Article

Family Floater
June 07 , 2012

As you are probably aware, a Medical Insurance provides reimbursement of medical expenses in case of illness or accident. Instead of taking separate insurance schemes for different members of the family, the Family Floater is a useful type of medical insurance scheme to cover everyone under one umbrella scheme. Typically, it is the spouses with or without children, who can be covered in one scheme.

The biggest advantage of a family floater is that the total cover may be used by one or more members of the family through the year. Suppose there is a Rs 3 lakh Family Floater taken by husband and wife. If the husband has a bypass surgery, the entire Rs 3 lakh could be used by him. On the other hand, if they had taken separate policies of Rs 1.5 lakh each, the husband would have had to cough up Rs 1.5 lakh from his pocket towards bypass surgery expenses.

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