Family floater Policy
is one of the cost effective means of delivering an extensive healthcare protection for the entire family, instead of having to cover insurance for independent individuals. A family floater health policy covers a family as a whole including kids, spouse and dependent parents. In a family floater plan, the amount of sum Insured
floats as per the Mediclaim
raised by the family which can be exhausted either by an individual member or by the entire family. Advantages of a family floater health policy
A floater health policy will impart the following benefits:
Though the amount of sum insured under the policy can be less or high, the entire family benefits from the policy, instead of having to spend on individual insurance policies.
Multiple mediclaim can be made using a single health insurance
, instead of having to grope through documentation for different individuals.
There are no sub limits on the amount of sum insured for any member in a family. It depends on the discretion of the family members, and in a few instances, it is an emergency that decides who takes the coverage.
Coverage amount can be split. For instance, if it is an insurance floater of five lakhs, it could be spent in chunks of one, two, and three lakhs, or five lakhs as a whole depending on the needs and the requirements of the family members.
Coverages and Exclusions
of Family Floater policy in general
Let’s take a look at the following coverages that a regular family floater policy offers to the customers:Hospitalization Expenses
A family floater policy covers the Hospitalization
expenses incurred for the treatment of illness, injury or surgery. It comprises both pre-hospitalization expenses (payable upto 30 days) and post hospitalization expenses (payable upto 60 days).Day-care treatment
There are surgeries or procedures that do not require prolong hospitalization and can be treated in few hours because of technological advancement.Ancillary Charges
It covers miscellaneous medical expenses such as ambulance transportation, blood, X-rays, diagnostic tests and medical supplies like anesthetics, bandages that are incurred during a stay at the hospital. Pre-existing DiseasesThe policy covers pre-exiting diseases subject to Waiting Period mentioned in the policy.
Now, take a look at the following exclusions which are not covered in a family floater policy:
Any disease or injury during the first 30 days from the inception of the policy is not covered.
Pre-existing diseases during the first or second year (as mentioned in the policy) are not covered.
Cosmetic surgery, plastic surgery, dental treatment.
HIV and sexually transmitted diseases,
Pregnancy, childbirth or abortion.
The benefits that are imparted as a result of family floater is that the Premium charges are nominal with insurance for the whole family. For a younger family, it is prudent to go ahead with the family floater health policy, rather than to have insurance for individual members of the family.
Idea for a small family of parents and two children, this policy should bear in mind the age of the parents, as an Age Limit of 60 is the upper age limit for the policy. As a whole, it can be summed up that the policy is a right choice for your family as a whole although separate policies can be taken up for elders as well.