With increasing health care costs in India, health cover for family has become a necessity. A common man always faces a dilemma of choosing the best family floater health insurance plans for himself and his family. Customers today are looking for best products from family health insurance companies for parents as with age the probability of age related illnesses also increases and therefore one should compare health care plans provided by insurers.
Health insurance is available in India in two formats – An Individual Health Policy which caters to a separate health insurance policy for each of the family members and Family Floater Plans wherein the entire family is covered under one plan. The customer has the option to include self, spouse, children and parents thus getting a full family medical insurance coverage.
This genre of policy allows one cover amount for the whole family at comparable prices thus helping you resolve the dilemma of covering children for higher amount since children might have very low risk. There is one floating sum insured for all the family members and now a day’s a lot of family health insurance companies are offering such plans to the consumer. In order to evaluate the best family floater health insurance plans for you and your family, certain parameters and benefits of family health insurance plans in India should be kept in mind
Advantages of Family Floater Plans:
Family health insurance plans India give a policy holder an edge by not only making it easy for him to manage one policy but also provides him with family medical insurance with the following advantages:
a) A family floater policy is easier to manage than an individual plan. Compared to an individual plan, family floater policies needs you to remember a single date while renewing, instead of three or four dates in the case of individual plans and it also gets you a full health cover for family.
b) These plans are best health insurance for parents. Most family floater plans provide free health check up for elder members or senior citizens insured under the plan. This helps in reducing overall cost by eliminating unnecessary attachments for younger ones covered.
c) In a family floater, it is easy to add a new family member. With an individual cover, a fresh policy needs to be taken every time there is an addition to the family. In case of the unfortunate demise of the senior-most member of the family, other members of the family can continue with the floater without losing any benefits and health cover for family continues.
d) Many of the insurers provide option to include parent in laws with little extra cost, making it the best health insurance for parents of both side of family.
e) Many insurers have now given the option of 2 year policy cover. This allows a continuous hassle free coverage without any increase in premium for the selected tenure.
f) Features like maternity and new born baby cover makes it very attractive for young couples. These features generally come with a waiting period and coverage depends on the insurer.
g) Cashless feature and health id cards for all members makes it handy in case of medical emergencies.
h) Income tax benefits under Section 80D.
Factors to consider: Family Floater Plans
a) Family health insurance plans India are priced always keeping in mind the age of the senior most member of the family; they may sometimes become expensive.
b) Maximum age for renewability - This varies from company to company.
c) A family floater policy carries a rare risk. If a family has a floater plan for a sum assured of Rs 2 lakh and if for example the entire family suffers medical emergencies in an accident, then in such a case the cover would be inadequate for the family as each of them may require Rs 2 lakh for treatment. The individual will then have to shell out money from the pocket for treatment. In such a scenario, an individual cover will score better.
d) Family floater mediclaim policy comparison should be done keeping in mind your coverage for pre existing diseases, insurance for maternity and exclusions during the first 30 days of the policy. The requirement would depend on the life-stage majorly.
Family floater mediclaim policy comparison can be done at policybazaar.com for your convenience as quotes from all leading insurers are available on one single platform.