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Looking for Family Floater Health Insurance? Read this first.

A family floater health insurance protects you from high medical costs that may arise from the hospitalisation of your family members. Family floater plans cover hospital bills for planned medical procedures and emergency medical care for the entire family under a single sum insured. While many factors can affect your family's insurance premium, you need to take your individual family needs into account to get the health insurance that best suits you.

Health care costs are rising every year

With quality healthcare costs going up every day, you need as much health insurance as may be required to cover your medical expenses. While estimating your medical expenses, take into consideration not just reimbursement of hospitalisation charges, but also pre and post hospitalisation expenses, coverage for modern or specialised treatment costs, and even the kind of hospitals in your area.

Fact is, everyone in a family has different medical cover requirements, depending on their age, existing medical conditions, and number of dependents covered. Based on these, there are many health insurance plans and products available from different insurance companies.

Health insurance premiums compensate for ever-rising medical inflation and soaring prices of hospital treatment and procedures. However, before you buy health insurance for your family, you need to know how the size of the family affects the cost of your health insurance.

How Family Floater Insurance Works?
If you take a family floater policy, your sum insured covers all family members at a much lower cost of individual insurances bought for each family member. Having individual health insurance for each family member can be a challenge for your bank.

The size of your family affects your health insurance, and the cost of family insurance increases with each new member. To better understand how family insurance works, see this example:

Take Mr. Gupta. He wants to buy health insurance that covers his wife and 2 children, as well as himself. Being the oldest member of the family, his insurance premium depends mainly on his age and also the number of members in his family. The higher the number of family members covered, the higher the insurance premium. He decides to buy a health insurance cover of Rs. 15 lakhs for his entire family.

Mr. Gupta’s wife has kidney stone surgery during his policy term, and the insurance company pays the bill of Rs. 4 lakhs. In the same policy term, Mr. Gupta suffers a heart attack and has to undergo angioplasty. Since the entire family of Mr. Gupta is entitled to a medical claim of Rs 15 lakh, his hospital bill of Rs. 9 lakh is also paid by the insurance company. The remaining insurance sum insured amount of Rs. 2 lakh now remains on a variable basis to cover the medical costs of his other family members.

Features matter in Family Floaters
Some Family Floater policies provide a restoration or recharge benefit to bring the sum insured back to the original amount insured in a policy period. This is a big advantage when several members of the family need to use the insured amount in the policy year (like in the Covid scenario).

Do you know if your family floater policy offers this and other benefits? If you don’t, you can always check your current health insurance at testmypolicy.com

Here you can compare the benefits of your family floater policy with similar health plans. Also, get to know if you’re paying an optimum premium for your policy. Testmypolicy.com generates a report that tells you if you’re adequately covered, what features and benefits your policy offers or not, what limits does it impose, and if you can get better coverage for a similar premium.

Need a more detailed guide on how to buy family floater health insurance? Download this free e-book written by insurance experts who offer unbiased guidance and advice on choosing a health policy.