A family floater health insurance policy should be a comprehensive health insurance plan for the whole family. Contrary to this, individual health insurance is meant for a single person only. Even if such plans are taken for the whole family, members can use them only on an individual basis. When the whole family is covered by a single cover amount and can share it, the plan is called a family floater plan. For example, when a family of four is covered for Rs. 5 lakh in total, each member would be eligible to use the complete amount for hospitalization costs. However, if the members of the plan need to use Rs. 2 lakh for one person and Rs. 3 lakh for another, it is also allowed. In individual plans for more than one person, sharing the cover amount is not permissible.
For the whole family the best solution for medical insurance, (based on personal requirement) might be a family floater plan. Nevertheless, before finding the right health insurance solution, one must perform a thorough analysis on the needs and requisites of the family. The various policies must be compared. There are many plans that might have variants. Each of these variants provides different kinds of coverage. People need to compare all of these policies to ascertain the right kind of insurance plan for themselves.
A family policy is generally a policy plan that provides coverage for the person buying the policy (or the primary policy holder), their spouse, two dependent children and/or two dependent parents. Some plans might allow coverage for parents-in-law and siblings also.
People should pick the plan in the right way. One should keep in mind that the family policy is intended to cover people in the future. So, if a person is knows that he/she is planning to start a family or have children, coverage should be taken for them. The benefits with health insurance for the family could also include coverage for new born babies, maternity coverage. The coverage amount should be sufficient to deal with such expenses too.
Family health insurance plans are also very cost effective. Since the whole family can share the cover amount, the medical expenses budget for the whole family is taken care of. At the same time one must remember that the policy is designed such that the premium is calculated based on the age of the eldest member. Grouping the family members for coverage should be done appropriately. One should remember that the age difference between the members should be reasonable. Covering grandparents and kids in one policy seldom turns out to be economical.
Whatever be the case, a family floater policy is generally less costly when compared to an individual medical insurance plan. One can check the amount on the premium calculator on the website. When a family plans to buy health insurance, one of the first thoughts that cross their minds is about the claim process and the settlement record of the company. One should check for reviews on the insurance provider.
While buying the policy one must also remember that the policy details such as members covered and the cover amount can be altered at the time of renewal. Timely renewal also entitles the policy holder to a number of insurance benefits. If the family has not filed for any claim, the members of the family can get a ‘Cumulative Bonus’ the next year (after renewing the plan). In this case, the cover amount of the family would increase although the premium would be paid on the base cover amount.
Regardless of the kind of policy one takes, health insurance for the family is the best way to secure the family.