What is Family Floater health insurance?
Family floater health insurance is a type of health insurance policy that provides coverage for the entire family under a single sum insured. It offers health insurance coverage for all the members of a family, including the primary insured, spouse, children, and in some cases, dependent parents, under a single policy. The sum insured can be utilized by any of the covered family members, as per their individual health care needs, up to the total sum insured.
Family floater health insurance plans typically cover various medical expenses, including hospitalization expenses, surgical procedures, medical consultations, diagnostic tests, pre and post-hospitalization expenses, and other related healthcare expenses. The coverage and benefits of family floater health insurance plans may vary depending on the insurance provider and the specific policy terms and conditions.
Family floater health insurance is popular because it provides a comprehensive health insurance coverage for the entire family under a single policy, making it convenient and cost-effective compared to individual health insurance policies for each family member. It simplifies the insurance management process, offers flexibility in utilizing the sum insured among family members, and can provide financial protection against unexpected medical expenses for the entire family.
Why Family Floater health insurance is important?
Family floater health insurance is important for several reasons:
- Comprehensive Coverage: Family floater health insurance offers comprehensive coverage for the entire family, including the primary policyholder, spouse, children, and dependent parents. It provides protection against unexpected medical expenses arising from illness, accidents, or injuries, including hospitalization costs, doctor’s fees, diagnostic tests, medication, and more.
- Cost-effective: Family floater health insurance is cost-effective compared to individual health insurance policies for each family member. It offers a single sum insured that can be utilized by any family member, as per their medical needs. This eliminates the need for separate policies and premiums, making it a cost-effective option for families.
- Flexibility: Family floater health insurance offers flexibility in terms of coverage and sum insured. It allows you to choose the sum insured based on your family’s healthcare needs and budget. You can also add or remove family members from the policy as per changing family dynamics, making it a flexible option.
- Convenience: Family floater health insurance offers the convenience of managing a single policy for the entire family. This includes a single premium payment, a single policy document, and a single renewal date. It simplifies the administrative tasks of managing multiple policies and reduces the paperwork.
- Lifelong Renewability: Family floater health insurance policies typically offer lifelong renewability, which means you can renew the policy for your entire lifetime, ensuring continuous coverage for your family’s healthcare needs, even as you age.
- No Claim Bonus (NCB): Family floater health insurance policies often come with a No Claim Bonus (NCB) feature. If you do not make any claims during a policy year, you may be eligible for a bonus in the form of an increased sum insured or a reduction in premium during renewal.
- Tax Benefits: Premiums paid for family floater health insurance policies are eligible for tax benefits under Section 80D of the Income Tax Act in India. This provides additional savings on your taxable income, reducing your overall tax liability.
In conclusion, family floater health insurance is important as it offers comprehensive coverage, is cost-effective, provides flexibility, offers convenience, has lifelong renewability, may include a No Claim Bonus, and offers tax benefits. It ensures that your entire family is protected against unexpected medical expenses and provides financial security during times of illness or accidents.
What’s covered in Family Floater health insurance?
However, in general, a Family Floater health insurance policy typically covers the following:
- Hospitalization Expenses: This includes coverage for expenses related to room rent, boarding, nursing, and intensive care unit (ICU) charges during hospitalization.
- Medical and Surgical Expenses: This covers the cost of medical treatments, surgeries, and procedures as per the policy terms and conditions.
- Pre and Post-Hospitalization Expenses: This includes coverage for medical expenses incurred before and after hospitalization, such as diagnostic tests, doctor consultations, and medications.
- Day Care Procedures: Some health insurance policies cover specified day care procedures that do not require 24-hour hospitalization.
- Ambulance Charges: This covers the cost of ambulance services in case of emergency transportation to the hospital.
- Maternity Expenses (if opted for): Family Floater policies may also provide coverage for maternity-related expenses, including pre-natal and post-natal care, delivery charges, and newborn baby cover.
