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The family floater concept is common in health insurance. As the name suggests, a family floater plan is one where the entire family of an individual — with spouse and children — is covered. Many insurance companies today have provisions to cover dependent parents, siblings and parents-in-law, too, through a floater cover.
A family floater plan comes with a list of benefits and exclusions. It is easier to add your immediate family (spouse or newborns) anytime. Some insurers offer discounts on floater covers.
Note that the insurance premium on a floater policy is calculated based on the age of the eldest member in a family. Therefore, the younger the family, the lower the premium outgo. On the downside, if one member of the family makes a claim against the floater cover in a policy year, the sum insured reduces by that much for the entire family for the remaining policy year. So, if any other family member makes a claim, the cover would thin out to that extent.
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