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Usually people aren’t much aware of the working of health insurance plans for one reason or the other. The premiums are quite high for some, and many buy wrong policies because of bad advice, and then never end up renewing them again.

There are different types of health insurance policies in India, and choosing the right one is crucial in protecting your family. Family health insurance and floaters are two health insurance plans for the whole family.

What is a family floater health insurance policy?

A family floater health insurance policy is a health insurance plan which covers the entire family on the payment of a single annual premium. The sum assured can be covered for the entire family and used in case for multiple hospitalizations.

There are two types of family floater policies:

  • Medical Insurance - This policy will reimburse you on your cost of hospitalization. The policy lists out specific illnesses and procedures which will be covered under it. Usually the reimbursement is in the form of cashless treatment.
  • Critical Illness - This policy will pay you a lump sum amount in case of a critical illness.

Key Points to Know about family floater insurance cover

  • A family floater can be bought at a cheaper price when the age of the members covered are lower. The floater’s premium is calculated based on the age of the eldest member. So the premium for including senior citizens in the policy is quite high.
  • The policy can be renewed till any member of the policy reaches the maximum age. Most insurance companies have their maximum age as either 60 years or 65 years. The floater policy lapses when anyone in the family reaches that age .
  • The policy includes children up to an age. Beyond that age, they are treated as adults. After that they will have to get their own health insurance policies.
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