How to Choose the Best Family Floater Health Insurance Policy?

What is a Family Floater Health Insurance Policy?

A family floater health insurance policy is a type of health insurance that provides coverage to many members of the family under a single policy. The premium of this type of policy is paid by one member, while the benefits can be availed of by many. A family floater health insurance policy covers you, your spouse, up to three of your children to a certain age, and even your parents.

5 Factors to Consider While Purchasing a Health Insurance Policy in India, 2025

When you are buying a family floater health insurance policy, you need to consider a few factors. So, let us discuss the factors in length here.

1. If Ambulance Charges are Covered

If you are taking an emergency service, you may find it too costly. You must check if the family floater health insurance policy has included the ambulance charges or not. If not, whether the insurance company will reimburse the ambulance charges or not.

2. What Would be The Waiting Period

Every health insurance policy comes with a waiting period. While getting a family floater health insurance policy, you should enquire about the waiting period of the policy. This is important to know this because only when the waiting period is over, you and your family members will be able to avail of the benefits.

3. If the policy covers daycare procedures

You may come across some insurance companies that provide coverage only if hospitalization is more than 24 hours. However, some procedures would require you to stay in the hospital only for some hours. In this case, getting coverage for daycare procedures can be helpful for you.

4. Claim Settlement Process

Knowing about the claim settlement process is something you should not miss out on. You need to ensure that the claim settlement process is seamless. If you find any gap in the information you receive regarding the claim settlement process, it is better to stay away from one such insurance provider.

5. Compare the Policies

The family floater health insurance policy comparison is important. It is only when you compare the policies, you will be able to find out the one that is apt for you.

4 Benefits of Buying a Family Floater Health Insurance Policy

A family floater health insurance policy comes with a list of benefits. Do you want to know what those benefits are? Here you go!

1. The Whole Family is Covered Under One Plan

When you have a family floater health insurance policy, your entire family will be covered under a single plan. There is no need of buying multiple plans and managing them through various family members. Since only one person in the family can manage it, the process becomes much easier.

2. Some of These Plans Come with Lower Premiums

You will come across many family floater health insurance policys that charge lower premiums to the insured. If you go for individual health insurance plans for each member of your family, it will cost you way more than the premiums for a family floater health insurance policy.

3. You Can Add New Family Members

If you enter parenthood while having a family floater health insurance policy, you can add your children to it. However, every such health insurance policy comes with a certain limit and it is better to clear this point with your insurer while buying one such policy.

4. You Can Avail of Tax Benefits

As you buy a family floater health insurance policy, you will be able to get the benefits related to taxes under Section 80D of the Income Tax Act.

Now that you are aware of how a family floater health insurance policy can be of so much help to you and the steps you should follow to choose one, you can go ahead and buy one. The only thing you should be careful of is choosing the right health insurance company.