Health insurance is an essential investment for protecting your family against unforeseen medical expenses. In today’s fast-paced world, a Family Floater Health Insurance Plan is an effective and affordable way to ensure that all your family members are covered under one policy. A Family Floater plan provides comprehensive health coverage for you, your spouse, children, and sometimes even your parents, under a single sum insured amount.
If you’re unsure about which plan to choose, PolicyBazaar makes the process much easier. As India’s leading online insurance aggregator, PolicyBazaar allows you to compare multiple health insurance plans, helping you find the best family floater plan tailored to your needs and budget.
In this guide, we’ll walk you through the factors to consider when choosing the right family floater health insurance plan and show you how to use PolicyBazaar to make an informed decision.
What is a Family Floater Health Insurance Plan?
A Family Floater Health Insurance Plan is a type of health insurance where the coverage extends to multiple family members under a single policy. Instead of buying individual health policies for each family member, you get a single policy that covers the entire family. The sum insured in a family floater policy is shared among the covered members, providing financial protection against medical emergencies.
Key Benefits of Family Floater Plans:
- Cost-Effective: One policy for the entire family means you save on premiums compared to purchasing separate plans for each member.
- Shared Coverage: The entire sum insured can be used by any family member, which is beneficial in the event of high medical expenses.
- Convenience: Managing one policy for the whole family simplifies record-keeping and renewals.
- Comprehensive Coverage: Family floater plans often offer comprehensive coverage, including hospitalization, daycare procedures, pre-and post-hospitalization expenses, and more.
Factors to Consider When Choosing the Right Family Floater Health Insurance Plan
Choosing the right family floater health insurance plan is crucial for ensuring that your loved ones are well-covered. Here are the most important factors to consider:
1. Determine the Sum Insured Based on Family Size and Medical Needs
The sum insured is the maximum amount that the insurer will pay in case of a claim. The larger your family or the more significant the health risks, the higher the sum insured you may need. As a general rule, opt for a sum insured that can cover the medical expenses of the entire family, including hospitalization and medical treatments.
For instance, if your family consists of older members or children with existing health conditions, you might need a higher sum insured. Use the PolicyBazaar Health Insurance Calculator to determine an appropriate sum insured based on your family size and health profile.
2. Coverage for Pre-existing Diseases
Many health insurance policies have a waiting period for pre-existing diseases. Make sure the family floater plan covers pre-existing illnesses after a specified waiting period, typically 2 to 4 years. Some insurers provide coverage for pre-existing conditions after the waiting period without increasing the premium, so ensure you understand the terms clearly.
3. Coverage for Critical Illnesses
Certain family floater plans come with critical illness riders. These riders provide additional coverage for life-threatening diseases like cancer, heart attack, kidney failure, etc. Given the rising prevalence of such illnesses, opting for a critical illness rider can provide peace of mind.
4. Maternity Benefits and Newborn Coverage
If you’re planning to expand your family or are already expecting, consider opting for a family floater health insurance plan that offers maternity benefits. Some plans cover expenses related to maternity care, including delivery and post-natal care, while also covering your newborn baby. Make sure to check the waiting period for maternity coverage, which could range from 1 to 3 years.
5. Network Hospitals and Cashless Claims
Check the list of network hospitals associated with the insurer. A wider network of hospitals ensures that you have access to cashless treatments at reputable hospitals across the country. It’s also essential to understand the process for cashless claims, as it can save you from paying upfront during medical emergencies.
6. No Claim Bonus (NCB)
Look for plans that offer a No Claim Bonus (NCB). This feature rewards you for not making claims during the policy year by increasing your sum insured for free. This is a valuable add-on that can help you get more coverage for the same premium amount.
7. Waiting Periods and Sub-Limits
Every family floater plan comes with certain waiting periods, including waiting periods for specific diseases, treatments, and claims. Read the terms carefully before choosing a plan. Additionally, some plans have sub-limits on specific treatments (e.g., surgery or room rents). Ensure you are comfortable with these conditions.
8. Premium Amount
While looking for an affordable premium, it’s crucial not to compromise on the coverage and benefits. Family floater plans are cost-effective but can vary based on factors like age, sum insured, and coverage features. Compare different policies on PolicyBazaar to find a plan that balances premium affordability with the best coverage.
How to Compare and Buy the Best Family Floater Health Insurance on PolicyBazaar
PolicyBazaar makes it easy to compare various family floater health insurance plans from different insurers. Here’s how you can do it:
Step 1: Visit PolicyBazaar’s Website
Go to PolicyBazaar.com and select the “Health Insurance” category. You’ll be guided through a user-friendly interface.
Step 2: Enter Basic Details
You will need to enter basic details such as the number of family members to be covered, their ages, and any existing health conditions. You will also need to specify the sum insured you are looking for.
Step 3: Compare Plans
Once you’ve entered the required details, PolicyBazaar will generate a list of available family floater plans. You can compare features, premiums, sum insured, network hospitals, and other add-ons.
Step 4: Read Customer Reviews
Take the time to read the customer reviews for each plan. These reviews give insights into customer experiences with the insurer’s claim process, customer service, and overall satisfaction.
Step 5: Select the Best Plan
Based on your comparison, choose the best family floater health plan that fits your needs and budget. Ensure that the plan offers comprehensive coverage and aligns with your family’s healthcare requirements.
Step 6: Complete the Application
Once you’ve selected your preferred plan, you can complete the application process online. PolicyBazaar provides an easy and secure payment gateway to make your premium payment.
Frequently Asked Questions (FAQs)
1. What is a family floater health insurance plan?
A family floater health insurance plan covers multiple members of a family under one policy with a single sum insured. It provides coverage for hospitalization, medical expenses, and sometimes additional benefits like maternity and critical illness coverage.
2. Can I cover my parents under a family floater health insurance plan?
Yes, many family floater plans allow you to include parents (both in-laws and biological parents) in the policy. However, the premium may be higher if older family members are included.
3. How is the sum insured shared in a family floater plan?
The sum insured in a family floater plan is shared among all the insured family members. In case of hospitalization, the sum insured is used collectively by the covered members, depending on their medical expenses.
4. Does a family floater health insurance policy cover pre-existing diseases?
Yes, most family floater plans cover pre-existing diseases, but they usually come with a waiting period of 2 to 4 years. Ensure you read the terms and conditions of the policy to understand this coverage.
5. Can I add a maternity cover rider to a family floater health insurance plan?
Yes, many insurers offer maternity cover as an add-on rider in family floater health plans. Check the waiting period and the scope of coverage for maternity benefits before buying the plan.
6. How do I choose the right sum insured for my family?
The right sum insured depends on factors like the number of family members, their health status, and the level of coverage needed for medical expenses. Use PolicyBazaar’s Health Insurance Calculator to determine the appropriate sum insured.
7. How do I file a claim with a family floater plan?
In case of hospitalization, you can file a cashless claim at network hospitals, where the insurer directly settles the bill with the hospital. If you opt for reimbursement, you’ll need to submit the medical bills and other documents to the insurer for claim processing.
Conclusion
A family floater health insurance plan is an excellent choice for ensuring that your loved ones are protected against rising healthcare costs. By comparing different plans on PolicyBazaar, you can find a policy that suits your family’s needs and budget. Keep in mind factors like sum insured, coverage for pre-existing conditions, maternity benefits, and network hospitals when choosing a plan. With PolicyBazaar’s simple and transparent comparison process, finding the right family floater plan has never been easier.