What is Family Floater Health Insurance Policy?
A family floater health plan that is designed to offer insurance coverage to an entire family. Unlike individual health insurance plans, a family floater medical insurance policy does not focus on only the policyholder. These plans are ideal for families. It acts as an umbrella plan as it covers the entire family from unforeseen medical expenses.
Buying a family floater health insurance plan will save you a lot of money, time, and hassle as you don’t have to buy and manage multiple individual health plans. Most of the family floater insurance plans cover the policyholder, spouse, and dependent children.
However, there are few insurers who allow policyholders to include their dependent siblings, parents, and parents-in-laws. Though family floater plans are quiet famous in India, one should do sound research before buying any medical insurance plan. Most of the family floater insurance plans cover up to 15 relationships.
As the entire family is covered under one policy, you don’t have to go through the hassle of purchasing and maintaining different policies for each member. Choose a policy that offers lifetime renewability and covers pre-existing conditions. Some plans can be attached to a critical illness rider that offers coverage against specified critical illnesses. To decide on the right policy, take the following factors into consideration:
- Renewability: Most insurers offer policy renewability option till the age of 60 to 65. There are some health insurance companies that offer lifelong renewability. Choose a family floater health insurance that provides financial protection when it’s needed the most.
- Sum Insured: Healthcare costs keep rising every year. Health insurance companies give you the option to increase the sum insured to cover the rising healthcare costs. Also, if you haven’t made any claims in the previous year, you will receive a No-Claim Bonus (NCB) in the form of an increase in the sum insured.
- Cashless treatment: If you choose cashless treatment, you don’t have to go through the hassle of initiating a claim for reimbursement. Just make sure the network hospitals listed in the policy are good ones.
- Addition of new members: If you plan on having a baby, you have the option to opt for maternity and newborn baby cover.