A health insurance is one of the preferred options to secure your family during medical emergencies. Some people buy a separate one for each family member, which is perfectly fine. Now, you can simply buy one single policy for the entire family. Hence, buying a family-floater plan is the best option. Coverage is offered for all members under one single premium.

The family floater health plan is a type of insurance policy that will provide guaranteed coverage to more than one member of a family at the same time. It is very convenient as one policy covers everyone included in the plan. You only need to pay one single premium and both parents as well as children can be covered together. Therefore you must know how to choose the best health insurance plans for family.

Here are the top five things you must consider before buying family floater health insurance:

1. Consider family members

Family floater insurance will include all your loved ones. Certain plans allow only family members to avail policy benefits. Although, some of them can accommodate up to a certain number of family members as stated by the insurance provider. Before making a final selection, consider the number of dependants, their age, and so on. Next, pick a plan that suits your and your family’s needs.

2. Consider the members’ health

After you have finalized on the number of dependants you want to cover in a health plan, consider their health condition. It helps in calculating possible medical expenditures. In addition, it help evaluate the charges for ailments and diseases that are pre-existing.

3. Decide the Sum assured

You must choose the right sum insured, whether you purchase health insurance for yourself or your entire family. It’s about the amount against which your medical bills are paid. Always keep your family’s present and future health situation in mind while selecting a number. See to it that you can afford the premium amount to continue the policy in the long run.

4. Opt for network hospitals

When it is about your family, choose a hospital that is the vicinity and caters to the needs of all family members. You must also examine the health insurance company’s network hospitals. Opting for network hospitals guarantees cashless treatments. You can pick these hospitals and avail cashless treatments with ease.

5. Check for claim-settlement ratios

The number of claims passed by the insurance company in a certain period of time is known as the Claim Settlement Ratio. Before you select an insurance plan, the settlement ratio is also an important factor to consider. Securing your family’s health is very important, for doing so you need a health insurance policy which provides you with the monetary help that you require during emergencies or otherwise.

Always make it a point to peruse the policy documents, as this will help you while filing an insurance claim.

  • What all is covered under the family-floater insurance policy?
  1. Nursing expenses that are incurred during in-patient hospitalization
  2. Pre as well as post-hospitalization medical expenses
  3. Ambulance charges
  4. Room, boarding expenses as provided by the hospital
  5. Anaesthesia, oxygen, blood, and operation theatre charges, X-ray, dialysis, radiotherapy, chemotherapy, diagnostic materials, medicines and drugs, cost of a pacemaker, cost or organs, artificial limbs, donor’s medical expenses towards organ transplant, etc.
  6. Reimbursement of expenses up to a certain maximum limit as predefined by your insurance provider