Why You Should Get a Family Floater Medical Insurance Policy

Family Floater

As the name suggests, a medical insurance policy is a type of insurance which provides coverage for medical expenses. It is usually purchased by individuals, families or employers to cover medical costs incurred through illness or injury. A medical policy can cover a wide range of medical expenses, including hospital stays, doctor visits, prescription drugs, dental care, vision care and other medical services.

Medical policies typically have premiums, deductibles, and co-pays. The premium is the cost of the policy and is usually paid in monthly or yearly instalments. The deductible is the amount the policyholder must pay out of pocket before the insurance company pays for any medical expenses. The co-pay is the amount the policyholder must pay for each visit to the doctor or other medical service.

Types of Family Floater Mediclaim Policy

Medical insurance can be either private or public. Private policies are often purchased through an insurance company and are tailored to an individual’s needs. Public policies are typically offered through government-run programs like Medicare or Medicaid. There are several other types of policies based on the benefits and services provided. Some of them are: 

Comprehensive Family Floater Policy 

A comprehensive family policy is an insurance policy designed to cover the medical expenses of an entire family. It is a single policy that provides coverage to all family members, including spouses, children and other dependents, under a single premium. It ensures that all family members are covered for medical expenses incurred in sickness, injury or any other medical emergency. The policy covers hospitalisation expenses, daycare procedures, pre and post-hospitalisation expenses, and other medical costs. The policy offers a wide range of coverage options and can be customised per the insured family’s specific needs.

Personal Accident Family Policy 

It is an insurance policy that provides financial protection in the event of an injury sustained by any policyholder due to a Personal Accident Insurance. The policy covers the policyholder and their family, including medical expenses, death benefits, permanent total disability, and temporary total disability. The policy can be tailored to suit the policyholder’s needs, such as the number of family members, the amount and the type of coverage.

Senior Citizen Family Mediclaim Policy

The senior citizen family floater mediclaim plan is a health insurance designed specifically for senior citizens. It provides cover for the insured, their partner and any dependent children. It also covers certain illnesses, including cancer, diabetes and heart conditions. Furthermore, it offers additional benefits, such as tax relief, portability and cashless claims.

Critical Illness Family Policy

The Critical Illness family policy is an insurance policy designed to provide financial coverage to families if any of their members are diagnosed with a critical illness. The policy covers the insured person and their immediate family members (up to a specific limit). It pays a lump sum benefit upon diagnosing a specified critical illness and covers any related medical expenses.

Benefits of a Family Health Insurance

There are many benefits of choosing the best family floater mediclaim policy. Some of them are explained below:

  • Cost Savings: A family floater medical insurance plan is a cost-effective way to cover the health needs of all family members in a single all-around policy. It is usually cheaper than buying individual policies for each family member.
  • Comprehensive Coverage: It offers coverage for hospitalisation and other medical expenses. It provides coverage for daycare procedures, pre and post-hospitalisation expenses, and domiciliary hospitalisation.
  • Tax Benefits: A family insurance policy provides tax benefits under Section 80D of the Income Tax Act. It helps to reduce the financial burden of a family on medical expenses.
  • Flexibility: It offers flexibility in terms of the sum insured. The sum insured can be increased or decreased per the family’s changing needs. It also provides the option of adding new members to the plan.
  • Easy Claim Settlement: It also provides hassle-free and speedy claim settlement. It helps to streamline the process and save time.

What is the Family Floater Mediclaim Policy Premium Calculator?

The family floater mediclaim policy premium calculator is an online tool designed to help people calculate the premium required to purchase a family floater policy. It considers factors such as the age of each family member covered, the sum assured, and the policy term to estimate the premium payable. It helps to identify the most cost-effective policy to suit individual needs and budgets.

Using a mediclaim policy premium calculator is a simple way to determine how much a policy will cost. To use the calculator, select the type of policy you are interested in. Then, enter the number of family members covered by the policy, their age and gender, and the sum insured. Once you have entered all the required information, click on ‘Calculate’ to get the estimated premium for the policy.

Family floater medical plan provides coverage for critical illnesses, accidental hospitalisation, and disability due to an accident. The policy can be customised to include additional features such as maternity cover and coverage for the entire family. The policy also provides additional benefits such as tax benefits, cashless hospitalisation, no-claim bonus, and portability. It is a cost-effective way to provide thorough health coverage to a family.

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