Family Floater Health Insurance Plan

There are certain details you need to be extremely mindful of when buying a family floater health insurance plan, these include:

Inclusions:Your plan's inclusions are coverage features- all benefits you will be eligible to enjoy, subject to certain requirements. Check if the policy includes: the type of treatment, the cost of hospitalization, pre-and post-hospitalization, in-patient treatment, other treatment options, daycare information, etc. The coverage scheme may vary from one health plan to the other. 7

Room Rent Limit:Room rent refers to the charges arising from staying in the hospital. Choosing the wrong room during hospitalization, or exceeding the room rent limit, may affect the claim settlement amount causing it to lower if the room rent limit is not adhered to. The amount you can claim can decrease proportionate to the mentioned rent limit if the room opted for exceeds the cost of the limit mentioned. Thus, you are advised to pick a room in alignment with the policy. All healthcare expenses, including the doctor's fee, vary with the room chosen during hospitalization. You must check the room rent limit before buying the policy.

Waiting Period:> If you have pre-existing diseases you will have to wait out the waiting period feature. As per standard procedures, the waiting period is around 30 days. But individuals with pre-existing disorders are subject to a waiting period even before being roped into health plans. Given the variety of waiting periods under every policy, careful research is a must. A shorter waiting period will work in your favor.

Exclusions:A health plan should be thoroughly examined for what is covered and what is not being provided. This way, it is easier to come to a decision.

Claim Settlement Ratio:When filing for a claim with an insurer, you need to be aware of the claim settlement ratio to ensure the claim is approved. If the claim is genuine and you have all the details to prove it, and it is as per the policy, it will be approved.

Tax planning is a smart way of saving on health insurance. The moment you purchase either an individual health insurance policy or a family floater health insurance policy, you become eligible to take advantage of multiple tax savings.

• For Preventive Health Check-Ups: A yearly deduction of Rs. 5,000 can be claimed for health check-up-related costs. This includes expenses for your family members check-ups too.
• Under Section 80DDB: For incurring specific illness-related medical expenses, you can claim an additional tax deduction if it involves you, your family, or your parents. The deduction amount can be claimed if the bill is less than 40K, Senior citizens can claim a maximum of Rs. 1 lakh under this section.
• Under Section 80DD: For nursing, medical treatment, training, preservation, and rehabilitation of a disabled dependent, you can obtain tax benefits up to Rs. 75,000. In cases of extreme disability, you can get up to Rs. 1.25 lakh in tax benefits.