- Domiciliary Treatment: This covers the cost of medical treatment received at home for certain illnesses or conditions that do not require hospitalization.
- Alternative Treatments: Some policies may also provide coverage for alternative treatments like Ayurveda, Homeopathy, and Unani, subject to policy terms and conditions.
It’s important to review your specific Family Floater health insurance policy document or contact your insurance provider to understand the precise coverage details, inclusions, exclusions, and limitations of your policy as they can vary depending on the insurance company and the specific policy purchased.
What’s not covered our Family Floater health insurance?
However, there are some common exclusions that are typically not covered under most health insurance policies. These may include:
- Pre-existing conditions: Health insurance policies often exclude coverage for pre-existing medical conditions, which are illnesses or injuries that you had before the policy was effective. This means that any medical expenses related to pre-existing conditions may not be covered.
- Cosmetic or elective procedures: Health insurance policies usually do not cover cosmetic or elective procedures, such as plastic surgery for aesthetic purposes or elective procedures that are not medically necessary.
- Experimental or investigational treatments: Health insurance policies may not cover experimental or investigational treatments, which are medical treatments or procedures that are still being researched or are not yet proven to be safe or effective.
- Alternative or complementary therapies: Health insurance policies may not cover alternative or complementary therapies, such as acupuncture, naturopathy, or homeopathy, unless they are specifically included in your policy.
- Pregnancy and childbirth-related expenses: Some health insurance policies may not fully cover pregnancy and childbirth-related expenses, or may have specific limitations or waiting periods for coverage related to pregnancy, childbirth, or maternity care.
- Dental and vision care: Health insurance policies typically do not cover routine dental and vision care, such as dental check-ups, eye exams, or prescription eyeglasses or contact lenses. Separate dental and vision insurance policies may be required for coverage in these areas.
- Mental health and substance abuse treatment: While mental health and substance abuse treatment are increasingly being covered by health insurance, some policies may have limitations or exclusions for these services.
- Injury or illness resulting from certain activities: Health insurance policies may exclude coverage for injuries or illnesses resulting from certain high-risk activities, such as extreme sports, war, or participation in illegal activities.
It’s important to review the specific terms and conditions of your Family Floater health insurance policy to understand what is and is not covered, as it may vary depending on your insurance provider and the specific policy you have. If you have any questions or concerns about your health insurance coverage, it’s best to consult with your insurance provider directly.
Top 5 Family Floater health insurance agencies
Here are five reputed health insurance agencies in India that offer family floater health insurance plans:
- Max Bupa Health Insurance: Max Bupa is a leading health insurance company in India that offers comprehensive family floater health insurance plans with a wide range of coverage options, including hospitalization expenses, pre- and post-hospitalization expenses, daycare treatments, and more.
- ICICI Lombard Health Insurance: ICICI Lombard is one of the largest private sector general insurance companies in India and offers family floater health insurance plans with features such as cashless hospitalization, lifelong renewability, and coverage for pre-existing diseases after a waiting period.
- HDFC ERGO Health Insurance: HDFC ERGO is a renowned health insurance company in India that offers family floater health insurance plans with benefits like in-patient hospitalization coverage, maternity expenses, pre- and post-hospitalization expenses, and coverage for alternative treatments.
- Religare Health Insurance: Religare Health Insurance is a leading health insurance provider in India that offers family floater health insurance plans with comprehensive coverage options, including hospitalization expenses, daycare treatments, organ donor expenses, and more.
- Star Health and Allied Insurance: Star Health and Allied Insurance is a well-known health insurance company in India that offers family floater health insurance plans with features such as cashless hospitalization, coverage for pre- and post-hospitalization expenses, and coverage for daycare treatments.
Please note that the rankings and availability of insurance plans may vary based on the specific requirements, region, and individual circumstances. It’s always advisable to thoroughly research and compare different health insurance plans from various insurance agencies to choose the one that best meets your family’s needs.