Know What is family health insurance, and how does it work

With the rising medical costs and unexpected situations happening, it is very important to have the right health insurance policy for yourself as well as your family. There are multiple health insurance policies available in the market, but you need to pick the best for you after doing adequate research. Some people may find family floater health insurance quite confusing. To aid you, this article presents everything about family health insurance and the way it works. So, keep reading!

What is Family health insurance?

Family health insurance is an all-inclusive financial aid tool that helps in safeguarding the financial aspect and unwanted spending on medical expenditure for the whole family. By ensuring a certain amount as regular premiums, the policyholder and their family can get complete immunity from the recurring treatment and medical costs. This is called the family floater health insurance. The advantage of this plan is that one can add new members to the family health insurance policy and remove old members if needed. The sum insured also has tax exemption under section 80 C of the Income Tax Act.

How does it work?

You need to fix a tenure amount when opting for the policy and pay a recurring premium amount for the family floater health insurance policy. It covers all your family members. If in case any of your family members meet with an accident or any illness, apart from the existing diseases, you can effectively claim or reimburse the insurance amount. Multiple family members can make use of the policy at the same time, and getting a family floater health insurance plan is more considered when compared to getting an individual health insurance plan for every person in the family.

Also Read:- Things To Consider Before Buying A Family Health Insurance Policy in 2021

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