Important Tips To Buy the Best Family Floater Health Insurance
Family floater health insurance is the preferred choice of many health insurance policy buyers. True to its name, the family floater policy acts as an umbrella of coverage for the entire family. Of extreme benefit in supporting families at the time of unexpected medical emergencies, family floater health insurance policies are an ideal health insurance choice to make. Why? It is because they do not require a policyholder to buy individual policies for every family member and pay policy premiums in a similar way. Extremely affordable and flexible, family floater health insurance is highly advantageous as it allows you to add parents & parents-in-law, continuous cover, quick addition of family members in the plan, and tax benefits under Section 80D of the Income Tax Act.
Needless to say, family floater health insurance is a worthy selection to go with. However, it is also important for a health insurance policy buyer to purchase the best family floater health insurance policy as per their needs. Do not forget, that making a wrong choice can result in disappointments at the last minute. That said, let us highlight some of the tips one can use while selecting one of the best family floater plans.
Tips To Choose the Best Family Floater Health Insurance Plans
Want to buy the best health insurance policy for your family to secure yourself as well as your loved ones, make sure you keep the below-mentioned tips in mind while making your selection:
Tip 1: Check the Policy for Inclusions
Your policy inclusions will be what all your family floater health insurance covers. Make sure you do not forget to check the policy for all covered benefits in a detailed manner. Since many health insurance companies provide many family floater plans, it is possible that while one may cover a specific feature, the other may not. Some of the common family floater policy inclusions are the type of treatments, pre-and post-hospitalization, in-patient treatment, cost of hospitalization, daycare procedures, and more.
Tip 2: Do Not Miss Confirming the Room Rent Limit
Quite often policy buyers forget to check the room rent limit and go with the wrong room at the time of hospitalization. This leads to incomplete claim settlement, thereby leaving the policyholder to pay a certain amount from their own pocket. If you do not want to spend your savings at the time of a medical emergency situation, make sure you check the room rent limit in advance and choose the right one. Being aware of the same will help you make the right choice at the time of selecting the room.
Tip 3: Focus on the Waiting Period
Health insurance plans cover pre-existing diseases only after a specific waiting period. In general, plans have a waiting period of 30 days before the insured can file a claim. However, the waiting period may vary. Therefore, it is important to be aware of the waiting period so that you know how much time you would be eligible to file the claim. Also, it would be better for you to check the same beforehand so that if you are looking for a low waiting period plan, you are safe from a plan with a longer waiting period.
Tip 4: Take Note of Exclusions
When buying a family floater health insurance plan, make sure you are aware of the exclusions as well. Don’t forget, exclusions are as important as inclusions. Check the exclusions while keeping each family member in mind. While one exclusion may not affect a family member, it may affect the other.
Tip 5: Don’t Skip CSR
Make it a point to check the CSR or Claim Settlement Ratio of the health insurance company you might be interested in purchasing a policy from. Knowledge of CSR is highly important so that you know whether or not your claims are approved and settled without any hassle. Nonetheless, note that claims should be genuine and as per the policy wordings in the first place.
Conclusion
Buying health insurance for a family is not that difficult. All you need to do is make yourself aware of all your specific needs and match them with the plans considering. Family floater plans are highly recommended as they match the needs of a family to the tee. So, if you are ready for your big purchase, make sure you follow the tips provided. Also, do not forget to focus on elements like co-payment, network hospitals, sub-limits, no-claim bonus, reinstatement, renewability, and others.
Lastly, make sure you are transparent when buying a health plan and disclose all the correct and complete details of your family.
Disclaimer: This article is issued in the general public interest and is meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
