A family floater insurance plan is a tailor-made health insurance policy that covers the healthcare expenses of the policyholder’s entire family. By obtaining this policy, an individual can do away with the hassle of maintaining multiple health insurance policies.
Following is a look at everything about the benefits, exclusions, eligibility, claim process and the best floater health insurance plans in India.
The best family health insurance plans entail maximum floater sum insured, lifelong renewability, and other features that make them desirable among the masses. Here is a list of the best floater plans available in India:
The aforementioned plans offer both individual and floater cover and comprise unique features that vary from one another.
Floater cover in health insurance allows policyholders to cover themselves and family members under one policy, offering easy management. To that cause, let’s look at some other benefits of possessing a floater plan.
Affordable
As a member can get health insurance cover for him/herself and the entire family by opting for a single plan, it is an affordable option over buying several individual insurance plans.
Add-on benefits
Such plans are profitable options when it comes to add-on benefits such as maternity covers.
Tax benefits
Under Section 80D of the Income Tax Act, 1961, policyholders of floater plans can avail of tax benefits.
Easy addition of members
Policyholders can add members like immediate family, spouse, new-borns etc., in their family floater plan.
Higher sum insured
These health insurance plans have a higher sum insured than an individual plan.
Also Read – https://navi.com/blog/health-insurance-for-parents/
Look out for the following pointers before planning to invest in a floater health insurance policy:
Renewability age
Several insurance providers offer a maximum upper age cap on a floater plan. However, as per the Insurance Regulatory and Development Authority (IRDA), most insurers provide lifelong renewability.
Sub-limits
It is advisable not to get carried away with the sum insured of a plan because there may be sub-limits of sub-categories. For instance, a certain family floater plan may come with a sum insured of Rs. 6 lakh, but there might sub-limit on medication for Rs. 60,000 or Rs. 80,000 for pre and post hospitalisation. Hence, it is important to check the sub-limits before selecting a plan.
Policy term
The policy term for a certain health insurance plan varies across insurance providers. Therefore, policyholders must check the details before purchasing a plan.
Reinstatement benefit
One might wonder what happens when the assigned sum insured gets exhausted before the end of the policy term. In such a scenario, the reinstatement benefit will kick in and refill the sum insured amount before the term ends. Thus, one must look for this feature in a plan before buying it.
Value-added features
Like other health plans, floater health insurance policies have several add-ons for a policyholder’s convenience. It is vital to check these add-on covers before choosing a plan.
Floater health insurance offers a number of inclusions considering a policyholder’s benefits. However, there are some exclusions under this policy. They are as follows:
Here are the eligibility criteria members must meet before proceeding to purchase a health insurance plan:
Age
In this type of plan, the eldest member of the family will become a policyholder. He or she should be between 18 to 65 years of age to avail of this insurance.
Dependent children’s age
A dependent child of a minimum of 90 days and a maximum of 25 years can avail of coverage under this scheme.
Medical check-ups
The number of medical tests a policyholder needs to undergo depends on the insurance providers.
Renewability
Mostly, all insurers offer lifelong renewability on a family floater plan. Members need to renew the plan yearly to keep receiving the advantages.
Policyholders can raise cashless and reimbursement claims on their medical treatment expenses under a floater plan.
Here are the steps to follow to file a cashless claim:
Step 1
Visit the insurance desk of the network hospital.
Step 2
Submit an ID card.
Step 3
You should fill up a pre-authorised form and submit it.
Step 4
The Third Party Authority (TPA) will verify the documents and approve cashless claims.
Step 5
Some insurers assign a field executive to ensure hassle-free claim procedures.
For reimbursement claims, follow the given steps:
Step 1
Once discharged, a policyholder must clear the hospital bill and collect the original documents.
Step 2
After obtaining a reimbursement claim form, one should fill it up and submit it to the insurer’s claims team or the TPA. He/she must also attach original copies of hospital bills, reports, and other required documents.
Step 3
Once the TPA or the insurer validates and clears the claim, a policyholder will receive the reimbursement.
Insurance providers like Navi offer cashless claims in under 20 minutes if you apply for insurance via their app. Download the Navi App to buy a plan to secure your family from any kind of medical emergencies.
Also Read – https://navi.com/blog/medical-insurance-for-family/
To choose the right health insurance policy, follow the tips below:
Navi Health Insurance comes with a range of benefits that make it ideal among insurance providers. Some of the reasons why you should choose Navi for a floater plan are as follows:
You can conclude from the above sections that family floater health plans are much more lucrative than individual plans. Obtain a family floater insurance policy to ascertain the wellbeing of your entire family at an affordable premium payment.
Ans: You need to furnish the following list of documents during the insurance purchase:
KYC documents
Age proof
Photograph
Medical reports
Ans: A policyholder, his/her spouse, dependent children till 25 years, senior parents, and in some scenarios, parents-in-law are included in this policy.
Ans: The waiting period varies across insurers. However, a minimum of 30 days waiting period is common for any plan.
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