plan also provides great benefits to the employees of your company. As a company, you will be able to reduce the costs of health benefits by as much as 50%. By using this plan, your business will be able to offer its employees competitive wages and benefit packages. It will also help provide for improved employee morale and productivity. You may choose plans that cover full or partial coverage. The benefits of a family floater policy that are provided by different plans will depend on the type of coverage you select.

Many people will choose to pay their premiums annually. This means that they will pay the same amount each year regardless of how much family coverage they receive. Others will choose plans that will have monthly premiums that change throughout the year. Monthly premiums that change can help you determine which plan will be the best choice for you and your family.

Accidental Death Coverage 

Other benefits of the family floater policy include the coverage of accidental death and dismemberment. Accidental death and dismemberment coverage can make the price of a policy worth it in case of such an unfortunate event. It is important to remember that there are different plans available from different companies. Make sure that you review the different aspects of each plan before selecting one for you and your family. 

If you are not sure about any aspect of a plan, then it is recommended that you contact the company for more information. You will get varieties of options to choose from As per ibef.org, the country has also become one of the leading destinations for high-end diagnostic services with tremendous capital investment for advanced diagnostic facilities, thus catering to a greater proportion of the population.

Buy The Best Plan 

In conclusion, the benefits of the Family floater policy of health insurance are designed to provide you with a low monthly premium while still providing you with a high level of protection for most medical costs that you may encounter. If you are planning on expanding your family in the near future, then the health insurance plan that you select will play an important role. Take the time to compare the different health insurance policies that are available to you and find the best plan for you and your family. With renowned insurance providers like Care Health Insurance, you can get suitable plans at affordable rates. 

Comment

About the Author 

Alden Bert

Articles You May Like


We've all been there. It's the end of the month again, and we're frantically checking our bank account, trying to decide if we have enough

Read More
Where did all my money go???

We asked thousands of people, “What would you change in your life right now if you could?” The responses are always interesting, ranging from nothing

Read More
How to improve your finances, health, and relationships

There are several ways to build wealth, but one of the best ones is getting on the property ladder. The property ladder is a concept

Read More
How Singaporeans Can Get on the Property Ladder

I wrote about using credit cards the other day and got a lot of negative feedback. People or experience had convinced many that Credit Cards = Bad.

Read More
People Don’t Like it if You Challenge Their Mindsets

I signed on with a personal trainer a few weeks ago after getting tired of exercising on my own. After looking around at the various

Read More
10 Reasons to Hire a Personal Trainer

Most of us put on a few extra pounds over the years and have tried various methods to lose it and maintain our weight. One

Read More
How to Lose Weight Using the 400:4 Diet

A book that has developed a cult-like following in the Financial Independence (FI/FIRE) community, “The Simple Path to Wealth: Your road map to financial independence

Read More
The Simple Path to Wealth: Book of the Month

I recently read a post in a financial group asking about how to avoid finance charges from overdrafts. The OP was pissed off at his

Read More
The problem isn’t the bank: Fixing overdraft charges

It's 2 AM. You're staring at the ceiling, willing yourself to go back to sleep, knowing that you have to get up soon. Why won't

Read More
How To Get More Sleep: 10 Proven Strategies
>