Top Benefits Of Buying A Family Floater Health Insurance Policy
Mr. Gupta, aged 57 years, was feeling short of breath when climbing stairs for the past few weeks. He also used to feel suffocated while sleeping too. He consulted his doctor about his current health conditions, who then prescribed him an E.C.G and other health tests. Later he discovered that something was wrong with the way his heart is working. So, he went for angiography and later also had to go for bypass heart surgery because two of his main arteries were having more than 90% blockage. All this costed him approximately 5 lakhs. Fortunately, his son had bought a family floater health insurance two years ago that helped him get all the treatment without worrying about the money.
Buying a Health insurance policy does make sense in today’s fast-paced life with new types of diseases emerging now and then. Moreover, with age and a sedentary lifestyle, you never know what kind of health emergency falls upon you and your family. So, buying family floater insurance is highly recommended.
Let us acquaint you with the various benefits of buying a family floater Mediclaim policy. Once you understand the benefits, you will be in a better position to choose the best family floater health insurance and keep yourself and your family away from the financial burden of any health emergency.
Why Buy a Family Floater Health Insurance Plan?
As the name suggests, a family floater plan is a health insurance plan designed to cover more than one family member.
In this type of health insurance policy, the sum insured amount is valid for the entire family within the limits chosen during the purchase. Unlike the individual health plan, a family floater plan is like a health insurance umbrella for the whole family. The eligible members to be covered under a family floater policy are usually the individual, his/her spouse, children, parents, and parents-in-law.
7 Benefits of Family Health Insurance Plans
Let us have an in-depth understanding of all the major benefits of family health insurance policies:
- Your Whole Family Stays Protected: The prime benefit of buying a family Mediclaim Policy is that it provides coverage to the entire family. Usually, all such plans offer coverage for the married couple, their dependent children, parents, siblings, and even parents-in-law.
- Cashless Treatment Facility: The second main advantage of buying a family floater health insurance policy is that it offers you and your whole family the facility of availing cashless treatment at any network hospital affiliated by the insurer.
- Greater Coverage: With a family floater health insurance policy, you can get the advantage of greater coverage. Most of these floater plans offer pre-hospitalization coverage for 30 days before the hospitalization and post-hospitalization coverage for 60 days after the hospitalization.
- Free Medical Check-Ups: Buying a family health insurance plan also enables you and your family to get free health check-ups at regular intervals.
- Quick and Easy Additions Available: Besides, buying a family Mediclaim policy gives you the added advantage of adding a new addition to the family with utmost ease. For instance, if you have a new baby born in the family, you can easily add his/her name to the floater policy.
- Tax Benefits: On top of it, buying a family floater insurance also reaps in tax benefits on the paid premium under Section 80D of the Income Tax Act.
- Cost-Friendly: Needless to say, when you get to protect your whole family under one health insurance policy, then it turns out to be very cost-friendly. It saves a lot of money that may otherwise go wasted if you decide to purchase different health insurance plans for all the family members.
What to Look for in a Family Floater Mediclaim Policy?
Here is a list of key features to look for in a family floater Mediclaim Policy:
- Premium: Always look for a family floater plan with a low premium cost to cover the entire family.
- Sum Insured: Try to choose a higher sum insured when buying a family floater health insurance policy. This will ensure proper coverage in case more than one family member falls sick and needs medical treatment.
- Waiting Period for Pre-Existing Diseases: Also, check the waiting period for any pre-existing diseases in your chosen health insurance policy. Some plans have a specific waiting period for a specific PED.
- Claim Settlement Ratio: Another important feature to check for health insurance plans is the claim settlement ratio of the insurer. It means the percentage of claims settled by the insurer in the past year. The higher the CSR, the better chances of getting easy claims from your insurer.
- No Claim Bonus: Many health insurance companies offer a no-claim bonus for a claim-free year. This bonus is often in the form of an increased sum insured on the policy renewal.
- Co-Payment: Besides, we recommend you to check the co-payment clause in your chosen family floater health insurance plan. As per this clause, the policyholder will be required to pay a certain percentage of the claim amount and the rest can be claimed hassle-free.
- Renewal Age: Don’t miss out on checking the renewal age for your shortlisted family floater policy. Go for a plan with the maximum renewal age, so that the chances of policy lapse are minimized.
- Coverage for Alternative Treatments: It is always a good idea to buy a family floater health insurance policy that offers coverage for alternative treatments like AYUSH, homeopathy, and ayurvedic treatments too.
List of Best Family Floater Health Insurance Plans:
- Aditya Birla Activ Health Enhanced Plan
- Apollo Munich Optima Restore Plan
- Care Health Care Insurance Plan
- Digit Family Health Insurance Plan
- HDFC ERGO Family Mediclaim
- IFFCO Tokio Health Insurance Plan
- Kotak Family Health Insurance Plan
- Niva Bupa Health Companion Health Insurance Plan
- Star Family Health Optima Insurance Plan
With the pandemic still not over, it is important to protect the whole family against any uncertain health emergencies. Instead of buying an individual health plan, we recommend you buy a family floater policy for wider coverage and greater affordability. However, make sure to compare the features of different floater health insurance plans for a well-researched and guided decision.
What is a family floater Mediclaim policy?
As the name suggests, a family floater Mediclaim policy is an especially designed health insurance policy for a whole family. It offers all the benefits offered in individual plans. It is different from individual health plans because it covers the entire family under one Mediclaim policy. A family floater plan acts like a coverage umbrella for the whole family.
What is the difference between a family floater and an individual Mediclaim policy?
A family floater Mediclaim policy is different from an individual plan in terms of coverage. A family floater plan covers the entire family, but the individual plan is for one person. Both offer all the main benefits of health insurance plans. Buying a family floater plan is beneficial to meet the financial needs of the whole family for any medical emergency.
Who can be covered in the family floater policy?
If you buy a family floater health insurance policy, you can get coverage for your spouse, dependent children, parents, and in some cases, even parents-in-law. Of course, you also get coverage for yourself under a family floater plan apart from these family members.
Disadvantages of family floater Mediclaim policy?
Buying a family floater Mediclaim policy is like buying insurance coverage for the whole family under one plan. But there is one major disadvantage of a family floater plan. The sum assured can get exhausted if a single-family member falls severely ill. It may then lead to the inability to reuse the coverage of the plan for some other family member’s health emergency.
Who can’t be covered under the family floater policy?
To buy a family floater policy, you need to abide by an age limitation. You can’t cover your parents if they are over the age of 60 or 65. Some health insurance companies accept coverage for 60-year-old parents and restrict the coverage for parents over the age of 65.
Can I convert a family floater to an individual plan?
You can convert a family floater health insurance plan into an individual plan. The only problem you might face is getting fresh underwriting for your parents when converting into an individual health insurance plan. The reason is, the premium rate for senior citizens around the age of 60 is higher, and therefore, you may need a separate underwriting for the same.