Family Floater Health Insurance
Healthcare is an invaluable asset that safeguards our well-being and offers financial security during medical emergencies. As we prioritize the health of our loved ones, the significance of having a robust health insurance plan cannot be overstated.
In this regard, Family Floater Health Insurance emerges as a comprehensive and cost-effective solution, offering collective coverage for the entire family under a single policy.
What is Family Floater Health Insurance?
Family Floater Health Insurance is a type of health insurance plan that offers coverage for all members of a family under one policy. Instead of individual health insurance policies for each family member, a family floater policy combines the total sum insured, which can be utilized by any member when the need arises.
This plan is an efficient and cost-effective way to protect the health of your entire family with a single premium.
Check out our Simplified Video Explanation:
Understand Family Floater Health Insurance with this Video
Features of Family Floater Health Insurance
Shared Sum Insured - The most striking feature of Family Floater Health Insurance is that it offers a shared sum insured. An umbrella of sum insured that covers all family members under a single policy. The total coverage amount can be utilized by any family member in case of hospitalization or medical treatment.
Hence, depending on the number of family members and their profile, a policyholder can decide their required coverage.
Network Hospitals - Health Insurance provides access to an extensive network of hospitals where policyholders can avail of cashless treatment. The convenience of cashless transactions ensures a smooth and stress-free hospital experience.
Room Rent - Family Floater plans usually cover room rent expenses incurred during hospitalization. The coverage amount for room rent may vary based on the sum insured and the specific plan chosen.
Co-Pay - Some Family Floater Health Insurance plans may come with a co-pay clause, where the insured is required to bear a certain percentage of the medical expenses while the insurer covers the remaining portion.
Medical Examination - Family Floater Health Insurance plans might require a pre-policy medical examination especially when a higher sum insured, higher age members or members with medical history are involved.
Add-Ons - Family Floater plans often come with optional add-ons or riders that policyholders can customize to suit their specific needs. Some popular add-ons include critical illness cover, maternity cover, and accidental disability cover.
How Family Floater Health Insurance Works?
To understand how Family Floater Health Insurance works, let's consider the example of a family:
Family Members
- Mr. Aditya (Age: 35) - Primary Insured
- Ms. Ruchi (Age: 32) - Spouse
- Aryan (Age: 9) - Son
- Riya (Age: 6) - Daughter
They have a Family Floater Policy with Sum Insured of INR 10 lakhs.
One day, Aryan falls ill and requires hospitalization for a medical condition. The total medical expenses incurred during his treatment amount to INR 2 lakhs.
The family has a coverage of INR 10 lakhs. Since Aryan's medical expenses amount to INR 2 lakhs, the insurer covers this expense from the shared sum insured. After Aryan's treatment, the remaining sum insured of INR 8 lakhs is available for the medical needs of other family members, including Mr. Aditya, Ms. Ruchi, Riya and even Aryan again, if requirement be.
The coverage remains flexible and is not limited to specific individuals.
What’s covered in our Health Insurance?
Coverages
Double Wallet Plan
Infinity Wallet Plan
Worldwide Treatment Plan
Important Features
All Hospitalization - due to Accident, Illness, Critical Illness or COVID
This covers for all hospitalization expenses including due to an Illness, Accident, Critical Illness or even pandemics like Covid 19. It can be used to cover for multiple hospitalizations, as long as the total expenses are up to your sum insured.
Initial Waiting Period
You need to wait for a defined period from the first day of your policy to get covered for treatment related to any non-accidental illness. This is the Initial Waiting period.
Wellness Program
Exclusive Wellness Benefits like Home Healthcare, Tele consultations, Yoga and Mindfullness and many more available on our App.
Sum Insured Back Up
We provide a back-up Sum Insured which is 100% of your Sum Insured amount. How does Sum Insured Back Up work? Suppose your policy Sum Insured is Rs. 5 lac. You make a claim of Rs.50,000. Digit automatically triggers the wallet benefit. So you now have 4.5lac + 5 lac Sum Insured available for the year. However, one single claim, cannot be more than the base Sum Insured as in the above case, 5 lac. .
Cumulative Bonus
Digit Special
Digit Special
No claims in the Policy year? You get a bonus -an additional amount in your total sum-insured for staying healthy & claim free!
Room Rent Capping
Different categories of rooms have different rents. Just like how hotel rooms have tarrifs. Digit plans give you the benefit of having no room rent cap, as long as it is below your Sum Insured..
Day Care Procedures
Health insurance covers medical expenses only for hospitalizations exceeding 24 hours. Day care procedures refer to medical treatments undertaken in a hospital, requiring less than 24 hours due to technological advancement such as cataract, dialysis etc.
Worldwide Coverage
Digit Special
Digit Special
Get a world class treatment with the Worldwide Coverage! If your doctor identifies an illness during your health examination in India and you wish to get a treatment abroad, then we’re there for you.You’re covered!
