Family Floater Health Insurance:
A family floater health insurance policy is a type of insurance that provides coverage for the entire family under a single sum insured. The premium for a family floater policy is generally lower compared to buying individual health insurance policies for each family member. In a family floater policy, the sum insured can be used by any member of the family, and the unused portion can be carried forward to the next policy year.
Benefits Of Family Floater Policy:
One of the major benefits of a family floater policy is that it offers convenience. Instead of keeping track of individual policies for each family member, all the family members are covered under a single policy. It is also easier to keep track of the claim process as there is only one policy and one insurer to deal with.
Another benefit of a family floater policy is that it is cost-effective. The premium for a family floater policy is generally lower compared to buying individual policies for each family member. This is because the insurer spreads the risk across the entire family, which results in a lower premium.
A family floater policy also offers flexibility in terms of the sum insured. The policyholder can choose a higher sum insured to cover the entire family, or a lower sum insured with a higher deductible. The policyholder can also choose to add riders or add-on covers to the policy to enhance the coverage.
Choosing Family Floater Policy:
There are a few things to consider when choosing a family floater policy. Firstly, the policy should cover the major medical expenses such as hospitalization, surgery, and post-hospitalization expenses. The policy should also cover pre-existing diseases, although there may be a waiting period for coverage of such diseases.
Exclusions In The Policy:
It is also important to check the exclusions in the policy. Some policies may exclude certain medical conditions or treatments, and it is essential to be aware of these exclusions to avoid any unpleasant surprises at the time of making a claim.
The policy should also have a wide network of hospitals where the family can avail of the coverage. A policy with a wide network of hospitals will offer more options for treatment and make it easier for the family to access medical care.
The claim settlement process is also an important factor to consider when choosing a family floater policy. It is essential to choose a policy with a quick and hassle-free claim settlement process to avoid any delays in getting the necessary medical treatment.
In Conclusion:
Afamily floater health insurance policy is a convenient and cost-effective option for families. It offers coverage for the entire family under a single sum insured and allows the policyholder to choose a higher or lower sum insured and add riders to enhance the coverage. It is essential to choose a policy that covers major medical expenses, has a wide network of hospitals, and offers a quick and hassle-free claim settlement process.
