Health Insurance Plans

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How to Choose a Right Family Floater Plan?

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A Family Floater Plan is a Health Insurance plan meant exclusively for families. Very similar in feature to individual health insurance plans, they have the added advantage that the Coverage includes the entire family- spouse, dependent children and parents. Thus, they are the best Mediclaim plan available in the market as they include the entire family coverage in a single health policy.

Family floater plans have another advantage that senior citizens too can be included in these health policies. Last but not the least; you are spared the trouble of managing different policies for each member of your family if you have a family floater plan.

Why I Need a Family Floater Plan

You must consider certain factors that affect you before you buy a floater plan. Get a Policy if the following are on the higher side in your family:

  • Hereditary diseases
  • Frequent visits to the doctor
  • Exposure to toxic substances and chemicals, radiation etc.
  • Chances of retirement in the near future, with dependents

How to Choose a Family Floater Plan

After you are convinced that your family needs a family floater plan, you need to choose the right one. There are a myriad options available in the market from which you must choose a health plan after due care. You must compare the premiums offered by diverse health insurance companies and choose a health plan that offers the Premium within your means along with the best services.

Along with reasonable premium rate, you must look at the following factors to choose a health policy:

Group Family Members Conveniently

Premium for a policy is normally calculated based on the age of the eldest member. Family members must be grouped wisely for coverage as it will not be economical to group family members with large age difference together.

Think of the Future

As the policy is intended to cover future expenses too, it may also include coverage for maternity expenses, new born babies etc.

Claim Settlement Ratio of the Company

Choose a company with a higher settlement claims ratio as you have more chances of your claims being settled too.

Restoring the Coverage Amount

Go for a company that will restore the complete coverage amount if it has already been used, either partially or completely, by another family member. You should then be able to use it for another member of the family or for another illness, during the same year at no additional costs.

Supplementary Coverage

Many family plans don’t include additional coverage in their plans. For example, expenses such as dental and maternity expenses are not covered by many companies. Some companies don’t include coverage for accidents and surgery too. Some others cover them but have a large Waiting Period of 2 to 4 years before they are included. You must definitely go for companies that include these additional expenses, with the least or no waiting period at all.

Cumulative Bonus

In case your family has not filed for any claim, you can get cumulative Bonus the following year. Though the cover amount would increase, premium would still be based on the base cover amount. Go for a company that offers you this facility.

Health insurance is a must to secure your family from unfortunate health mishaps. Family floater plans offer many advantages that Individual Health Plan don’t offer, and hence is a must in your investment portfolio.