When you compare family floater health insurance plans, you will come across different challenges. From determining the health insurance provider to the specific plan option and calculating the coverage required to finding the affordable premium, every step poses its complexities.
However, choosing the best family floater health insurance plan is crucial to ensure comprehensive financial protection against any unexpected medical expenses for your family.
Before you decide on the best floater health insurance policy, you need to find a reliable insurance provider. Here are some factors to consider when choosing the best health insurance provider:
The claim settlement ratio indicates the number of claims settled by the insurance provider in a financial year in comparison to the claims registered. A higher claim settlement ratio indicates that the insurance provider is steadfast and reliable in settling claims.
Look out for the different types of family floater health insurance plans offered by the insurance provider. A diverse range of products will provide you with the benefit of choosing the family floater health insurance plan that best suits your family’s needs and preferences.
Although cashless claim facilities are available at network and non-network hospitals across India, choosing a network hospital will facilitate claim settlement with simplified processes and paperwork.
While it is easy to find companies with network hospitals in metro cities, the same might be difficult in small cities or non-metro cities. Check your health insurance provider’s list of network hospitals in your city.
Understand the processes for buying and renewing the family floater health insurance plan. Also, check the process required to initiate a claim for both the cashless and reimbursement claim settlements.
Easy and swift online processes ensure a hassle-free experience, saving your time and effort while providing access to the claim benefits.
Customer Reviews
Go through the customer reviews on different social media platforms to understand the experiences and the quality of assistance provided by the insurance provider.
Finding the Best Family Floater Health Insurance Plan
Now that you have narrowed down your choices to the most reliable health insurance providers, it is time to determine the best floater health insurance plan for your family’s needs. Here is how to do it.
Determine Coverage
Before you head towards health insurance family floater comparison, you need to assess your family’s coverage needs. You can consider the following aspects:
Number of members in your family who need to be insured
Age of individual members
Family medical history
Pre-existing medical conditions suffered by any of your family members
Basic cost of medical procedures and hospitalisation
Medical inflation
Now, based on these aspects, your income and medical expenses over the recent years, you can determine the approximate sum insured required. You can seek expert help from your insurance provider to make well-informed decisions.
Compare Coverage Features
Based on your requirements discussed above, you can compare family floater mediclaim policy plans and their coverage features to check if they align with your requirements. Shortlist a few plans that offer the best combination of coverage features. Some of the crucial features that you can consider are:
Range of plan options offered
Insurers offer different plan options within the family floater health insurance plans to cater to varying requirements.
List of Illnesses and Diseases Covered
Compare the family floater health insurance plans for the range of illnesses, diseases and critical illnesses covered to address your family’s specific health concerns and ensure comprehensive protection.
Hospitalisation
Research the coverage benefits offered for hospitalisation, pre-and post-hospitalisation, domiciliary hospitalisation, etc., for the financial coverage and number of days applicable to compare the family floater health insurance benefits.
Sub-Limits and Room Rent Limit
As you compare family floater mediclaim policy, look out for options with no sub-limits and customisable room rent limits to maximise your benefits.
Range of daycare procedures offered
Check the list of daycare services offered under the health insurance policy. Though daycare is covered in most family floater health insurance plans, the list may be different for different policies.
Generally, the waiting period for illnesses is 30 days, two years for specific diseases and three years for pre-existing illnesses.
Waiting Period
Check for family floater plans that have lower waiting periods for illnesses, specific diseases and pre-existing illnesses to ensure you can access the required financial medical coverage without longer delays.
Co-Payment
Co-payment refers to a condition wherein you must bear a certain portion of medical expenses during a claim. Review the co-payment clause in family floater health insurance plans and compare it across different options and reduce your out-of-pocket expenses.
Examine Flexibility
Check for family floater health insurance plans that allow you to personalise the policy features according to your needs. This can include options such as adjusting the sum insured (Restore Benefit), customising coverage limits, such as room rent limits and choosing add-on covers.
Add-on Covers
Add-on covers enhance the coverage benefits of a family floater health insurance plan. Compare the add-on options offered by different products you have shortlisted to maximise your coverage.
Some of the common add-on covers offered are reduction in the waiting period, consumable cover, companion cover, home care treatment cover, child care cover and reinstatement of the sum insured.
Discover Additional Benefits and Discounts Available
Often, two different health insurance policies offer the same sum insured. In such a case, look for additional or unique benefits, if any, mentioned in the two policies. For instance, some family floater health insurance plans may offer risk coverage for specified critical illnesses, ambulance service and pre-existing diseases.
Health insurance providers offer a wide variety of discounts, such as those for online purchases, maintaining a healthy lifestyle, and opting for a long-term policy. Compare and take advantage of these discounts to make your family floater health insurance plan more affordable.
Understand the Exclusions
Health insurance providers detail the policy terms, inclusions and exclusions in their policy documents. You can compare family floater health insurance plans for their exclusions before finalising on the policy for you and your family.
Determine Premium Rate
The next and most important step is the family floater health insurance premium comparison. Determine the premiums of the shortlisted products to ensure they fit within your budget, provide the best value for money and ensure adequate coverage.
If, during a policy tenure, you file a claim, some health insurance companies would charge you extra or additional premiums at the time of renewal. Try to look for a health insurance provider who would not charge you a premium even if you file a claim.
Based on the comparison you have made, choose the best family floater health insurance plan that will provide adequate coverage at an affordable cost.
Making Family Floater Health Insurance Plans Affordable
Now that you have trickled down from choosing a reliable health insurance provider to the best family floater health insurance plan, it is time to make it more affordable than ever.
Generally, family floater health insurance plans are cost-efficient for ensuring comprehensive financial protection for your family. However, you can make use of the add-on covers, additional benefits, and discounts to reduce your premium further.
In addition, choose a health insurance plan that meets your current needs and can be reinstated when the sum insured is exhausted.
Furthermore, incorporate health insurance premiums into your annual financial plan with a designated budget to make it easier for you to afford and manage your coverage needs.
Reliance General Insurance offers family floater health insurance plan options in its
Health Gain Insurance Policy with varied customisable features and add-on covers such as Family Care Covers for Home Care Treatment, Companion Cover and Child Care Cover at competitive rates.
You can use our health insurance premium calculator to determine the applicable premium for your chosen plan, customised to fit your specific needs.
Wrapping Up
Family floater health insurance policy comparison involves considering multiple factors to choose the best and most comprehensive coverage for your family. From examining the insurer’s reliability to understanding the coverage features and benefits, every step is crucial in ensuring adequate coverage at an affordable premium.
Reliance General Insurance offers a diverse range of health insurance plans with extensive coverage options and flexible features at competitive rates. You can compare health insurance plans to determine the best product that ideally suits you or your family’s healthcare needs and financial situation.
Remember to review and update your health insurance policy regularly to adapt to changing healthcare needs over time.
Frequently Asked Questions
Which is better, family floater or individual health insurance plans?
Choosing between a family floater and individual health insurance plans depends on you and your family’s healthcare needs. A family floater health insurance plan is a convenient and cost-effective option for families seeking comprehensive coverage for individual members of a family.
On the other hand, an individual health insurance plan offers more personalised and extensive coverage for specific health concerns. You can determine the right choice by analysing your family’s medical history, the age of individual members, expected medical expenses and budget.
Do I need to pay separate premiums for each family member under a family floater health insurance plan?
No, with a family floater health insurance policy, you are only required to pay a single premium that covers all your family members under one single policy.
Are pre-existing illnesses covered in family floater health insurance plans?
Pre-existing illnesses are generally covered in family floater health insurance. However, it is subject to the specific policy’s terms and conditions.
