Medical expenses skyrocket with every passing day, so family floater health insurancehas become a must for everyone. The need for health insurance is evident, and everyone has one question: which one would be the best? In this article, all the important things regarding floater health insurance plans especially how to compare health insurance plans in India are explained, following which you can choose a suitable one for yourself.
The types
Three variants of family health insurance plans are available to choose from, so you must know what they are.
- The first variation covers the family without children, which means only two adults; husband and wife.
- The second plan is for the family with a child, indicating three people; husband, wife, and a child.
- The final one is created for families with two children. The plan is for four people; husband, wife, and two children.
Depending on your family type, choose the insurance plan, offering emotional and financial stability.
Expenses covered by the policy
It is a comprehensive policy covering many things based on the plan you prefer to choose. They are:
It includes the in-patient treatment happening due to an accident or an illness. The pre-hospitalization cost for 60 days before hospitalization is covered. Not only that, but the post-hospitalization cost of 90 days after discharge is also included.
The maternity claims under this plan can also be claimed successfully, and the cost of any organ donor comes under the purview of policy. Expenses, like domiciliary treatment and emergency ambulance services, can also be claimed under this policy.
A few features about the floater plan
Floater plans offer many perks compared to others, and they are:
More flexibility
To understand this feature, here is an example. Suppose Mr. XYZ has taken health insurance for his family. He had chosen one lakh for his child and two lakh for him and his wife. In this situation, he has to pay extra and the insurance cover does not provide many perks compared to a floater plan. If Mr. XYZ avails a floater plan, Rs. 2.5 lakh will be for him and his wife. Another Rs 1.5 lakh will be for his child, allowing the entire family to have peace of mind in terms of finances.
Economy of scale
Over individual plans, they have the advantage of economies of scale. The premium associated with the policy is shared by four people. Thus, it is lesser than other plans, indicating the sum assured is given at a lesser cost.
In the end
With a single plan, you can get the entire family covered, and it is the most economical and prudent way in the long run. Before availing the floater plan, one must compare quotes and speak with the insurance company. In a way, you can pick a policy according to the needs and enjoy the benefits. The floater plans are suitable for families with young members, and the premium can be reduced by half. Having an online comparison can also guide you to opt for the best.
