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Healthcare expenses are steadily increasing and the overall impact of this increase on an average household budget is staggering. As per a latest study by the State Bank of India (SBI), the healthcare expenditure in the financial year 2020-21 was Rs.6 lakh crores. This expenditure is expected to rise by 11%, i.e. by INR 66,000 crores in the financial year 2021-22. The after-effects of the pandemic and the rising medical inflation are the causes that would lead to an overall increase in a household\u2019s medical expenditure.<\/p>\n\n\n\n
Can average Indian households meet these rising costs, especially when the per capita income has declined by INR 8637 in the financial year 2021?<\/p>\n\n\n\n
Rising costs and declining incomes underline the importance of family floater health insurance plans making them indispensable. These plans cover the whole family against medical emergencies and cover the high medical costs. Let\u2019s have a look at what these plans are all about.<\/p>\n\n\n\n
A family floater health insurance policy is one that covers multiple family members under a single plan. One policy is issued with one sum insured and the members can avail of the coverage up to the sum insured. However, if any member makes a claim and uses a part of the sum insured, the remaining members can make claims up to the unutilised sum insured.<\/p>\n\n\n\n
For example, say you buy a policy with a sum insured of INR 10 lakhs covering yourself and your spouse. In a year, you fall ill and make a claim of INR 4 lakhs. If, in the same year, your spouse is also hospitalised, a claim of up to INR 6 lakhs would be covered by the floater plan.<\/p>\n\n\n\n
A family floater policy covers the following members \u2013<\/p>\n\n\n\n
Some plans also go the extra mile and provide coverage for \u2013<\/p>\n\n\n\n
Here are some of the salient features of family floater health plans that deserve a special mention \u2013<\/p>\n\n\n\n
For example, say you pay a premium of INR 38,000 for a floater policy including your parents. In this premium, the premium component for covering your senior citizen parents is INR 13,000. So, you can claim a deduction on the full amount of INR 38,000 as follows \u2013<\/p>\n\n\n\n
Additional Read: <\/strong>5 Reasons to Buy Health Insurance if you don\u2019t have one<\/a><\/p>\n\n\n\n There is often a debate as to which policy is better \u2013 individual or floater. An individual plan is one wherein each family member has an independent sum insured to him\/her. Floater plans, on the other hand, offer a single sum insured to all insured members. This is the main difference between these plans. Another difference is the premium. Premium of individual plans is calculated based on the age of each member while for floater plans, the age of the eldest member is considered.<\/p>\n\n\n\n Both individual and floater plans have their respective pros and cons. Have a look \u2013<\/p>\n\n\n\nIndividual v\/s family floater \u2013 which is better?<\/strong><\/h2>\n\n\n\n