With rising medical costs, having a health insurance plan has become extremely important. A person can primarily
purchase two types of health insurance plans: individual and family floater health insurance plans. A family floater
covers the entire family, including the husband, wife, and children, whereas an individual health plan only covers
one person. Some family floater policies cover parents, parents-in-law, and siblings as well.
Why should you choose a family floater over an individual health plan? The idea behind family floater is that the
chance of an entire family becoming ill at the same time is less. Therefore, purchasing a single policy that covers
all family members for a sum assured makes sense. When compared to purchasing individual policies for everyone,
family floater lowers the overall premium. In case you have exhausted your sum assured, you can always top-up or
super-top-up your health plan.
The entire sum insured floats among covered family members in family floater plans. Any protected family member may
use any amount up to the total insured. For example, if you acquire a Rs 20 lakh family floater plan, each family
member can use any amount up to the sum insured. A family floater plan provides tremendous flexibility in terms of
utilizing overall insurance coverage among insured family members.
This is undoubtedly the most essential aspect to consider when choosing a health insurance plan. This remains the
most fundamental factor for a family floater plan; family floater premium prices are cheaper than individual
policies for each member of the family. This is due to the fact that each family floater plan includes a small pool
of people with varying degrees of risk factors, and from the standpoint of an insurance company, a diversified risk
pool minimizes the danger of frequent and large claims. It is recommended that you compare plans to get the plan
with the longest term and the most competitive premium rates.
Another critical consideration is determining the amount of coverage provided for the sum insured. This simply
implies that the plan’s inclusions and, more crucially, exclusions should be thoroughly examined.
Compare it to other plans that provide an equal sum of insured coverage. The goal is to choose a plan with a wide
variety of inclusions and few exclusions. It is also important to verify that there are no loose ends when listing
the exclusions. Check for extra coverage options like maternity benefits, pre-existing condition coverage, and so
If there is anything confusing, always contact the insurance company for clarification and request documents that
support their claim of coverage or exclusion. This is useful for future reference.
Most health insurance plans now provide cashless coverage, however only if the medication is received at one of the
network hospitals. If otherwise, the insured must go through the reimbursement process.
It is essential to determine in advance and ensure that the network hospital list includes the hospitals that are
closest to you and offer world-class treatment/service.
Limits and sub-limits are utilized by numerous health insurance companies to protect themselves. You must select a
plan with few limitations and sub-limits; you may have to spend a greater premium to guarantee that the limits and
sub-limits are few.
This will relieve your concern in the case of hospitalization and ensure that you receive the finest treatment
possible, regardless of cost.
Check for co-payment conditions that may apply to senior citizens included in your family floater plan and choose
the one with the lowest co-payment. Similarly, deductibles may reduce your premium, but they may raise your overall
expenditure in the case of a claim.
Furthermore, look for waiting periods in your health insurance plan, especially if any of the members have a
pre-existing condition at the time of enrollment. This is due to the fact that you would be unable to file a claim
for the specific condition during that period.
You or your family members may have special medical conditions that necessitate a plan that is customized to your
requirements. This might be achieved through add-ons or personal customization. Check with your insurer to see
whether there is a clause that covers the situation/condition at hand.
By reviewing each of the above considerations, you can select the best family floater health insurance plan. This
will guarantee that you have less financial burden in case of any medical emergency.
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.