Health insurance has become the need of the hour. Once a luxury, now is more than a necessity. The COVID-19 pandemic in 2020 made the world realise the importance of a safety net for health. Along with it, it also reinforced the belief that health is the only wealth, and nothing is valuable than your health. Hence it is important to take utmost care of your health. While you continually try to maintain your health, unexpected medical emergencies might arise and that’s where a health insurance policy comes to the rescue.
Health insurance, synonymously known as a mediclaim cover, offers financial coverage against medical exigencies. While seeking the treatment is the need of the hours, with a health insurance plan, you have one less thing to worry about, that is the finances.
Health insurance is not just important for you, but also your loved ones. While not all of them may be the breadwinners, but the importance of a health coverage cannot be ignored. Hence, among the myriad policies that can be bought, a family floater health insurance is a smart choice when it comes safeguarding the entire family at one.
A family floater policy provides the coverage of individual health covers in one blanket policy—all of it to more than more beneficiary. Thus, you need not avail individual plans for the different family members. Here are some handy tips to keep in mind when you are buying a family floater policy:
*Opt for the right coverage
Selecting a policy that offers adequate insurance coverage is essential in securing the health of your family. Some common features to look for in such a plan is the pre and post hospitalisation cover, ambulance charges, maternity coverage, cashless treatment facility, daily hospital cash benefit, coverage for day-care treatment and more. With these policy features, you can ensure a 360-degree coverage for the different ailments against which you are seeking protection. Do not forget to keep in mind the health requirements of each family member and only then pick out a plan.
*Flexibility in adding new members
While a family plan is designed to cover all the members of your family, it is essential you buy a policy that allows you to add infants too. If you are someone who is planning on stating a family soon, maternity cover along with coverage for new-borns is essential. Some plans cover new-born babies right from 90 days thereby ensuring any health concerns in early days are covered from the start.
*Waiting period clause
Do not forget to keep an eye on the waiting period specified in your policy. Waiting period is that duration during which the insurance coverage does not cover any treatment cost. This is generally for pre-existing ailments and is necessary to avail a plan with shorter waiting period duration.
*Option for lifetime renewability
The most common mistake in buying a family floater policy that most buyers make is not checking till how long such plan can be renewed. The premium and the age limits of a family floater policy are decided by the criteria of the eldest beneficiary. Hence, the plan cannot be renewed in case it reaches the upper age limit band. With a plan that has lifetime renewability option, you can ensure continued renewal till it provides benefits for all its beneficiaries. *
* Standard T&C Apply
These are some handy tips that can be used when shortlist a family floater policy. Apart from the above-mentioned benefits, a family floater plan provides tax benefits under section 80D for medical expenditure made towards insurance premiums. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.