Today, many families feel the requirement for financial security in the form of health insurance due to the escalating cost of healthcare expenses in India. A critical option provided by insurance providers is family floater medical insurance. This kind of health insurance policy protects your entire family under one umbrella. As a result, all family members will share the annual health insurance premium, and the total amount insured.
However, a family floater mediclaim policy has some benefits and drawbacks. But first, let’s understand the family floater policy to choose the best family floater mediclaim policy.
What is a Family Floater Mediclaim Policy?
Health insurance that allows you to purchase a single plan to cover your entire family is known as a “family floater.” A family floater policy allows multiple family members to be covered for a sum assured by making only one annual premium payment. Multiple claims may be accepted, and the sum assured may be divided among family members if there are multiple illnesses in the family. It is more affordable than purchasing individual coverage for family members separately. In India, the majority of health insurance providers provide family floater coverage.
Benefits of Family Floater Mediclaim
Here are the Two Main Advantages of a Family Floater Plan.
Cost-Effective To Getting a Large Cover
The past years have seen several reports of patients being hospitalised for Covid treatments, which can cost thousands all at once. Instead of purchasing a large plan for each family member, floating plans can be a more affordable way to provide them with all access to a vast cover.
Policy Management is Simple
Purchasing a single policy makes it easier to manage health insurance for every member of your family. Of course, all family members still need to submit medical statements and undergo tests, if necessary. You won’t have to deal with the trouble of managing several pieces of paperwork, paying multiple premiums, or running the danger of forgetting one of them and incurring a lapse once the policy is issued, though.
Drawbacks of Family Floater Mediclaim
The remainder of the Family Might Not Have Enough Coverage If One Family Member Uses Up The Insurance
As was already indicated, your family members can use the complete cover for medical care if they need to be hospitalised. However, in this case, if another member also requires hospitalisation, they might not have enough coverage. This occurred in a number of instances during the Covid19 hospitalisations last year. One after the other, several individuals from the same family were admitted for treatment. The first family member to be admitted to the hospital used up a sizable portion of the insurance, leaving the others short. To prevent this, pick a cover for the floater that is big enough and, if available, has a stimulating advantage.
A False Statement Will impact the Health Insurance Coverage For The Entire Family
The insurer would wish to renegotiate the entire policy if any family member gave the insurer inaccurate medical history, which was later discovered during a claim. As a result, there is even a chance that the insurance will be cancelled entirely or the premiums will increase significantly and become unsustainable, endangering the health coverage for the entire family.
You can opt for a family floater medical insurance, a single policy covering everyone in your family, instead of purchasing individual health insurance policies for each family member. Floaters can be more affordable, simpler to handle, and able to cover any family member who wants coverage compared to purchasing big separate individual covers.
However, there would be no cover left for the other members if one member used the entire cover. Use the mediclaim policy premium calculator and compare the policy with others to get the best family floater medical policy. Consider these factors before choosing whether a family floater is right for you.
