Family Floater Health Insurance

The family Health Insurance or Best Family Floater Plan in India means for a plan that covers a family in which Husband+ wife+ children 1/2/3/4 covered for a Single total Sum assured.  This is also low premium as compare to buy policy for a family individually basis.  The premium will decide on the basis of Elder person of the family. If younger ages like before 35 years the premiums are very nominal.  After age 35 to 45 premiums are moderate & 46 to 50 premium of Health Insurance slightly expensive & thereafter ages’ premiums according to age obviously higher side available in the market but vary company to company.

Family Floater Insurance

If you are heading family then you never want to put your family’s cheerfulness at Palisade, you certainly capacity have organized for all resources that would safeguard complete protection for them.

Main 7 queries arise when buying Family Floater Health Insurance Policy

How many family person will cover in single policy?

How Much Insurance is Sufficient?

Which Company is better?

What is coverage of Policy?

What is Exclusion?

Waiting period of specific disease?

Any Sub-limits / 100% Cashless?

Any Query?

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Remark (Optional)

How many family Person will cover in single policy?

This is main question arise when we buying a family floater best health insurance in India that how many person in a family will cover in single policy?  It is important know normally in floater policy Husband, wife, & up to 4 child will cover in single policy.  The dependent Child age will vary company to company like ICICI Lombard Health Insurance offers maximum age of dependent child is 20 years, Religare Health Insurance Company & Apollo Munich Health Insurance Company Ltd offers dependent child age is 24 years, Star Health & Allied General lnsurance Company Ltd offers dependent child age is 25 years & only Bajaj Allianz General Insurance Company offers 35 years of dependent child coverage.  So, dependent child age consideration varies company to company.

Family Health Insurance

How Much Insurance is Sufficient?

Family Health

This is again a major question when we decide & Compare best Mediclaim Policy by way of online searches like best cheap Health Insurance of 3 lakh / 5 lakh / 10lakh without thinking above point no. 1. How many person will cover in this health policy? Will it worthy to buy basic sum assured as per current scenario & also assume that treatment cost of private hospital is manageable according to have basic sum assured. If any critical disease arise any of the family member in future then what happen? If any major Accident happened with any of the family member then? So, I personally advise mostly person that cheaper medical insurance will cost you too higher at the time of claim.  Because in the market, when you compare in several sites may be you find cheapest health insurance in India but when you go in depth of those policy must be having several capping’s which is too harmful & also realize at the time of claim.

My expert opinion regarding choosing a sufficient sum assured for a family Health Plan which is as follows:-

Age Group

20 to 30 years

Family Size          Min Sum Assured      Max. Sum Assured

2 Adult                                05 Lakh                      20 Lakh

2 Adult  + 1 Child              10 Lakh                      20 Lakh

2 Adult + 2 Child               10 Lakh                      20 Lakh

2 Adult + 3 Child               10 Lakh                      25 Lakh

2 Adult + 4 Child               10 Lakh                      30 Lakh

18 to 30 Age Person

31 to 40 years

2 Adult                                10 Lakh                       30 Lakh

2 Adult + 1 Child                15 Lakh                       30 Lakh

2 Adult + 2 Child                15 Lakh                       30 Lakh

2 Adult + 3 Child                20 Lakh                      30 Lakh

2 Adult + 4 Child                20 Lakh                      50 Lakh

31 to 40 Age Person

41 to 50 years

2 Adult                                  20 Lakh                     30 Lakh

2 Adult + 1 Child                 20 Lakh                      30 Lakh

2 Adult + 2 Child                 25 Lakh                      50 Lakh

2 Adult + 3 Child                 25 Lakh                      50 Lakh

2 Adult + 4 Child                 25 Lakh                      50 Lakh

41 to 50 Age Person

51 to 60 years

2 Adult                                 20 Lakh                      30 Lakh

2 Adult + 1 Child                 20 Lakh                     30 Lakh

2 Adult + 2 Child                 25 Lakh                     50 Lakh

2 Adult + 3 Child                 25 Lakh                     50 Lakh

2 Adult + 4 Child                 30 Lakh                     50 Lakh

51 to 60 Age Person

61 to 65 years

2 Adult                                  25 Lakh                    50 Lakh

2 Adult + 1 Child                 25 Lakh                      50 Lakh

2 Adult + 2 Child                 25 Lakh                     50 Lakh

60 to 65 Age Person

66 to above years

2 Adult                                  25 Lakh                     50 Lakh

65 Year Age Person

Which Company is better?

This is also very complicated issue when we are planning to buy a Best Family Health Insurance policy in India that which company is better?  Several options available in the market, mostly person confused which one is better & which company has best feature, best facilities and applicable in my budget also.  So, as an expert, I always advise to the customer mainly two types of the policy is available in the market which is as follows:-

Types of Health Insurance plans for family:-

This options found in generally Govt. companies who provide mediclaim policy for family having several sub-limits in Room Rent / ICU Room / Doctors Fees having co-payment 10% in all claims in these policy premium are very low (cheaper).

Without sub limit

Normally this options available in Private companies those provide best mediclaim policy for family without sub-limit of Room Rent / ICU Room / Doctors fees and No Co-payment, it is 100% cashless treatment in their health policies. Preferable choice should be without sub-limit option is more useful due to best cashless mediclaim policy for family in India. So, obvious the premium of private health insurance companies as compare to government health insurance companies is higher, and several options available in health insurance companies in India.  So, it is depends on customer to customer according to their financial conditions and need.

Family Floater
Family Insurance

What is coverage of Mediclaim Policy?

Must ensure to check the mediclaim policy coverage before you buy the new policy of Medical Insurance like All Critical disease coverage, All types of Accidental coverage, day care treatments, OPD , In-patient treatment, out-patient treatment, Pre hospitalization, post hospitalization, No claim bonus, Restoration genuine, Operation related need waiting period, pre-existing disease waiting period, 100% cashless, No co-payment, Room Rent / ICU Limit / Doctors fees limit/ Ambulance Charges / No Claim Bonus/ in house TPA or outside TPA / Claim Settlement hassle free / at last not least Network hospital should be maximum & your nearby hospitals also available in panel hospital etc.

What is Exclusion?

The exclusion of the Mediclaim insurance policy should be considered first before you buying any best health policy.  Because the exclusion part is more important, some exclusion examples are as follows:-

Chronical disease, Bye Birth disease, Polio

HIV – Aids

Already having any surgery of Bye pass / Stunt / open heart surgery not declares at the time of policy.  Your policy will anytime terminate by company due to non-discloser clause.

Having sugar on Insulin level taking customer

Previous any surgery which is not disclosed

Cosmetic treatments

Dental Treatments

Injuries caused due to suicide attempt

Therapies

Waiting period of specific disease?

Generally in all companies of health insurance, the waiting period of specific disease like Stone, Cataract, Hernia, Rasoli, Piles, Gynee related issues is 2 years.

Any Sub-limits / 100% Cashless?

Must to understand when you buying first time family floater health policy in India that must to go through first broacher of the policy / policy wording in that any sub limits of Room Rent Capping / ICU Room Rent Capping / Doctors fees limit etc., mentioned or not?  And also check any co-payment clause available or not? Must ensure when you buying Health Insurance Policy in which having No sub limits & 100% cashless and should be no co-payment clause.

Age of Entry of elder person: 21 Years to 99 years

Insurance Amount Can Choose: 2 Lakh to 75 Lakh

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