With rising medical costs, a health insurance policy in today’s time has become a must-have. A sudden case of medical necessity can have a very detrimental effect, both mentally and financially.
what kind of policy an individual should opt for is essential. While a single person can look for a robust health care plan, on the contrary, the individual living with the family should choose a family floater plan as it helps you avail better services and benefits under one single program. Having a floater enables the family members to claim access to a larger shared pool than individual covers,” says Mahavir Chopra, head of e-business, Medimanage, a health insurance broking firm.Various types of policies are available in the market. However, knowing
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Through this article, let’s understand the importance and benefits of a family floater plan, particularly for those who want to cover each family member without spending a fortune.
What is a family floater plan?
A family floater plan provides health coverage to multiple members of your family. Every year or as per the timeline specified in your policy, you can make a one-time payment of the premium for the coverage provided to the entire family.
It covers the entire family.
Compared to an individual health care plan, a family floater plan helps save money byby incorporating the entire family under one program. Family floater Mediclaim cover offers a fixed sum insured for the family members that an individual or any other family member can avail. Purchasing different policies for each member of the family can be quite expensive and might or might not get used depending on the health condition of your family members. For example, suppose Ramesh’s family members live a healthy lifestyle. In that case, the chances of them falling seriously ill are quite less than in a family where family members have a history of disorders that might require individual attention. In most cases, a family floater plan works quite effectively and is sufficient for the entire family, which automatically helps in saving money.
No hassle of maintaining several documents
In case you have different policies for each member of your family. Not only does it cost you more than a single plan for the entire family, but you are also wasting your time maintaining many documents and issues relating to it.
Acts a blessing in case of an emergency
One of the most prominent features of a family health floater plan is if your family members get sick and need to be hospitalized. The un-well member of the family can utilize the entire sum insured. This helps the family avoid spending out of savings or getting trapped in the vicious cycle of debts.
It can cover extended family also.
A family floater family generally covers the individual, spouse, and children. However, certain insurance policies allow you to hide your siblings and in-laws. Also, in such situations, the premium might be a little expensive, depending on the nature of the policy, features, and the insurance company.
Other key factors essential in choosing a financially beneficial plan
As the importance of insurance is only rising with the escalating cost of health care and health hazards, companies in India offer medi-claim to their employees. The media-claim provided by the employer comes free, with a minimum amount charged compared to the cost you pay for an individual or a private plan. Moreover, in most cases, the group insurance your employer provides also covers employees’ dependents like spouses and children. The only flip side is the timeline; it stays with you until you are employed or until you are part of the company.
It’s been seen that in older age, health disorders increase because of the fragile nature of the body. Timely investment in a policy automatically gives you access to better chances of saving and living a healthy and peaceful life.
Choose lower-cost benefits
Cheaper policies might not be the best ones in the market. Do detailed research and choose a policy with the least premium yet a high sum covered. If your priority is saving money and not paying a very high premium amount, don’t pick any random policy.
Take basic hospitalization cover.
If you can’t invest in specialized health insurance, try to take a basic hospitalization cover that will function as the security blanket for your family against any sudden medical emergency. Since basic covers cost less than a detailed plan, you can save some money on their premiums. If you plan to buy a policy, you can go for HDFC ERGO health insurance, which covers all the important aspects.
Go for a top-up.
If your employer already covers you or has health insurance but is looking for a higher sum insured, you need not take an additional policy. Take a top-up cover, which will help you save money on the cost of the premiums.
It’s better to be safe than sorry. Being pragmatic, research-oriented, and prudent enough can let you save money and help you choose a beneficial policy.