In today’s world, people are opting insurance for their precious assets, including their own lives due to getting fraught with unpredictability. As many insurance policies are available, it is wiser to be well aware of the products and serves being offered by these firms which can work better for us. Good decision making is possible in accordance with the best source of knowledge. One should know the updates in the form of insurance news, talking about the industry trends which can affect his\ her life and valuables.
General Insurance provides the insurance for other things apart from life. It can be a personal insurance for personal accident, employment risk, risk against damage or loss of property due to fire or other unforeseen circumstances. Damage due to natural disaster is also covered through general insurance. Nowadays people are looking for health policy which can cover the medical expenses of whole family or part of the family. For this, General insurance has an enhanced version of mediclaim policy named as family floater mediclaim policy.
Family floater policy is the superior version of mediclaim policy and is getting prevalent nowadays. The value of sum insured floats among the family members as many of the policies cover husband, wife and couple of children and some others also cover parents as well. The insurance cover provided to the entire company is limited to sum insured. Family floater policy filed from a bank comes with a maximum sum insured of 5 lakhs. The premium charged by bank for family floater policy is far less than insurance companies. Less premium is charged for the family floater policy as compared to separate insurance cover for each member of the family.
As per the facts, the premium charged by the bank for family floater mediclaim policy is lesser than the one purchased directly from insurance company. For Example: If there are four members in the family for which the policy is purchased, they can claim up to maximum of 5 lakh of medical expenses incurred in one policy year. If one person in a family gets hospitalized and get a claim for 2 lakh, the remaining amount will be 3 lakhs, which can be reimbursed medical expenses in that particular year. The fresh amount of 5 lakh can be used by insured for medical expenses in the next policy year. The family floater is a real worth for the family because in this policy, anyone in the family can get a huge cover as chances of more than one family members getting admitted to hospital in a single year are quite low unless the entire family is travelling together throughout the year and getting involved in bigger mishappening or having a history of health related problems which can happen in tandem.
Here Are Some Of The Advantages Of Family Floater Mediclaim Policy Over Other Health Policies
- Family floater policy is quite cheaper than individual mediclaim policy provided it is purchased after making a careful study.
- Insured can add the immediate family members such as spouse and kids. There are some family floater plans such as Happy Family Floater which cover the parents as well as parents- in- law too.
- Family floater mediclaim plan is beneficial for younger families having low health risk.
- One can opt for family floater mediclaim of Rs 6 Lakh instead of a cover of Rs 3 Lakh. Family can avail benefit if they have big claim in a year say Rs 4 Lakh.
Do Family Floater Policy Really Works?
Here Are Some Guidelines And Recommendations Which Can Help You Choose Best Family Floater Policy:
- One should be aware of the budget for family floater plan as premium need to be paid monthly, half yearly or on annual basis. Its up to the insured how much he or she can afford to spend annually for family floater mediclaim policy.
- You should know the type of family floater plan as there are various questions coming into mind whether there is requirement of major medical plan, a high deductible plan, a health discount plan, prescriptions, maternity coverage, routine care, vision, or dental plan.
- The insured knows very well how much time he or she visits the doctor or physician in a year. Various medical plans provides cover for routine visit to doctor office for health checkup but these kind of mediclaim plans are quite expensive for those who make limited visit to the doctor. If one is not going to doctor frequently for medical checkup, a family floater mediclaim policy with such benefits is not worth for him\ her as it would be a waste of money being paid in the form of premium. There are some family floater policies covering ‘Wellness visits’ at very nominal cost.
- There are various family floater mediclaim plans which provide coverage for medications prescribed by doctors or physicians. If you are not having any ailment and are not taking any medicines, then the premium being paid for these kind of family floater mediclaim policies is waste of your money. It is advisable to purchase that family floater policy with benefits to make it worth the added cost.
- Maternity coverage is getting very expensive if added in any of the health insurance policy other than family floater mediclaim policy. In all the health insurance policies, one need to avail or purchase the mediclaim policy 9 months prior to becoming pregnant. Incase, you are pregnant before the waiting period then, the insurance company is not liable to provide cover for cost incurred during pregnancy and delivery. This is not the case with family floater policy. You can get the cover during pregnancy and post delivery provided necessary add-ons are being availed by insured.