A family floater health insurance plan is a health insurance plan which offers insurance coverage to an entire family. It covers an entire family from unexpected medical expenses. It is also called a family floater mediclaim policy.
A family floater health insurance plan saves a lot of money, time and hassles as against multiple individual health insurance plans for the family. The best family floater health insurance plans in India cover the policyholder, spouse and dependent children. However, few insurers cover policyholder’s dependent siblings, parents and parents-in-law.
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As the sum assured in a family floater health insurance plan India is shared among all the insured family members, it should be sufficient for all the members of the family.
Note: Inclusions vary from insurer to insurer. Read the policy documents to know what is included in your policy.
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Health insurance is a type of insurance cover that pays for medical and surgical expenses incurred by the insured. An individual having a health insurance policy would be reimbursed the hospitalization expenses, or the insurer would settle medical bills directly with the hospital through cashless plans. There are three types of health insurance plans that you can choose from. They are as follows:
Health insurance plans in India must always be availed based on the individual needs of the policy buyer. Both the plans i.e. family health insurance plan and individual health insurance plans, work differently and sometimes choosing between the two is quite difficult. The family floater health insurance plan provides insurance for more than one member of the family. Under the family floater plan, the sum insured can be availed by one or all the family members. While an individual health plan covers only one person and can be bought separately for each member of the family, a family floater covers the entire family.
The family health insurance plans provide better cover at low cost vis-a-vis multiple individual health insurance plans. But, in case a family member suffers from a critical illness or has a chronic health condition, then buying an individual health insurance cover can take care of long term medical expenses.
A family floater health insurance plan allows several members of a family to be covered under a single plan. A family of 4 members can easily fit in a family health insurance plan as the annual premium of this policy is lower than that of the combined premiums payable on individual health plans. To buy a family floater health insurance plan, you can go online and carefully evaluate the different family health insurance plans in India and choose the one that best fits your budget. To buy family health insurance plans online, follow the steps given below:
You can select the best insurance product for your family without being pressurised to buy any particular product. You can also compare and evaluate the different policies online. These aggregators offer an online platform, where the buyer can find complete details on the product along with customer reviews and ratings on the insurance policy. Therefore, the policy buyer can make a better choice through recommendations and informed dealings.
If you are under the impression that a Health Insurance Policy only covers hospitalization expenses, then you are not entirely right. The best health insurance policies pay for more than just hospitalization.
Health Insurance Policies have various hidden benefits which remain unutilized by policyholders. Some of these benefits come free of cost as value-added benefits, while some might have additional costs.
Let check out the 10 hidden benefits in health insurance policies:
1. Recovery benefits:
Apart from hospitalization benefits, health insurance policies also offer recovery benefits. The insurer takes care of your recovery expenses. Recovery benefit is also called convalescence benefit or recuperating benefits. Recovery benefit covers additional costs like loss of income arising from hospitalization and so on. In case of prolonged hospitalization ranging from 7 to 10 days, the insurer pays a lump sum. Some policies also cover associated costs like compassionate visits by family members.
2. Alternative treatment:
Insurers did not cover alternative treatment in the past. But with rising popularity of alternative treatment like Ayurveda, Homeopathy, Unani and so on, many insurance companies now cover alternative treatments. However, coverage of alternative treatment methods are capped at a pre-decided percentage of the sum assured. Also, only alternative treatment in government hospitals or at institutes recognized by Quality Council of India and National Accreditation Board on Health are covered.
3. Expenses related to organ donors:
An organ transplantation can cost Lakhs of rupees. A kidney transplant can cost around Rs 3 Lakhs to Rs 5 Lakhs. Most health insurance policies cover surgery costs of the organ transplantation, as part of regular health insurance plans. The insurer may either reimburse the entire cost or they may cap expenses. Some insurers may offer to cover organ transplants as an add-on benefit. It is important to note that insurers only cover the surgery costs for organ harvesting or organ procurement. Donor’s hospitalization costs, post-surgical complications costs and screening costs are not covered.
4. Domiciliary treatment:
Insurers have been adding a number of additional features to basic health insurance policies. One such additional feature is coverage of domiciliary treatment. Many insurers now offer to cover treatment taken at home under medical supervision. Nevertheless, insurers have put a cap on such expenses and the number of days for which the benefit is offered.
5. Attendant allowance:
Insurers nowadays cover attendant allowances. The conditions are:
This add-on benefit comes with a cap on the number of days for which the attendant allowance is fixed.
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6. Daily hospital cash allowance:
Hospitalization comes with additional financial needs like expenses on food and travel. These expenses are not covered by the basic health insurance policy. However, some of the best health insurance policies offer daily cash benefit up to a pre-decided amount per day. The amount increases in the case of ICU and hospitalization for accidents.
7. Free health checkup:
Health checkups can cost thousands of rupees. So, insurers offer free periodic health checkups to you after every 4 or 5 claim-free years. This is mainly to reward you for not making any claims on the policy. It also encourages you to take extra care of your health. If you avail health checkups at network or empanelled hospitals or centers, some insurers offer cashless health checkups.
8. Dental treatment:
9. Weight loss surgeries:
Obesity and related health problems are increasing at an alarming rate. Obese people battle with medical conditions related to being overweight. Weight loss surgeries or bariatric surgeries are a solution to their woes. Weight loss surgeries were previously cosidered as a cosmetic weight loss procedure. However, now these surgeries are considered a life-saving technique for obese patients. Many insurers cover bariatric surgeries if done for medical purposes.
10. Wellness programs:
Health insurers today offer wellness benefits as a reward for maintaining a healthy lifestyle. This is a value-added benefit to your basic health plan and comes at no additional cost. Wellness benefits under health insurance policies are offered through wellness programs.
Now that you are aware of these hidden benefits of a health insurance plan, do ask your insurer if they offer any of these benefits. Do not hesitate to opt for these benefits, even if they come with additional costs. Make the best use of the value added benefits which come free of cost. Make sure you speak to the insurer and clear all your doubts before signing on the dotted lines.
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