When there is possibility to cover the health of more than one member of the family, then why not go for it. Family health insurance has become an increasingly popular way to secure the medical needs of your entire family under one plan.
Health Insurance is one of the first things that we avail for our families. Most of us only depend on the family health insurance that is provided by our employers, and the individual health insurance policies that every family member has. These individual health insurance cover only a small assured sum, which is paid during medical emergencies. However, in today’s inflated market, where income is staying stagnant and medical costs are increasing, a family must make sure to have a family floater plan. A family floater plan is a kind of family health insurance which covers for medical emergencies in the family.
A family floater health insurance plan can seem like a complex and difficult concept, due to its low popularity. However, that is a misconception. A family floater plan, simply explained, is a health insurance for all the members of the family. In simple words, it can also be called as health insurance for family. The chosen assured sum in case of these kind of insurance plans is available to all the members of a family in case of medical emergencies, and all the expenses related to such events. The main advantage of this kind of plan is its cost-effectiveness in today’s world of inflation. It is very unlikely that all the members of a family will meet with medical emergencies at the same time. Thus, a greater sum is available to every single member without using that sum individually for everyone.
The primary reason why a family must consider a family floater plan is the rising cost of medical services. Every year, the price of medical procedures, check-ups, and medicines rise drastically due to health inflation. The money provided by small individual health insurances is no longer enough to contain all kinds of medical emergencies. A family health cover on the other hand, provides a much larger sum, in a much lesser cost. It is a cost-effective health insurance plan, which is sustainable in times of the inflated modern economy.
The advent of both new diseases and modern healthcare technology both have contributed towards the rise in cost of medical procedures. A family health insurance thus becomes necessary to properly deal with that. As with most things, buying insurance in bulk is a more profitable and prudent endeavor. Thus, most financial experts ask their clients to opt for family floater plans instead of individual health insurance plans.
In case of an individual health insurance plan, the insurance sum is available for the use of one member of the family only. However, in the case of family floater plans, the insurance sum is available for the use of any member of the family. For example, if the total insurance sum is 15 lakhs, and one member of the family uses 2 lakhs out of it, there is still 13 lakhs left to be used by other members of the family. This ensures that all of the money in the insurance actually gets used and is not wasted. The money can be shared by the members of the family.
Thus, in case one is shopping for health insurance for the family, they must consider family floater plans. These family health insurance plans make sure that the health of each and every member of the family is covered under one single insurance plan. This is not only more cost-effective but also more profitable for the family in the long run. The family has to pay lot less money for a lot more medical coverage. These features make family floater plans better than individual health insurance plans.