Health Check-up
We pay for your health check-up expenses upto the amount mentioned in your Plan. No restrictions on the kind of tests! Be it ECG or Thyroid Profile. Make sure you go through your policy schedule to check the claim limit.
Emergency Air Ambulance Expenses
There may be emergency life-threatening health conditions which may require immediate transportation to hospital. We absolutely understand this and reimburse for expenses incurred for your transportation to a hospital in airplane or helicopter.
Age/Zone Based Co-payment
Digit Special
Digit Special
Co-Payment means a cost sharing requirement under a Health Insurance Policy that provides that the Policyholder/Insured will bear a specified percentage of the admissible claims amount. It does not reduce the Sum Insured. This percentage depends on various factors like age, or sometimes also on your treatment city called zone based copayment. In our plans, there is no age based or zone based Co payment involved.
Road Ambulance Expenses
Get reimbursed for the expenses of road ambulance, in case you are hospitalized.
Pre/Post Hospitalization
This cover is for all expenses before and after hospitalization such as for diagnosis, tests and recovery.
Other Features
Pre-Existing Disease (PED) Waiting Period
The disease or condition that you are already suffering with and have disclosed to us before taking the policy and has been accepted by us has a waiting period as per plan opted and mentioned in your Policy Schedule.
Specific Illness Waiting Period
This is the amount of time you need to wait for, until you can make a claim for a specific illness. At Digit it is 2 years and starts from the day of policy activation. For the full list of exclusions, read Standard Exclusions (Excl02) of your policy wordings.
Inbuilt Personal Accident Cover
If You sustain an Accidental Bodily Injury during the Policy Period, which is the sole and direct cause of Your Death within twelve (12) months from the date of accident, then We will pay 100% of the Sum Insured as mentioned in Policy Schedule against this cover and as per plan opted.
Organ Donor Expenses
Digit Special
Digit Special
Your organ donor gets covered in your policy. We also take care of the pre and post hospitalization expenses of the donor. Organ donating is one of the kindest deeds ever and we thought to ourselves, why not be a part of it!
Domiciliary Hospitalization
Hospitals can go out of beds, or the patient’s condition may be rough to get admitted in a hospital. Don’t panic! We cover you for the medical expenses even if you get treatment at home.
Bariatric Surgery
Obesity may be the root cause of so many health issues. We absolutely understand this, and cover for Bariatric Surgery when it is medically necessary and advised by your doctor. However, we DONOT cover if hospitalization for this treatment is for cosmetic reasons.
Psychiatric Illness
If due to a trauma, a member has to be hospitalized for a psychiatric treatment, it will be covered under this benefit, upto INR 1,00,000. However, OPD consultations are not covered under this. The waiting period for Psychiatric Illness Cover is same as Specific Illness waiting period.
Consumables Cover
Before, during & after hospitalization, there are many other medical aids & expenditures such as walking aids, crepe bandages, belts, etc.,which need your pocket’s attention.This cover takes care of these expenses that are otherwise excluded from the policy.
What’s not covered?
Pre-natal and post-natal medical expenses, unless it leads to hospitalization.
In case of a pre-existing disease, unless the waiting period is over, the claim for that disease or illness cannot be made.
Any condition you get hospitalized for, that doesn’t match with the doctor’s prescription is not covered.
How to file a Claim?
Reimbursement Claims - Let us know in case of a hospitalization within two days of admission at 1800-258-4242 or email us at healthclaims@godigit.com and we'll send you a link where you can upload your hospital bills and all relevant documents to process the reimbursement.
Cashless Claims - Choose the network hospital. You can find the complete list of network hospitals here. Display e-health card to the hospital helpdesk and ask for the cashless request form. If all is good, your claim will be processed then and there.
If you have claimed for Coronavirus, make sure you have a positive test report from an authorized centre of ICMR – National Institute of Virology, Pune.
Why do You Need a Family Floater Health Insurance?
Protect your Savings
Medical costs are only increasing. A family health insurance will safeguard your savings by helping you pay the medical bills for all insured family members under one plan.
Cost-Effective
Family Floater Health Insurance is usually more cost-effective than purchasing individual health insurance policies for each family member, as it covers the entire family under one premium. In fact, it’s also advised to include your young kids in the plan as early as possible as the premium would be very less and waiting periods would also be completed early.
Convenience
Managing a single policy for the whole family is convenient and reduces the paperwork and administrative burden associated with multiple policies. Also, the shared coverage allows policy members to utilise the available coverage as and when needed, thus optimising the usage.
Curb Lifestyle Diseases
Lifestyle-related diseases are on a rapid rise. Over 61% of major health conditions and deaths in India are caused due to lifestyle diseases today. A family health insurance will ensure you and your family are protected against them right from diagnosis to treatment.
