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What will be the cost of a Rs 10 lakh Health Policy for a family of 4?

Salil (31-years-old) works in the admin department of a private firm in Patna. To cover his entire family against various ailments, including this baleful COVID-19, Salil needs to pay hefty premiums for high sum insured. But these premiums will certainly make a hole in Salil’s pocket. Still, Salil didn’t want to compromise with healthcare expenses, and that’s why he purchased a family floater plan where the sum insured (by paying a single premium) can be used by any member of the family in the case of an emergency.

Because of medical inflation, hospital bills are rising exponentially, thus draining out an individual’s savings. Even this COVID-19 related hospitalization has put huge pressure on a person’s wallet. People without health insurance policies settled hospital bills from their pockets. Even for those who own health insurance cover, the coverage should be sufficient enough to meet all the expenses of hospitalization utterly. Thus, you should purchase adequate insurance cover for yourself as well as your family members that can successfully meet all your healthcare expenses.

If a person can’t afford to purchase health insurance policies for all the family members because of higher premiums, he/she should opt for family floater plans. In a family floater plan, the premium is calculated according to the age of the eldest family member. Moreover, any family member can utilize the sum insured amount in case of a medical emergency. These types of plans are ideal for millennials with small kids.

These days, many health insurance companies offer affordable medical insurance costs for families of 4 (husband 35 years, wife 32 years, and two children 5 years and 3 years respectively). An average cost of health insurance for a family of 4 for Rs 10 lakh could be between Rs 1700 to Rs. 2200 per month. Young parents are purchasing this type of health insurance for a family of 4 in India to safeguard all family members against various diseases, including the COVID-19. Thus, the popularity of mediclaim policy for 10 lakhs for 4 family members is thriving hurriedly among young couples who have started their family a few years back.

A family floater plan covers your whole family at comparatively low premium rates with adequate coverage options. Under a floater plan, the policy purchaser could be the oldest ones in the family, but fortunately, he/she is a millennial. That’s why there is a minimal risk of pre-existing diseases. Moreover, since the entire family is youthful hence, the premium rates would be lower. Therefore, the policy buyer can select a suitable insurance plan that will meet all family’s medical needs and comes up within his/her budget.

Before purchasing a health insurance policy, reveal your present health conditions to the insurance company. While purchasing online or offline health insurance policies, the policy buyers should disclose all information regarding the pre-existing diseases/illness or any other imperative information without any incongruities. If you provide the correct information, you may not face any trouble or even rejection during the claims settlement process. The insurer has every right to reject your claim if you try to mislead them with false information.

Types of Family Floater Policies

  • Medical Insurance: This type of floater policy compensates for the cost of hospitalization. The policy comes with a list of illnesses and procedures that are covered. The reimbursement means the plan offers a cashless treatment facility to insurers.
  • Critical Illness: This type of policy plan embraces the insured policyholder with a lump sum amount if he/she is diagnosed with a critical illness.

Why should you opt for a family floater plan?

  • A family floater plan is an utmost way by which you can purchase health insurance for every member of your family. This type of policy brings all members under one roof. You can add new members without any hassle. These days, many floater plans permit coverage for joint families also. Companies are trying to introduce new variants of the family floater policy so that they can offer intriguing plans for families.
  • Family floater premiums will never burn your pocket. If a floater plan offers coverage for a married couple, then the premium for both will be lesser than individual policy plans. The premiums are cheaper and affordable for family floater policies.
  • You are free to add your parents or in-laws under this plan. This means a family floater plan offers comprehensive coverage to policy buyers.
  • Some policies come up with maternity costs, including regular coverage, or as an add-on. You can even add your baby under this family floater plan.
  • The prime advantage of a family floater plan is the sum insured amount is shared among family members. For example, if one member is hospitalized, you can use a portion of the sum insured for his/her treatment. The rest of the members will utilize the remaining balance. Some family floater variants are coming up with dual assured policies. This means everyone has an individual assured, and there is a floating sum assured that can be accessible by every family member.
  • Family floater premiums will help you save tax under Section 80D, but only if you pay the premium for yourself, spouse, children, and parents through any mode other than cash.

Exclusion of a family floater policy

The insurance company may not cover your entire hospital bill. In addition, this type of policy doesn’t offer coverage for hospital consumables. To make your claim process hassle-free, thoroughly check the policy document and understand what is covered and excluded.

A family floater plan is ideal for those who want all-inclusive coverage at a reduced cost. Always purchase a family floater policy to shield every family member against uncertainties.

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