The usual way to provide healthcare cover for the entire family is through buying individual medical Policy
for each member in the family. The problem in buying individual health policy is that they will cost you substantially higher than had you bought a single policy for the entire family. That is what exactly a family floater policy is. As the person seeking family Health Insurance cover
, you can save a lot of money.
There is at least one reason other than saving money that makes floater policies very attractive over buying individual policies, and that is a single member can use the entire Assured sum should the need arise for it. This is a great option considering that the chance of everyone falling sick in the family at the same time is rare, though it cannot be totally discounted.
Floater health policies generally cover spouse, sons and daughters only, and there may be a cap on the maximum number of people in the family. The Premium payable for floater is not the same for every family. The factors that determine the premium payable are the age of the family head and the sum assured. The maximum age of the family head is pegged at 60 by most insurance companies, though this may change from plan to plan and from company to company.
Here are other reasons that make floater policies very attractive for families.
You pay a lesser premium amount
You don’t have to manage multiple policies from different companies
It is generally beneficial for families with an average low age
It is easier to renew from year to year with little enquiry or conditions
It is easier to add a new member to your family and hence is scalable
It continues even after the death of the family head
There are many hospitals that provide services under floater policy
You can combine individual policies with floater policies if you perceive greater Risk for that member
Floater policies cover other related expenses like ambulance charges etc.
Floater policies are applicable for both inpatients, and outpatients as well
Before you buy a floater health policy, compare the premium rates applicable, though that alone does not suffice. You will also have to look into the number of hospitals that are participating in the program. You can obtain a copy of the affiliated hospitals at the time of enquiring itself. Yet another factor you need to consider deeply is Claim settlement record of the insuring company. If they have been settling well and in time, you should go for it.
As a potential candidate for floater policy, we advise you to study the terms and conditions with a lens. You might miss a point here and there and not make a claim when you are eligible for it.