What is Family Floater Health Insurance?

• Written by Yashita Sinha

  Reviewed by Akhil Pillai

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With the rising healthcare costs in India, having health insurance for you and your loved ones has become imperative. But what if there’s a single plan that covers your entire family under one policy? 

The protagonist of our story is a family medical insurance plan. This comprehensive plan ensures the financial protection of all family members without purchasing multiple policies. 

In this blog, we’ll introduce you to the concept of family floater health insurance, discuss its benefits and emphasise the factors that make it an ideal choice for modern families. So, without further ado let’s get started. 

What is Family Floater Health insurance?

Also known as family health insurance, a family floater health insurance is a plan that covers multiple family members. These plans primarily provide coverage to individuals, spouses and children. However, some plans cover parents, in-laws and siblings as well. All the family members enlisted under this plan can use the sum insured to cover any medical expenses they might encounter.  

Purchasing this plan comes with two major pros. Firstly, you don’t have to purchase a separate plan for each individual. Secondly, it comes at a lower premium. Thus, it is an ideal plan for families looking for health coverage under a single plan with lower premiums. 

How Does a Family Floater Plan Work?

Let us understand the workings of a floater health insurance policy with the help of an example. 

Imagine the Mehta family comprising Mrs. Mehta, her husband and their eight-year-old son. Mrs Mehta purchases a health insurance plan with a coverage of ₹10 lakh. Now, let’s study two different scenarios 

Scenario 1: During the policy period their son gets hospitalized due to an illness and the treatment costs around 6 lakh. Since the claim is well within the sum insured, the insurer will provide coverage of 6 lakhs, leaving the remaining 4 lakhs for other medical emergencies. 

Scenario 2: This time, both Mr and Mrs Mehta get hospitalized due to a car accident, where the medical expenses are around 6 lakhs. In this case, the insurance company will settle the claim of 4 lakhs, while the remaining 2 lakhs must be borne by Mr Mehta’s pocket. 

Benefits of Buying a Family Floater Health Insurance Plan

You work so hard to ensure your family’s well-being and financial security. But with rising costs of essential services, safeguarding your family’s future requires careful planning. 

Among life’s priorities, access to quality medical care should top the list. Without proper coverage, sudden medical emergencies and hospital bills can deplete your savings. 

Your hard-earned money deserves to go towards providing a better life for your loved ones, not paying hefty medical bills. A comprehensive family medical insurance plan ensures the financial protection of each family member under a single plan, taking the financial burden off your shoulders. Here are some more benefits that make it ideal for modern families; 

Pre-hospitalization Cover: This type of coverage includes all the medical expenses incurred up to 30/60 days before your hospitalisation such as diagnostic tests and routine medications. 

Ambulance Cover: Ambulance cover includes expenses for domestic road ambulances during hospitalisation. Some plans also provide air ambulance coverage. 

In-Patient Hospitalisation Cover: In-patient hospitalisation covers expenses such as room rent, nursing fees, ICU, surgeon and doctor’s fees, anaesthesia, blood, oxygen and other operation-related costs. 

Post-Hospitalisation Cover: Post-hospitalisation cover ensures that expenses like follow-ups, tests and medications after discharge are well taken care of up to a defined time period, relieving your family from financial strains. 

Domiciliary Hospitalisation Cover: This benefit provides coverage for medical expenses incurred during home treatment when hospitalisation isn’t possible due to unavailability of bed or if the patient is unable to move. 

Annual Health Check-Up: Your family health insurance plan includes an annual health check-up for yourself and all members covered within the policy, including children.

Organ Donor Cover: Organ Donor Cover includes medical expenses that are incurred by you or your insured family members' organ donors while undergoing organ transplant surgery.

Lifelong Renewability: With the provision of lifelong renewability, you and your insured family member(s) can continue to stay covered throughout your life, provided you renew the policy every year.

Looking at the benefits above, buying a health insurance plans for your family is indeed a wise decision.

Care Health Insurance, a wide network of 24,800+ cashless healthcare providers, is a trusted insurance provider that offers an exclusive range of comprehensive health insurance plans to cater to diverse healthcare needs.

>> Check: Selecting the Best Family Floater Health Insurance

Features of Floater Health Insurance

The below table showcases the features of family health insurance plans from Care Health Insurance. We are comparing the features of Care Supreme and Care Advantange for your reference. 

*Refer to the policy document for the complete list of features and benefits.

>> Also Know: 7 Ways to Maximise Your Family’s Health Insurance Benefits

What is Covered in Family Floater Health Insurance?

A family floater health insurance provides coverage for the following medical expenses; 

• Hospitalisation Expenses: All the hospitalization expenses including room rent, nursing fees, doctor’s fees, surgery costs and other expenses are covered.
• Pre and Post- Hospitalisation Expenses: All the medical expenses before 60 days and after 180 days of hospitalisation are covered under the policy.
• Daycare Treatment: Treatments that do not require hospitalisation and can be treated in less than 24 hours are included under daycare treatments. They are also a part of the family floater policy.
• Preventive Check-up: These check-ups include routine medical examinations conducted to detect and address potential health issues at an early stage.
• AYUSH Treatment: AYUSH stands for Ayurveda, Yoga, Unani, Siddha and Homeopathy. Under the family floater policy, you get coverage for all of these treatment methods.

What is Not Covered in Family Floater Health Insurance?

A family floater health insurance plan doesn't provide coverage for the following expenses;

• Treatment of sexually transmitted diseases such as AIDS
• Treatment of diseases occurring during the waiting period mentioned in the policy
• Treatment for diseases arising from substance abuse including alcohol, drugs, etc.

Difference Between a Family Floater and Individual Health Insurance Plan

The below table differentiates between individual health insurance and family floater health insurance based on certain parameters:

It’s Your Turn Now!

Considering the rising cases of multiple diseases and exorbitant medical expenses, having a floater health insurance plan is essential. Apart from offering the much needed financial protection, the policy keeps the unnecessary stress at bay. 

You can consider buying family health insurance from Care Health Insurance. Starting from comprehensive coverage with multiple sum insured options to domiciliary hospitalisation, the policy comes with many unique benefits such as cumulative bonus, unlimited recharge of sum insured, e-consultation, OPD add-on etc.

Disclaimer: Plan features, benefits, coverage, and underwriting of claims are subject to policy terms and conditions. Please refer to the brochure, sales prospectus, and policy documents carefully.