A family floater health insurance policy is one of the essential components that can help achieve a comfortable living for the family. It is one of the most significant responsibilities for any individual, especially when dealing with health crises, where the responsibility is even bigger. For instance, with a family care mediclaim policy, the insured amount gets split between the entire family. It is a convenient insurance plan and a single floater policy that allows the policyholder to get coverage for every family member for a single premium. Let’s breeze through this blog and find all the information you need about family floater health insurance.
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A family floater health insurance plan is a tailored health coverage that extends to multiple family members. Unlike individual health insurance, which requires separate plans for each family member, a family floater plan allows you to cover your spouse, children, parents, and siblings under a single policy. This not only streamlines the insurance process but also proves economical, with lower premiums than individual plans.
This plan offers coverage for hospitalisation, surgeries, and related medical expenses but may have limited additional benefits like maternity cover or critical illness.
A broader policy aims at covering a variety of health services and expenses clinics, daycare treatments, maternity, pre- and post-hospitalisation, life-threatening illnesses, and different degrees of dental or optical checkups, as it may differ in each insurance company.
This plan is designed to augment an existing family floater health insurance and is referred to as a top-up or super top-up plan. Generally, they come with higher amounts to be paid before the policy benefits kick in but make available more benefits at a lesser cost.
A family floater health insurance plan consolidates the coverage for all enrolled family members under a single plan. The shared sum insured allows multiple claims, offering flexibility during medical emergencies. This shared approach distinguishes it from individual health insurance plans.
Family floater plans are usually the best option for younger households with healthier members who are less likely to develop health issues. For families, this family health plan is more economical and easier than buying separate insurance for each member.
At the very least, for the elderly, families with seniors must choose to buy individual coverage. They may need costly therapy since they are more vulnerable to health dangers. This may mean that other family members won't have enough health insurance, so you'll have to pay for any necessary treatments out of your pocket if that happens.
You can better grasp how family members share the same health insurance scheme coverage by looking at this example:
Here are 10 advantages of a comprehensive and feature-rich health insurance plan for a family:
The complexities of managing individual health insurance policies for each family member can be daunting. A family floater health insurance plan simplifies this process by encompassing all family members—spouse, children, and dependent parents—under a single umbrella. This streamlined approach not only eases administrative burdens but also ensures that each family member enjoys comprehensive coverage without the hassle of maintaining separate policies.
One of the most distinctive features of a family floater plan is the concept of the shared sum insured. In simple terms, the total coverage amount is available to any family member in case of a medical emergency. This dynamic allocation of coverage ensures that no family member faces the risk of being underinsured while optimising the utilisation of the sum insured.
The beauty of a family floater plan lies in its cost-efficiency. The collective risk pool often results in lower premiums, making it an economically sound decision that doesn't compromise coverage.
A family floater medical insurance plan offers comprehensive health coverage for your family and can also provide tax benefits, as the premiums paid for such policies are eligible for deductions. This dual benefit of securing your family's health and reducing your taxable income makes a family floater plan a wise financial move.
Many family floater plans include a provision for annual health check-ups for each covered family member. This proactive approach to health care aids in the early detection of potential issues, empowering you to take preventive measures and ensure the well-being of your loved ones.
In an era marked by digital transformation, accessibility to healthcare services has taken on a new dimension. Family floater plans often encompass teleconsultation services, allowing family members to consult with medical professionals remotely. This feature is particularly advantageous for minor health queries, follow-up consultations, and seeking medical guidance without the need for physical visits.
India's rich heritage of alternative healing systems, collectively known as AYUSH (Ayurveda, Yoga, Unani, Siddha, Homeopathy), offers holistic health approaches. Many family floater plans extend their coverage to include such treatments. This inclusion enables you to explore traditional and alternative healing methods, promoting a holistic approach to well-being.
Medical advancements have redefined healthcare, with many procedures no longer requiring extended hospital stays. Family floater plans typically encompass coverage for daycare treatments—medical procedures that necessitate less than 24 hours of hospitalisation.
Medical expenses extend beyond the duration of a hospital stay. Family floater plans offer comprehensive coverage by encompassing pre-hospitalisation and post-hospitalisation expenses. This holistic approach ensures that you're protected throughout the entire medical journey, from consultations and tests to recovery and follow-up care.
