March 22, 2023


Healthcare cost year by year due to technological innovations is inflating. Getting the required medical treatment is becoming challenging for the common man. These expensive medical treatments not only create financial but also mental pressure on the earning family member, especially if almost every person in the family is prone to some illness.


If you want to protect your hard-earned money for the future then do consider getting a family floater health insurance policy. This article will explain the advantages of buying this policy.

  • Covering health expenses: Nowadays due to unhealthy lifestyle many people are suffering from life-threatening illness and rising medical cost has made it difficult for the common man to access the best healthcare treatments. The more the disease risks the life of a human being the more is the cost of treating it. Insurance companies are established which provide several insurance policies to the public protecting them from high medical expenses.
  • Now people who are insured need not pay the entire amount of medical bill, it is reimbursed by the insurer. When almost every person in your family according to medical reports is prone to life-endangering diseases then it is a wise choice to get a family floater health insurance policy. Charging reasonable insurance premium: individual health plan demands separate insurance premium for every single person. And the rate of premium for this particular plan is charged based on the medical condition of each member.
  • Thus, if a person is suffering from several diseases then the insurance premium charged is higher compared to the one having few or no illnesses. Whereas, a family floater health insurance policy charges insurance premium at only one rate no matter the individual members suffering from more or less number of illnesses. The average rate of premium is 15-20% less than a regular insurance policy.
  • More number of persons can be added: One of the main advantages that you can avail of getting only one insurance plan is that you can add a new person in the same plan without much formality. If a child is born in your family then you can ask your insurer to provide financial healthcare protection to the newborn baby under the insurance plan you already have bought. Now you don’t have to go through the tedious paperwork, all formalities are completed by the insurer under your supervision. You just have to pay an extra amount as an insurance premium at pre-determined time intervals. But don’t worry the increase is minimal.
  • Offering cash-free treatments: Insurance companies offering family floater health insurance policy not only provides the facility of claiming some percentage of the medical bill but also sometimes reimburses the entire amount of a medical bill. These companies collaborate with renowned hospitals and if a patient covered under the particular insurance plan gets his or her family member’s medical treatment from any of these hospitals, then the person who is insured can claim the particular insurer for the whole amount being spent on the treatment. Insurance policy offering cash-free medical treatment will cover all healthcare expenses such as consultation fees, expenses paid or renting a room, daycare expenses, ambulance service, diagnosis charges, cost of surgery, medicines bill, recovery expenses, and so on.
  • Deduction of tax: Having a floating medical insurance policy covering all individuals present in the family can avail of this benefit. One can now apply for the exemption of tax on the total amount insured and the premium on insurance paid by him or her. Under the Income Tax Act, section 80D, now you can apply for the tax exemptions of at most Rs. 25000 for the money paid as a premium for your kids, life-partner, and parents. If there is any senior citizen (person above the age of 60 years) then you can apply for Rs. 50000.
  • Covering a high amount of money: In the family floating medical insurance the amount of money covered is usually higher which means that in a situation where more than two people fall ill, then you will have enough money to get them treated. The duration for which health coverage is provided by a floating plan is up to 2 years. You are also eligible to increase the total amount of money insured. Digitalization has made it hassle-free to claim the amount of money insured by the company.

Final Thoughts

If you are planning to buy an insurance policy for your family then consider buying from the Care Insurance Company. This company is equipped with professional insurers who offer effective guidance to the people so that they can get the particular insurance policy at a reasonable cost and according to their requirements. It tries to frequently update the provided insurance policies to protect the insured in the best way possible.

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