Go For Individual Health Covers Than Family Floaters
The floater’s sales for companies like ICICI Lombard had also doubled this year when compared to last year. But as the say “The grass on the other side is greener” even the family floater policy has its own limitations. However, the true use of these floaters will be only known one of the family members has an adverse health history. For example, if a family member is suffering from cardiac problem, the likelihood of claims being made is quite high and so is the possibility of a higher claim amount. Consequently, other family members would be left with little or no cover for the rest of the year.
"If one person exhausts the limit, everyone else in the policy is exposed," points out Antony Jacob, CEO of Apollo Munich. "Where the risk profile of one of the members is high, a separate cover is advisable for him or her. Or, you can also look at a floater of more than 6-8 lakh. A cost-benefit analysis will have to be done by each family to arrive at the right combination."Thus it is always better to check before you go for any family floater policy as it might be better as a family health cover policy but when it comes to serious illness of a family member then it might not be enough.
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