Family Floater Health Insurance

Family floater health insurance also called a family health insurance plan protects all members of your family under a single health plan. Such plans provide coverage to your spouse, children, and parents with a common premium. Family floater insurance can be customized according to the unique needs of all your loved ones. It covers pre and post-hospitalisation expenses, critical illnesses, medical check-ups, and a lot more. Before you get such a health insurance policy, it is advisable to know more about a family floater and its meaning.

Family health insurance has a fixed insurance cover that can be used by all the people insured under the plan. For instance, if you purchase a policy with a cover of ₹15 lakhs for a year and add your spouse and parents to the plan, this amount can be claimed for the health expenses of your spouse, father, mother, as well as your own.

Let’s assume that your father raised a claim of ₹5 lakhs for knee surgery. After the claim has been processed, you will be left with a cover of ₹10 lakhs for the rest of the year that can be claimed by the remaining members of your family.

Now consider another scenario where your father’s surgery costs more and he ends up claiming the entire insurance amount of ₹15 lakhs. In this case, the rest of the family members will not be able to make any more claims during the year.

An individual health insurance plan offers coverage to only a single person in the policy. Family floater plans, as discussed, will cover the entire family under a single plan and premium.

A lot of people opt for separate individual covers for themselves and other members of their family. In this case, you will need one plan for yourself, one for your spouse, one for your child, and so on. The premium, renewal dates, claim process, etc., for all these plans will be different. This can not only be time-consuming and confusing to keep track of but also result in higher premiums and expenses.

A family floater mediclaim policy, on the other hand, will extend financial protection to all your family members. So, you will only have to keep track of one policy and pay a single premium.

Picking a family floater mediclaim policy is simple. You can purchase a plan online with minimal effort in a quick and seamless manner. However, there are some things that you should pay attention to, such as:

• High sum insured: The sum insured is the insurance cover of your policy. A floater policy, meaning a family floater plan covers a number of people. Family floater plans cover a number of people. Therefore, it is important to pick a high sum assured that is adequate to meet the needs of everyone in your family.

When you choose the sum assured, you must consider factors like the ages, health history of each member, the general family medical history, cost of medical expenses in your city, etc.
For example, elderly people are more susceptible to falling sick. So, if you are adding your parents to your family floater policy, you may want to consider picking a high sum assured that can cover age-related ailments like heart and kidney issues, etc.

• Pre-existing illnesses: Pre-existing illnesses are health conditions that a person may be suffering from before buying health insurance. Some examples include diabetes, high cholesterol, etc. While a family floater health insurance policy in India will cover pre-existing diseases, there will be a waiting period right after you purchase the plan when you will not be able to raise a claim.

Before you select a plan, make sure to check how long this waiting period is and whether or not the pre-existing illnesses of all the family members are covered under the plan.

• Riders and benefits: Riders are add-ons that can be bought over the base health insurance plan. They are used to enhance your coverage and can offer you increased financial protection against specific illnesses and health concerns.

Check the list of riders that a plan offers, along with the costs of each rider. Buy the plan only if your requirements are met, and you are satisfied with the level of protection.

• Claim settlement process: A health crisis can be a trying time for the entire family. Hence, you should pick a family floater health insurance plan with a smooth and fast claim settlement process. Some companies demand multiple documents and bills and have a long turnaround time. This can be extremely stressful.

  So, look for an insurance provider that offers quick settlements and has a high claim settlement ratio to reduce the chances of claim rejection.

• Compare premiums: It helps to compare the premiums of different plans and pick the one that is the most cost-effective. It can sometimes be misleading to pick a plan with a low premium since not all low premium plans will offer you sufficient coverage. Likewise, a high premium plan may or may not offer you great benefits always.

So, try to evaluate the price against the features offered and then make a decision.

Inclusion and exclusions: Family floater health insurance plans can have several inclusions and exclusions. For instance, some plans may not cover dental procedures or cosmetic issues. It helps to pick a plan that covers a wide range of illnesses and offers flexible services.

For instance, inclusions like a global cover, maternity cover, vaccination cover, pre and post-hospitalisation medical expenses, newborn baby cover, ambulance cover, AYUSH benefit, in-patient dental treatment, organ donor expenses, and more can offer you better financial protection.

Make sure to thoroughly check the list of inclusions and exclusions and see how they impact you and your family.

Family floater health insurance is a much-needed financial tool in today’s times. Covid-19 and the surge in medical inflation have further fortified the importance of health insurance. Follow this guide to enjoy the best financial health coverage and live a stress-free life.

However, to ensure complete financial protection for your family members, you must be careful and select a plan that offers comprehensive coverage.

Tata AIG Health Insurance offers a comprehensive health plan called the Tata AIG Medicare which offers the option of individual health insurance or a family floater plan. Further, you can enjoy a personal accident cover, COVID-19 hospitalisation cover, a wide network of 7200+ network cashless hospitals, a high claim settlement ratio and 24x7 assistance.

So, invest in a plan that caters to your unique requirements and provides your family members with adequate protection.