Medical emergencies are inherently stressful, and financial worries only exacerbate the situation. Family floater plans often offer the convenience of cashless claims. This streamlined process entails the insurer directly settling the medical bill with the hospital, minimising out-of-pocket expenses, and allowing you to focus solely on the health of your loved ones.
Firstly, the premium is the amount you pay the insurance company to keep your policy active. For Family Floater Health Insurance, the premium is calculated based on a few key factors:
This is the maximum amount the insurance company will pay in case of a claim. Generally, the higher the sum insured, the higher the premium. It's like choosing how much financial protection you want for your family's health.
The number of family members covered under the policy plays a crucial role. More members mean a higher premium, but it's a cost-effective way compared to individual policies for each family member.
Age matters when it comes to health insurance. Younger members usually have lower premiums as they are considered at lower risk. As age increases, so does the premium, reflecting the likelihood of health issues.
Your family's past health conditions also influence the premium. If there are pre-existing medical conditions, the premium may be higher. This is because the insurance company takes into account the potential cost of covering these conditions.
You can include additional features in your policy for extra coverage. While they enhance your protection, they can also increase the premium. It's like customising your policy to fit your family's unique needs.
Each insurance company will have different policies on what a family medical insurance policy covers. All things considered, these plans typically provide comprehensive coverage against medical costs. By doing this, you may be sure that in a medical emergency, your whole attention will be on your loved ones' well-being rather than your expenses.
The top family floater plans will cover the following:
Daycare procedures are medical treatments that don't require a hospital stay longer than twenty-four hours. Some typical examples of daycare procedures are tonsillectomy, cataract surgery, chemotherapy, and so on. More than 160 of these daycare procedures are covered by the finest family floater policies.
A family floater health insurance policy often covers primary and small operations. It is advisable to verify each insurance company's list of surgeries, as these vary typically among plans.
In the event of a hospital stay, this is the daily rate for a room or bed. It is typically among the most expensive hospital stays. Luckily, most family floater plans will pay this amount on your behalf! The top plans will also cover expenses like service fees and hospital registration.
Monitoring our health is vital, but it can also get expensive, particularly if the whole family needs to get checked out. Fortunately, a quality family floater health insurance coverage will provide frequent free medical check-ups. A solid plan will also pay for vaccinations, which can be beneficial, particularly in light of the COVID-19 pandemic.
The family floater plan does not, by default, cover pre-existing conditions. Following the expiration of the waiting period, they are insured.
Treatment for attempted suicides and nuclear assaults is not covered.
Treatment for congenital conditions, drug use, etc., is not covered.
| Aspect | Individual Health Insurance | Family Floater Health Insurance |
| Coverage | Dedicated coverage for the policyholder. | The coverage amount is distributed among all family members. |
| Benefits | Covers all medical expenses of the individual. | Covers all medical expenses of family members under the plan. |
| Premium | Higher premiums are based on coverage, age, and medical history. | Lower premium as it covers all family members under one plan. |
| Members Covered | Only the policyholder. | Enrolls four to eight members, including the policyholder, spouse, children, and sometimes parents. |
When opting for a family floater health insurance policy, there are a few essential features and conditions to keep in mind:
The amount of money the insurer will pay for the family's themed expenses at any time. A large sum insured, however, certainly comes with better protection. It is essential to determine the amount of sum insured depending on the number of members in your family and their healthcare requirements.
In most cases, for a single premium, the family floater health insurance policy can protect the policyholder, spouse, children, and, at times, parents-in-law or other dependent elders. Each insurance company has different rules regarding the age of the people enrolled, and the coverage can only be available to parents up to 60 or 65.
Similar to all health insurance policies being issued in the current market, family floater plans also have certain restrictions on preexisting diseases, newborn babies, and specific treatments. One should always examine the waiting period clauses before buying an insurance policy.
Family floater policies may have a co-payment option, which means the policy buyer and the family members have to contribute a portion of the total claim amount. This is Benedict’s observation and is known to lower the premium payable, though it puts the insured at a higher disadvantage in the occurrence of a claim.
The policy should include provisions for reimbursement of expenditures incurred before and after admission to the hospital. Pre-admission charges include doctor’s visits, investigations, and costs incurred before admission, while post-admission charges include visits and costs incurred after the patient is discharged.
