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The Benefits of Buying a Family Floater Medical Policy

Posted On : 22 February 2023, 1 Years Ago. Health-Insurance
Family Floater Medical Policy

A medical emergency could affect any member of your family. As a result, you'll need a health insurance policy that covers all your family members to financially safeguard you and your family against uncertain health concerns.

 

In India, various health insurance plans are available, each with a unique set of benefits. However, you should exercise extreme caution when purchasing a health insurance plan for your family. Before finalising the plan, you must consider several factors to ensure that the policy is comprehensive and adequately covers your family.

 

What is a family floater medical insurance?

A family floater health insurance plan is a kind of healthcare insurance that covers everyone in the family under one policy. Under this plan, all family members share a fixed sum insured, assuming that not everyone becomes ill simultaneously. Most family health insurance plans cover cashless hospitalisation, maternity benefits, and pre and post-hospitalisation care.

 

Benefits of family floater medical insurance

There are many benefits of family floater medical insurance. Some of them are explained below:

 

Comprehensive Coverage

Several comprehensive family health insurance plans keep you covered at all times. These family mediclaim policies provide adequate coverage for you and your relatives based on their needs.

 

Easy and Hassle-free Hospitalisation

Mediclaim policies for families put your mind at ease because they avoid the time-consuming task of purchasing separate health insurance plans for each family member individually. Similarly, it eliminates the hassle of paying separate healthcare coverage fees for each relative. As with individual insurance policies, the insured can receive cashless treatment at a network hospital during hospitalisation. This way, you can enjoy health insurance for your friends and family without compromising treatment. Ambulance fees, health-check fees, the no-claim bonus you would receive, and so on.

 

Simple to Add New Family Members

Unlike an individual health insurance policy, a family health insurance policy allows you to add a new family member easily. In addition, if the eldest family member dies, the coverage benefits are available to the other insured family members. This is one of the most remarkable advantages of family health insurance plans.

 

Health Insurance Coverage for Parents Under the Same Policy

One of the notable advantages of having a family health coverage strategy is that you can include your and your companion's family under a solitary arrangement. Otherwise, you can obtain individual health insurance policies for dependent parents or in-laws by paying an additional premium.

 

Reduced Overdependence on Group Plans

Many organisations provide health insurance plans to their employees as a perk of working for them. In this case, purchasing a different healthcare coverage strategy can be beneficial because it provides comprehensive coverage and keeps you secure consistently. Furthermore, health insurance coverage provided by an employer is only valid until you leave that organisation. As a result, purchasing a family health insurance policy is a wise decision.

 

Things to remember before purchasing a family floater mediclaim

Before you go out and buy a family floater, consider the following points:

 

  • The amount of insurance required: As a general rule, it should be greater than or equal to your current annual income.
  • Two or more years of coverage: It becomes less expensive to purchase the following policy after two years of coverage with no claims.
  • Pre-existing disease coverage: What is the time frame after which pre-existing diseases will be covered? Some companies limit it to two years, while others allow up to four years.
  • Renewal of the policy: Until what age can the policy be renewed? If the eldest member of your family is approaching the age of 65, and renewal is not permitted after that age, you may want to reconsider your plans.
  • Other advantages: It is critical to determine how much allowance you will receive for room charges, medications, ambulance fees, health check-up fees, no-claim bonus, and so on.

 

To protect your loved ones' health, family floater health insurance is one of the best options. Because it is a single policy with family benefits, it relieves you of maintaining and keeping track of multiple health insurance policies while also being affordable. If a family member becomes ill and needs to be hospitalised, the policy's total sum insured can be used to pay for the sick member's treatment. Family floater health insurance has more insured options than individual health plans, so the coverage is more significant in the former's case.

Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
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OTP Expires in
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
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