What is a Family Floater Health Insurance Policy?
A family health insurance that covers all the members of a family under a single policy for a year is called a family floater health insurance policy.
This kind of policy is cost-effective and the sum assured under this policy can be distributed among the family members if multiple people in a family get ill.
These policies often allow cashless treatment at network hospitals. After the outbreak of the contagious coronavirus, it is even more important to get a health plan for the entire family.
How does the Family Floater Health Insurance Policy Work?
Family floater policies that cover an entire family are primarily two types of and these are Medical Insurance and Policy Critical Illness. Medical Insurance generally covers the cost of hospitalization.
The specific type of illness and specific procedures of treatment are covered through this kind of policy. In case of critical illness, the policy reimburses the amount to diagnose any critical illness.
Who can be covered in the Family Floater policy?
Family Floater policies for health insurance include close family members who are completely dependent on the policyholder.
However, the list of eligible people depends upon the amount of coverage and the company issuing the policy. A tentative list of covered people other than self includes
Legally wedded spouses
and Dependent children.
Legally adopted, Unmarried or stepchildren.
Parents
Parents-in-law.
Who cannot be covered in the Family Floater Policy?
These policies of health insurance offer extensive benefits but there are few limitations even under that.
For a few policy providers, people getting nominated under these policies must be under the age limit of 60-65 years.
Parents beyond that age cannot be nominated under such a plan. On the other hand, people having no blood relations other than nuptial relations cannot be enlisted under the family floater policy.
How many members can be added to a Family Floater Plan?
Depending upon the company of policy there are different schemes available for the family floater plan.
Most insurance companies offer limited family members under a single annual policy which includes spouses and children only.
However, some policies include parents, siblings, and relatives other than this under a single policy. In such cases, the amount of premium is larger than the others though.
Which Health Insurance is the best for Family Floater Policy?
With the constantly increasing cost of treatment, it is important to get health insurance.
But before choosing any particular insurance there are a few key points one needs to consider.
1) Check out the coverage of the policy first, and it must include all the expenses of daycare, maternity, pre or post-hospitalization, and many more.
2) Clarify the age limit of the nominated persons as some companies offer lifelong renewal whereas some offer a specific age limit only.
3) Different companies offer different procedures for the reimbursement of the claimed amount. It is wise to be aware of the procedure before choosing any particular policy.
There are many policies like Bharti AXA Smart Super Health Insurance Policy, Bajaj Allianz Family Health Insurance Policy, Care Health Insurance Plan, Edelweiss Family Floater Health Insurance Plan, and many more. But one should always choose a policy according to their convenience.
Individual Policy or Family Floater Policy- which is better?
Where the family floater policy covers insurance for the whole family, the individual policy only covers single individuals.
The prime benefit of this kind of insurance is it covers a lot of amounts for any individual and this is why this policy mostly works to protect senior citizens as after a particular age health condition of people keeps falling apart.
But the main disadvantage is that only one will have the benefit, whereas under the family floater policy the premium can be claimed for any member of the family. Thus, it is more cost-effective health insurance.
What are the differences between Family Floater Health Insurance Policy and Non-Floater Health Insurance Policy?
Unlike Floater Health Insurance Policy, Non-Floater policies work for individual members of the family and that too is based on their ages. The differences are
Can I convert my Family Floater Health Insurance Plan to Individual Health Insurance Plan?
Due to the advanced technologies of today’s age, it is possible to convert a Family Floater Policy into an individual policy. Many health insurance companies offer such benefits nowadays.
Many working professionals are nowadays suggested to have individual plans as they might get coverage from their professional field.
Converting a Family Floater Health Insurance Plan into an individual health insurance plan offers several benefits like flexible insurance amount, cumulative no claim bonus, less restriction, more coverage, and many more
Can I convert my Individual Health Insurance Plan to Family Floater Health Insurance Plan?
As we know, conversion of a policy from a family floater to an individual is possible, and so is possible from an individual health plan to a family insurance plan. Most of the standard health plans have these facilities nowadays, especially after the outbreak of COVID-19. However, a general notice before renewal and several other procedures may require.