Family floater health insurance plans offer you the convenience of buying coverage for your loved ones under a single policy by paying just one premium. You would generally cover your spouse and dependent children under these plans. Your senior parents might be included for coverage too. But what if you want to include your in-laws under the same plan? Is that allowed?
Yes, there are family health insurance plans that allow you to include your spouse’s parents too for coverage. Let’s look closely at a few things you need to bear in mind when including your parents and parents-in-law in family health insurance.
Including parents and parents-in-law in family health insurance
Our parents have spent a good majority of their lives raising us. It only makes sense for us to now care for them as they enjoy the golden years of retirement. Now, you may choose to have your parents covered under their own senior citizen health insurance plans. Or, you have the option of including them in the coverage of your family floater health insurance plan.
Leading insurance providers in India allow you to include your own parents as well as your spouse’s parents for coverage. Do bear in mind that the sum insured will have to be shared for coverage among all members included in the plan. This means that if a single person included for coverage makes a claim, the other policy members might have lesser coverage for the rest of the policy term.
When including senior family members for coverage under a family floater plan, it is important to bear in mind that their medical expenses might be more frequent than the rest of the family. Thus, you might want to opt for a high sum insured so that there is still sufficient cover left in case one family member files a claim upon hospitalisation.
Benefits of family health insurance plans
A family health insurance plan holds many benefits for you – let’s take a look at some of them:
- More coverage
When opting for a family floater plan, you would generally choose a higher sum insured. This is so that the coverage suffices for all members included. This also means that individually you get more room for a claim.
Instead of paying multiple premiums across policies for each family member, you can opt for a single family floater plan that has one premium. That will make the yearly renewal process a lot easier.
- Include new members with ease
Some insurers allow you to cover extended members of your family (other blood relatives) in family health insurance. In most cases, the process of adding these new members is much simpler than the procedure involved in buying a new individual health insurance plan for each one of them.
We hope that this article has helped improve your understanding of family floater health insurance in India. Do seek further guidance from an insurance agent or professional before selecting a plan suitable to your needs and budget.