Best Family Floater Health Insurance Plans

1. Family Floater Insurance

2. Best Family Floater Health Insurance Plans Health is Wealth. Health is an Asset. We are happy, only if we are healthy. But, we all know that medical treatment has got more expensive, is getting more expensive and may continue to be more expensive. Health care has become a costly affair. Offer various types of health insurance plans. These can be individual Mediclaim pans or Family Floater Health insurance plans. What is Family Floater Health Insurance Policy? Family floater insurance is a policy that covers more than one family member for a fixed cover. The amount of sum insured floats over the entire family – that is, the limit can be used by any member of the family and for any number of times.

3. A Family Floater health plan is similar to individual health plan, the only difference is that is extended to cover your entire family. A Family Floater Plan acts as an umbrella of coverage for the entire family and therefore the name. How to select best Family Floater Medical insurance plan? When it comes to health insurance, there is no one-size fits-all plan that you can rely on. Medical Insurance is a contract based policy with legal jargon thrown in. Besides this, a Health Insurance policy has medical terminologies. Of the numerous medical insurance plans in the market, you may find that each one is unique in some way or the other, with its own benefits and limitations. For example : If you buy a family floater plan with Rs 5 lakh  as sum assured, for four members of your family. All four people put together can spend a maximum of Rs.5 Lakhs in one year. If one of your family members uses Rs 3 lakh of the sum insured then only Rs 2 lakh would be left for the rest of the family to use in one policy year.

4. You have to do lot of research before you find the right and best health insurance plan for you. You have to make a comparison of health insurance plans offered by multiple companies. Premium: Insurance premium is generally the first thing that most of us evaluate while buying an insurance policy. A family floater plan provides health insurance to the whole family at a lower cost compared to individual Mediclaims. Co-Pay clause: Co-payment means the policyholder will bear a specified percentage of the claim amount. For example, in an 80%-20% clause, the policyholder will bear 20% of the cost and the remaining amount (80%) can be claimed. Sub-limits: Health insurance companies may specify limits for certain illnesses or treatments. For ex: the policyholder can claim only Rs 20,000 for a cataract operation but the policy sum assured might be Rs3 Lakhs. The policies without sub-limits are better but may charge higher premiums.

5. Do not consider buying a Health Insurance plan as an additional expenditure. Having sufficient health cover is a must for both salaried and non-salaried individuals. Have a separate individual plan or family floater plan even if you are covered by your Employer’s group mediclaim plan. It is very difficult to shortlist the best health insurance plan. There are multiple factors that should be considered before buying a family floater health insurance plan. The one that is easy on pocket may be restrictive on benefits, while the features in the expensive one may compensate for the cost.

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