Family Floater Health Insurance

Access Higher Coverage at an Affordable Cost

For young earners in a family, affordability is a constraint. A floater lets you enter higher sum insured brackets early at a manageable premium at just 14K to 15K for 5 Lakh, depending on certain factors, which is very difficult to achieve with multiple individual policies (1).

Start with a Base Cover and Expand as Your Needs Grow

A family floater works as a basic starting plan for your whole family with good coverage at lower cost. As your needs increase over time, you can add separate individual plans or super top-up plan. This way, you don’t have to spend too much money right from the start.

Maximum Utilisation of a Shared Sum Insured

The total sum insured in health insurance can be fully accessed by any one member or shared among multiple members, ensuring flexible usage based on actual medical needs and multiple claims in a year.

Manage Rising Healthcare Costs

Medical care expenses are rapidly increasing in India, and a medical emergency can cost you ₹50K to ₹20 Lakhs (2). With family health insurance coverage, you can easily handle the growing expenses and ensure no family member is left uninsured.

Increase in Prevalence of Lifestyle Diseases

Unhealthy habits and a sedentary lifestyle have increased the prevalence of lifestyle diseases such as Diabetes, Obesity, CVDs, etc., which can be financially draining. Early purchase of a family health insurance plan can help protect your savings while you treat such conditions.

Simplified Policy Management

Managing a single policy with one renewal date, one premium payment, and consolidated documentation reduces administrative effort and oversight.

Choose Family Floater if

• You are a young family with low medical risk

• You want affordable coverage for multiple members

• You are starting health insurance planning

Choose Individual Health Insurance if

• You have senior parents (60+), get senior citizen health insurance plan for each individual

• Any member has frequent medical needs and pre-existing diseases

• You want dedicated coverage for each person for future

Pre-Natal & Post-Natal Expenses

Pre-natal and post-natal medical expenses are not covered, unless they lead to hospitalisation.

PED Before Waiting Period

In case of a pre-existing disease, unless the waiting period is over, the claim for that disease or illness cannot be made.

Hospitalisation without Doctor’s Recommendation

Any condition you get hospitalised for that doesn’t match the doctor’s prescription is not covered.

Family Profile

Assess your family's health profile before selecting a family floater mediclaim policy. Consider each family member's age, medical history, and specific healthcare needs. This will help determine the appropriate coverage for your family's medical expenses.

Coverage & Sum Insured

Review the coverage offered by different family floater plans. Ensure the policy provides comprehensive coverage and adequate sum insured to at least one major claim and one additional claim in the same year.

Network Hospitals

Check the list of network hospitals associated with the insurance provider. Ensure that there is a wide network of hospitals in your city or region, as this allows for cashless treatment and easy access to quality healthcare services during emergencies.

Waiting Period

Understand the waiting period associated with the policy. Some family floater plans may have waiting periods for specific illnesses or pre-existing conditions before coverage becomes active. Be aware of these waiting periods to plan your health expenses accordingly.

Restoration Benefit

Since the sum insured can get exhausted due to multiple claims in family floater, check if you can get restoration benefit in health insurance. This helps restore the coverage once it is used, making it especially valuable for shared policies.

Co-Pay and Sub-limits

Familiarise yourself with any co-pay or sub-limit clauses in the policy. Co-pay requires you to bear a certain percentage of the medical expenses, while sub-limits impose a cap on specific medical expenses. These can increase your out-of-pocket expenses, especially if multiple members make claims in a single year.

Exclusions

Thoroughly review the list of health insurance exclusions mentioned in the policy document. Familiarise yourself with the medical conditions, treatments, or circumstances not covered by the plan to avoid any surprises during claims.

Premium Structure vs Coverage Efficiency

While family floaters are affordable, remember that premium is based on the eldest member’s age, while coverage remains shared. Ensure you’re not underinsuring the family just to keep the premium low.

Add-ons and Benefits

Add-ons known as riders are available for purchase over the basic health insurance plan. They can provide financial protection against particular diseases and health issues. Examine a plan list of available riders and their respective prices.