What is the Family Floater Plan?

The Family Floater Health Plan introduced for the first time in India is that single policy that takes care of the hospitalization expenses of your entire family.

For eg: If Stephens’ Family is covered under a traditional health insurance plan say Mr. Stephen is covered for a sum assured of Rs. 3 lac, and his wife for Rs. 2 lac, their son and daughter Rs.50, 000 each and they have paid premium for all these 4 policies, in an unforeseen situation, wherein surgery and post hospitalization bill of their son amounts to Rs. 2 lacs the existing policy will cover only Rs. 50,000, while Mr. Stephen will have to bear the balance Rs. 1,50,000 from his pocket.

With the Family Health Floater Insurance plan, each member of Stephens’ family is covered up to Rs. 6 lac. Thus, Family Floater would have covered entire Rs. 2 lacs medical expenses of Mr. Stephen’s son.

Why should I take Family Floater health plan if I already have health insurance from my employer?

Your employer will cover your medical expenses as long as you are in his services. Tomorrow, when you change your job, retire, or even start something on your own your family should not be stranded when a medical emergency arises and you have not arranged for an alternative health insurance policy.

“The Family Floater Health Insurance policy will come to your rescue” at this point of time.

In case the cost of medical treatment is higher than your existing cover level the Family Floater Health Insurance policy can also act as a supplement to your existing medical cover.

Only 4 companies offer Family Floater Policies – they are Star Health Insurance, Reliance, ICICI and Apollo DKV.