The coverage given by health insurance is essential not just for oneself but also for one’s family. As the COVID 19 pandemic has shown us, illness can affect anyone without warning. And, a single hospitalisation can lead to bills that can wipe out your savings. Having the backing of health insurance means that you do not have to worry about the costs of treatment and simply focus on getting the best care.
A family floater health insurance plan covers your family members under the umbrella of a single policy. It provides you with the convenience of maintaining coverage with a single premium paid for one policy that protects all members of a household. Given the obvious importance of a family floater health insurance plan, it is crucial that you select your coverage carefully. In this article, we have listed out 4 tips that will help you choose the right family floater health insurance plan.
- Examine the waiting periods
Like individual health insurance, family floater plans too come with their waiting periods. There is usually a waiting period before the first claim can be made on the policy and another waiting period for pre-existing diseases. The waiting period for pre-existing diseases can range anywhere between 2 to 4 years. Make sure to choose a health insurance plan with the lowest waiting period especially if you have senior members of the family covered.
- Look for comprehensive coverage
With so many family floater health insurance plans out there, choosing just one out of the many can be a tough task indeed. One way by which you can choose the best plan is by looking for an insurer who gives you maximum coverage. A good family floater health insurance plan should cover you for pre- and post-hospitalisation expenses, ambulance charges, critical illness, vaccinations, day care procedures, and AYUSH too.
- Check affordability
While looking for a family health insurance policy, make sure to also compare premium rates. You would not want to buy a family floater plan that would fall more expensive than the combined cost of individual policies for each family member. Make sure that the price you are paying is well within your budget and the best rate that you can get for the chosen sum insured.
- Inspect the network hospitals
When buying a family floater health insurance plan, you are most likely going to include your senior parents in the coverage. You would want to choose an insurance provider who has network hospitals that are located close to home. Else, it would be really difficult to get your parents to travel far for treatment. Before choosing your coverage, make sure that there are at least a few network hospitals offering cashless treatment close to home.
Keeping these tips in mind, you should be able to select the perfect family floater health insurance plan for your household. We hope that this article has proved helpful for you. Good luck!