Securing their children’s future is of utmost priority for every parent. Parents constantly strive to fulfill all their desires and protect them from every untoward incident and circumstance. Along with taking care of their daily necessities, securing their future is also vital.

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Parents are extremely vigilant of anything that concerns their children’s health. They are mindful of their nutrition, exercise and more. Despite all precautions, possibilities of health emergencies cannot be overlooked. It best to be well prepared for such unforeseen circumstances. To ensure that financial stress is the least of your worries in such circumstances, it is crucial to opt for a health cover for your children. A cost-effective way of providing a health cover for your children is through a comprehensive health insurance family floater plan.

You can secure your child’s future with a family floater health plan and prevent a health emergency from turning into a financial crisis.

Right time to buy a family floater plan

In a family floater plan, the premium and sum insure are determined by the age of the oldest family member being insured. As a result, if you're a young couple in their 20s or 30s with a child, now would be the best time to opt for a family floater plan. A young family's premium is substantially lower for a higher level of coverage. In the event of the arrival of a new family member, you can increase the coverage amount and even add family members to the floater.

A floater policy can cover up to two adults and three children. Children up to the age of 18-25 can be covered by a family floater plan, depending on the insurer and the plan's provisions.

Advantages of a family floater

By paying one annual payment, you may provide complete coverage for your entire family, including your husband and children. Even if there are multiple hospitalizations during the year, all members of the family can get benefits under the policy up to the sum insured limit. Furthermore, under Section 80D of the Income Tax Act, you can claim tax savings of up to Rs 25,000 every year.

Flexible Nature

The flexibility of the family floater Mediclaim policy is something that most health insurance policies lack. If a family member becomes ill, the entire value of the insurance policy might be used to pay for his or her care. In case of the demise of any of the family members, the sum insured can be used by the remaining members.

Multiple Benefits with a Single Plan

A family floater health insurance plan can help you and your family acquire the health coverage you need. In a comprehensive plan, apart from the basic medical expenses incurred during hospitalisation, medical transportation allowances, pre-hospitalization and post-hospitalization costs are covered.

Multiple-Member Coverage

Using the floater health insurance plans for your family can help you stay stress-free. You can avoid having to manage multiple insurances for each member of your family. This policy plan covers your entire family and offers them life long health insurance benefits.

Below are a few tips that you can consider while selecting a family floater plan:

Choose Adequate Sum Insured Amount

To help you meet any medical emergency, always choose a plan that provides optimum health coverage and sum insured as per your requirements. Medical inflation is causing health-care costs to grow, so you'll need an adequate sum insured to keep pace with the rising costs. Make sure that the optimum mix of benefits and sum insured is chosen which is also within your budget so that you do not need to dip into your savings during emergencies and keep it for your children's future.

Choose the Right Coverage Type

If you have a larger family, floater plan that covers everyone is recommended to avoid separate insurances for each family member. In comparison to individual policies the premium is also lower.

Calculate Premium

It's important to understand that the amount of premium you would be prepared to pay could have an impact on the medical coverage you receive. Deciding on your budget beforehand can assist you in making an informed decision when selecting the best health insurance plan for your family.

Check Exclusions

Conditions that are not covered by health insurance are referred to as exclusions. It's a good idea to go through all the exclusions under your policy even before you take a purchase decision. As a result, you should select a plan that provides comprehensive coverage with few exclusions.

Check Age Criteria

Age plays a crucial factor while opting for health insurance. It is best to invest in a suitable health insurance plan at a relatively young age so that the cost of health insurance premium is kept low. Thus, it's strongly recommended to make a timely investment for a child's health insurance.

It is imperative to protect your child's health with a suitable health insurance policy in today's era of a modern lifestyle. Plan and be prepared to combat rising health-care costs. There are many affordable health insurance plans available that can offer your children with the necessary coverage while also covering any financial difficulties and securing them financially.

The author, Subramanyam Bhrahmajosyula, is Head - Reinsurance & Product Development at SBI General Insurance. The views expressed are personal

(Edited by : Anshul)

First Published:Nov 23, 2021 4:54 PM IST