Some insurers provide a No-Claim Bonus (NCB) whereby the amount of insurance the policyholder can take for the subsequent year is higher than the current year and does not attract any extra premium charge.
One must never forget to consider the renewal age of any policy. The exclusions of renewals can be based on the policyholder’s or any family member’s age at some of the insurance companies. Policyholders should opt for a policy with lifetime renewability because this guarantees that everybody in the family can get coverage irrespective of age.
Consider factors like age, existing medical conditions, lifestyle, and the healthcare needs of each family member. A young couple with children may not need the same coverage as a couple with elderly parents.
Insurers offer varying coverage, premium rates, and benefits. Before deciding, compare multiple policies' features, benefits, exclusions, and premium amounts.
Ensure that the insurer has a vast network of hospitals and healthcare providers where you can avail of cashless hospitalisation.
Carefully read the policy document to understand the exclusions, waiting periods, co-payment clauses, and terms related to claim settlement. Pay close attention to whether the policy includes coverage for pre-existing conditions and maternity benefits.
Check the insurer’s claim settlement ratio and customer service record. A higher claim settlement ratio indicates that the insurer is reliable when paying claims.
Here are the steps to renew your Family Floater Health Insurance plan at ACKO.
Open the ACKO app and log in to your account. If you don't have an account yet, don't worry – you can easily create one using your registered mobile number.
Tap on the health insurance plan that you wish to renew.
Take a moment to review your Family Floater Health Insurance policy details. Make sure everything is accurate and up-to-date. If there are any changes, you can usually update them during the renewal process.
Review the coverage options available for the upcoming policy period. There might be enhancements or additional features that you can add to your policy during renewals. Choose the coverage that best suits your family's health needs.
Ensure that all personal details for you and your family members are correct. This includes names, ages, and any other relevant information.
Once you've confirmed your coverage and verified all details, proceed to pay. We provide secure payment options, like credit/debit cards, net banking, or digital wallets.
After successful payment, you'll receive a confirmation. It may be sent to your registered email address or mobile number. Once the policy is approved for renewal you can download the policy document and save it for records.
Here is a step-by-step process for claiming against your ACKO health insurance plan.
Download the ACKO app from your app store if you haven't already done so. Once it's installed, open the app and log in to your account. If you're new to ACKO, follow the simple registration process to create your account.
Once you're logged in, navigate to our 'Claims' section. This is easily accessible from the home screen or the main menu. The app is user-friendly and easy to navigate.
In the 'Claims' section, you'll find an option to 'Initiate a New Claim' or something similar. Click on it to kickstart your claim process.
Now, fill in the necessary details. This might include personal information, policy details, and specifics about the illness or treatment. We keep it simple so you won't be overwhelmed.
This is where your documents come into play. Take clear pictures or scan your bills, medical reports, and other required documents. Upload them through the app. We understand the value of your time, so this process is quick and easy.
After submitting your claim, keep an eye on its progress. Our app has a tracking feature. Check it to stay informed about the status of your claim.
If we need additional information or if there are any updates, we'll likely get in touch through the app or on email. Keep notifications on and respond promptly to ensure a smooth process.
Once everything is in order, we will process your claim. Upon approval, we'll initiate the payment.
Also read: How to create ABHA Card
A family floater health insurance policy can be an excellent bet for families looking for an all-around and pocket-friendly health insurance policy. Since most family members are insured under different individual policies, the family floater plans are convenient and free from excessive disturbances, and they save money and ensure the medical costs are covered if a family requires treatment in case of sickness. It’s important to note that each family has unique healthcare needs, and the benefits of comparing different policies cannot be under-emphasised.
A family floater health insurance plan ensures coverage for medical events, offering financial relief for unanticipated healthcare costs. On the other hand, a term insurance plan focuses on providing pure risk coverage; it pays your family a lump sum to help them maintain their lifestyle, settle outstanding debts, and meet future financial goals in case of your untimely death. Using a term insurance calculator allows you to customise plans such as a 1 cr term plan, which guarantees notable financial help at reasonable premiums.
Beyond term insurance, life insurance plans such as whole life insurance and unit-linked insurance plans (ULIPs) serve as broader financial instruments. These plans combine protection with savings or investment advantages, enabling you to reach long-term financial objectives such as asset building or retirement preparation.
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Reviewed by Rupinderjit 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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