Health Insurance Plans

pays for your hospital bills for diagnostics, surgery etc.

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Is it Good to Choose Family Floater Health Insurance Always?

| | Health Insurance

The rise in medical costs has resulted in many people facing financial crunch. The huge list of bills to be taken care of during the time of Hospitalization is something that worries lots of people. This is where Health Insurance comes into the picture as it takes up the responsibility of making medical treatment easily accessible and also affordable for its buyers. So, if you are looking for a way to secure any unforeseen medical needs of your family, a family health insurance plan is the easiest and best approach. The presence of lots of insurers and policies ensures that end users have lots of options to choose from when it comes to health insurance.

One such Policy that has gained a lot of popularity over the years is family floater. As the name suggests, it is a policy that is tailor made for different type of families. It is up to a great extent similar to individual health insurance plans, but only for the fact that it extends to cover for the entire family. One of the biggest advantages that family floater provides over individual insurances is that one does not have to maintain all the individual insurances and it also proves to be affordable. A Family Floater Plan would also give you a higher sum of insurance as compared to the individual plans. Most of the insurers provide the cover for individual, spouse and children. However, some insurance providers also provide the family floater for dependent parents, siblings and even parent-in-laws.

The family floater policy is a very good option when you are considering for health insurance of all the family members. However, this does not mean that one should blindly opt for a family floater plan. Depending on your needs and requirements, you can choose from a family floater or individual insurances. There are couple of glitches with the family floater health insurance policy as well and these must be considered before buying them out. For an instance, if your children who are covered under the floater would no longer be cover under the scheme if they reach the age of group of 21-25.

The children would have to buy their own policies without any benefits from the previously held insurance. The benefits of Claim history are also not included in the family floater plans which makes it bit difficult to deal with. In the scenario that the senior most member of the family passes away, most policies do not provide cover for the other members. The policy can be renewed only till the senior most family member reaches the maximum age of renewability. These are a few factors which show that choosing family floater always may not be the best choice always.