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Health Insurance

All You Need To Know About Family Floater Mediclaim Policy

Oftentimes, the first-time buyers of Health Insurance find themselves in a dilemma – Whether to go with an Individual or a Family Floater Health Plan? In this article, therefore, we have taken up to explain to you everything that you need to know about a Family Floater Mediclaim Policy so that you can decide what to go with.

That having said, it would be ideal that before we proceed to discuss different aspects of a family floater, we first clear out the basic difference between an individual and a family floater health plan.

As the name suggests, an individual health plan covers the individual in whose name the policy has been issued, whereas, a family floater is a single sum insured plan that floats among all insured individuals, i.e. self, spouse and two children. There are also some products in the insurance market today that cover your dependent parents and parents-in-law, thereby acting as an umbrella to provide financial support to the entire family in the event of hospitalization.

Why should you choose a family floater?

Single sum insured for all members – As discussed above, a family floater covers the whole family and the chances of all members falling sick in a year are rare. Hence, it is advisable to go for a family floater instead of an individual cover if you intend to cover all the members in the family. 

Total cost reduces – Buying a family floater is cost effective. If you go to buy individual health plans for each of the family members it will be an expensive deal. However, a family floater providing ₹5,00,000 sum insured will cost you anything between 10K-15K annually covering yourself, spouse and 2 children.

Less stress – In case of a family floater, you have to manage and deal with a single instead of multiple policies. Paperwork, purchasing and renewing of the policies & premium payment procedures become easier and quicker now that you have to manage a single policy instead of multiple sum insured policies for each family member.

Now let us proceed to discuss 4 very important factors you need to keep in mind while buying a Family Floater.

1. Cover – Choose your cover on the basis of your requirement.

Obviously, it’s tough to guess how much hospitalization expense you’re going to incur in a particular year for an uncertain illness. However, things like family’s medical history, the current room rent of your preferred hospital, the number of people to be covered, etc. should give you a rough idea as to the minimum cover that you might require.

2Premium – Choose affordable premium

Before you finalize on a product, be sure if you can afford the premium you’ve chosen. Many a time, the policyholders, to get a very high cover, end up buying plans with a very high premium which they eventually find it difficult to pay. At the same time, do not buy a plan only because its premium is the least. To avoid such a situation, it is advisable that you consider your annual income, savings, etc. to choose a premium amount that you could pay without affecting your routine expenses.

3Waiting Period – the shorter the better

Health plans come with a waiting period for specific treatments and PED. The shorter the waiting period, the better it is. Especially if you’re intending to cover senior citizens, the probability of making claims increases. So go for a plan with a minimum waiting period even if you have to pay a slightly higher premium amount.

4Co-payment clause 

Some insurance products come with a co-payment feature where a certain portion of the total claim amount has to be paid by the policyholder first and then the rest is paid by the insurer. For example, your policy has an 80%-20% co-payment clause and you have made a total claim of ₹2,00,000 out of which you will pay 20% (i.e. 40,000) and the remaining 80% (i.e. 1,60,000) will be paid by your insurer.

Conclusion – Securing your family’s health is the best gift you can give them this year. Make sure you do the needful. In case you need further guidance on buying health insurance, get in touch with us at 86559 86559 or at Click here to check your eligibility for health plans. You can also browse through other insurance policies from OneInsure.



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