Enhances Overall Wellbeing
With financial protection against any medical emergency up your sleeve, for all your family, you have a sense of satisfaction and mental peace.
Maximize on Tax Savings
Under Section 80D of the Income Tax Act, premiums paid for health insurance policies are eligible for deductions. Individuals can claim deductions on health insurance premiums for themselves, their spouse, children, and parents, up to a specified limit.
Key Benefits of Family Floater Health Insurance by Digit
| Co-payment | No |
|---|---|
| Room Rent Capping | No |
| Cashless Hospitals | 16400+ Network Hospitals across India |
| Wellness Benefits | Available from 10+ Wellness Partners |
| City Based Discount | Up to 10% Discount |
| Worldwide Coverage | Yes* |
| Good Health Discount | Up to 5% Discount |
| Consumables Cover | Available as an Add-on |
*Available only on Worldwide Treatment Plan
Family Floater Health Insurance Plan Vs Individual Family Health Insurance Plan
| Point of Comparison | Individual Health Insurance | Family Floater Health Insurance |
| Definition | An individual health insurance is a type of health insurance plan wherein only one person can be covered in each plan. This means, both the health insurance premium and sum insured is dedicated for one person only and cannot be shared. | A family floater health insurance is a type of health insurance plan wherein you and your family members share one plan. This means both your health insurance premium and sum insured would be shared amongst all members in the plan. |
| Coverage | This plan only offers coverage to the single individual insured in this plan. For example; If you’ve taken a plan of SI Rs 10 Lakhs, you alone will have up to 10 Lakhs to benefit from, for the entire policy period. | This plan offers coverage to all family members insured in the plan. For example; if your plan SI is Rs 10 lakhs, then the entire family will have to share this amount for the policy period. |
| Advantages | The biggest benefit of an individual health insurance plan is that the coverage is a lot more extensive since every individual has their own sum insured, unlike a family floater where the sum insured is shared amongst all insured in the plan. This especially works out well for senior parents. | The biggest benefit of a family floater plan is that the health insurance premium is cost effective, as the premium is a one-time premium for all family members. |
| Disadvantages | The single disadvantage of an Individual Health Insurance is that one will have enough to cover for them in one policy year. Additionally, even if they haven’t claimed during the year, they can benefit from a No Claim Bonus 😊 | One of the main disadvantages of a family floater plan is that, the sum insured may not be enough for all family members. |
| Example | A 30 something working woman chooses to take an Individual Health Insurance plan for herself, and her senior father. She takes an individual plan each of up to SI 5 lakhs. This means, she and her father both will have 5 lakhs each to cover for their health needs throughout the year. | A couple with two kids chooses to go for a family floater health insurance plan; under these all four members will have to share the total sum insured amongst themselves. For instance; if they’ve taken a plan of SI 5 lakhs, then they can only use up to 5 lakhs for all their health claims during the year. |
| Preferred Choice | An individual health insurance is highly recommended for bigger families, or those with senior parents as a family floater may not be sufficient. | A family floater health insurance would work well for a young couple or a small and nuclear families. |
| Tips & Recommendations | If you’re going for an Individual Health Insurance plan, make sure you opt for relevant add-ons for every member too. For example; if you’re taking an individual plan for your parents then the AYUSH add-on would be a recommended add-on to include in your plan. | If you’re going to opt for a family floater plan, then opt for a higher sum insured since you’ll need to make sure that the total sum insured is sufficient for all family members. |
Things to Consider before Buying Family Floater Health Insurance
Family Floater Health Insurance is a valuable investment that provides comprehensive health coverage for your entire family under a single policy. With its cost-effectiveness, convenience, and shared coverage benefits, it ensures financial protection during medical emergencies and gives you peace of mind. By making an informed decision, you can secure the well-being of your loved ones and ensure they receive the best possible healthcare when they need it most.
FAQs about Family Floater Plans
Can I Include Extended Family Members in a Family Floater Plan?
Family Floater Health Insurance typically covers the immediate family, including spouse, children, and parents. Extended family members are usually not eligible for coverage under this policy.
Can I take an Individual Health Insurance for my Family Members?
Yes, you can. You have the option to either go for an Individual Health Insurance plan for each family member or take a Family Floater Plan to cover all members under one single plan.
Can I Include my Parents in my Family Floater Plan?
If your parents are above 60 years old, we have a separate plan designed for them. While you can buy their policy at the same time, the policy issued for them will be different than your family floater plan, i.e., they won’t be sharing the same sum insured as you and the rest of your family members.
Will my Newborn Baby be Covered in my Family Floater Plan?
Newborn babies are only covered if you’ve opted for a Maternity Benefit and have completed the respective waiting period for the same. However, you can also add your child to your existing plan once he/she is born.
Can I Increase the Sum Insured During the Policy Term?
Yes, we offer the flexibility to increase the sum insured at the time of policy renewal or during specific events such as marriage or childbirth.