Family Floater Health Insurance Plans: An Effective Way toSecure Family


Family Floater Health Insurance Plans: An Effective Way toSecure Family

In a country like India, our kinds always come first in the matter of safety. We always look for practices to safeguard our parents, spouse, siblings and kids, not only occasionally but ensure that their present and future, both, are problems-proof especially when it comes to the matter of health. While insurance is considered as a first rule to protect them but if seen practically, it becomes a bit challenging to bear the cost of each member's health insurance plan as paying separately would add to an extra burden on the shoulders of the payee. But does this mean only old age people or the bread-earner of the family should have the health policy? Absolutely NO!

Health insurance is a must for each member of the family regardless of their age because the medical emergency can strike anyone and in any form. Thus it requires every member of the family to fall under the protective care of the health insurance. And it can be done economically with the help of family floater plans.

Family floater plans are those policies that cover a complete family under one premium policy under fixed sum insured. This nature of the health care plan provides coverage for two or more members at the same time, in case of any type of medical emergency. In this health insurance plan, a person can insure spouse, kids, parents on a floater sum insured basis that allows family members to claim up to the full sum insured amount.

Family floater health insurance plans are quite suitable for Indian families which happen to be large in nature including grandparents and kids. Moreover, there are a few special plans which allow the coverage for siblings, parents-in-law and other extended families. 

It is quite essential to select an ideal policy for the family which suffices the need for each member of the family, below are the points which must be kept in consideration at the time of selecting a plan-

Adequate Sum Insured- In a scenario where multiple family members are included, it becomes highly essential to be cautious about the sum insured amount which should be sufficient enough to meet the requirements of all members during an emergency. Alongside, the sum insured should also be decided based on medical inflation and escalating medical cost in the future.

Well, this is true that increased sum insured reflects on the higher premium and affordability might become a challenge. But in this case, a top-up plan or super-top plans come handy to fulfill the excessive need of the insurance.

Comprehensive Coverage Benefits- The way sum insured is essential to meet the requirement of all family members, likewise, the facilities offered by the insurance policy must be suitable with the requirement of everyone's health. The right policy is the one that takes care of each family member and upcoming health needs such as OPD, Critical illness, maternity, accidental, etc.

Keep a check on sub-limits- Being attracted to the features is not enough. It is always advised to thoroughly read and analyze the sub-limits and exclusions mentioned in any policy as it puts restrictions on the complete benefits. For instance, there can be a limit on room rent, any specific kind of illness, or OPD charges, or be it any in form. Therefore the policy should allow you to leverage the benefits necessary for the requirements.

Waiting period for pre-existing diseases- In case an elder family member is a part of the policy, it is of utmost importance to check the waiting period for the pre-existing diseases. The waiting period may range from a year to more than two years which can be too much in case there is a critical illness to the elder family member and may require hospitalisation for the same.

Now there are enough companies offering family floater plans but Max Bupa Health Insurance company is one such company that has offers multiple plans designed for families. These plans help in family protection through various diseases and with different protection coverage’s and some innovative solutions.

Interestingly, there are 10 family floater plans designed by the company which is giving benefits like no other, such as benefits for extended/joint families, parents and kids, plans for accident and critical illness, with maternity facility, death and disability coverage, ayurvedic coverage and many more.

While these plans may be one reason to choose Max Bupa Health Insurance as an insurance service provider, the company's response towards the customers and market reputation is also quite excellent in the insurance industry. The company has more than 5000 networked hospitals offering cashless facilities and other reimbursement options, 99.1% claim settlement ratio support in three months, and 1.64 ratio of solvency ratio which makes Max Bupa an ideal company to partner with.