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Buying Family Floater Health Insurance? Here’s What You Should Consider

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Published on July 29, 2021. EST READ TIME: 3 minutes

In life, there is nothing quite as important as your family, right? Only your loved ones will be with you through thick and thin. So, why not take care of them with the perfect health insurance policy? Today, people of all ages are vulnerable to a host of diseases due to taxing schedules, sedentary lifestyles, rising pollution levels, food adulteration, and the pandemic of course. To ensure that your family gets the best medical attention possible without you having to hurt your savings, get a family floater plan. But first, let’s discuss the important factors to keep in mind while buying the best health insurance family plan.

Factors to consider while buying the best family floater health insurance plan

With so many types of family floater plans available in the market, how do you choose the best health insurance family plan? Here are some factors that you need to consider.

1. How many members are covered:  Usually, the husband, wife and dependent children are covered by a family floater plan. Some insurers extend the coverage to parents, parents-in-law, grandparents, grandchildren, etc. But it is advisable to buy a separate senior citizen plan for the elderly in the family because of two reasons. One, the chances of senior citizens falling ill are more, and as the sum insured in a family floater is shared by all the members, there may not be much coverage left for others in case of multiple claims in a year. Second, the premium amount is based on the age of the senior member, so it will be expensive if you include the oldest member in the same plan.

2. How much coverage do you need: The coverage size depends on your family members’ ages, health conditions, lifestyles and probability of getting genetic diseases. If there’s a family history of diabetes, cardiac problems, cancer etc., then it is advisable to purchase a policy that will cover such illnesses. Also check out the benefits and other features before purchasing.

3. Other features: Check for features such as free health check-ups, network hospitals, 24*7 support, shorter waiting periods for pre-existing conditions, lifetime renewability, lesser exclusions, discounts on medicines, fitness centres, no cap on room rent, claim settlement ratio, sub-limits etc.

4. Reinstatement/Restore benefit: This feature is super important in a family floater. If the sum insured is exhausted during the policy year (which can happen when all members are covered in one plan), you can restore 100% of your sum insured.

5.Pre-health check-up: Usually, insurance companies do not ask for a pre-health check-up if the eldest member is below the age of 45. So, purchase a health cover or increase the coverage before the oldest member hits 45.

6.Top-ups and Super Top-ups: If you want to increase the coverage of your family plan, opt for top-up and super top-up plans rather than going for a bigger plan with bigger sum insured as the former will be less expensive.

7. Pre-existing conditions: Lifestyle diseases are on the rise and even youngsters are not spared these days. Pre-existing diseases are covered in health insurance but only after a waiting period, which could vary from 2-4 years. Go for a plan that has a shorter waiting period. You can also buy a policy early even before you are diagnosed with any ailment.

How to find the best health insurance family plan?

When it comes to health insurance plans, you are spoilt for choice. However, to ensure you make the right choice, compare the family floaters offered by different insurance companies based on the factors mentioned below:

1. Compare and select: Don’t pay attention to hearsay when it comes to health. Read about the policies yourself, make a comparison on the basis of your requirement and budget and get the best quotes. This way, you can make the right choice.

2. Right Coverage: Since all the members of a family are covered in one plan, select a policy that meets the needs of each member. Also ensure the policy covers daycare expenses, pre and post hospitalisation expenses, etc.

3. High Claim Settlement Ratio: Go for an insurance company that has a high claim settlement ratio so that your claims are settled with ease.

4. Exclusions: We mostly focus on what’s included in the policy, but it’s recommended that you also read the list of exclusions carefully to avoid any kind of confusion or conflict at the time of filing claims.

5. Network Hospitals: In case of hospitalisation, you will certainly want to be treated at a good reputed hospital. Make sure the insurer that you choose has tie up with a good number of reputed hospitals in your city and across India. 

Conclusion

A family floater plan has its own pros and cons. So, while purchasing the policy, keep your family’s needs in mind and make sure that the whole family is sufficiently covered in case of an emergency. And don’t forget to consider the above-mentioned factors to make an informed choice.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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