Family floater health insurance covers all members of your family under a single plan for a single premium. Family floater insurance can be customized to meet the specific needs of each member of your family. It covers expenses associated with hospitalization, both before and after, acute illnesses, and medical check-ups, among other things. However, before purchasing a health insurance policy, it is prudent to educate yourself about family floaters and their purpose.
What are the advantages of a family health insurance policy?
Coverage for The Entire Family
Family floater health insurance policies cover all family members under a single policy. You may insure yourself, your spouse, dependent children, parents, and in-laws. Indeed, some plans offer you to cover your extended family as well.
A family floater health insurance policy has a much lower premium than combined individual medical insurance policies for each family member. As a result, the plan provides good coverage while being easy on your wallet.
Each Covered Member Receives Comprehensive Coverage
The sum protected under the family floater policy can be used completely by any member who becomes ill. Hence, every family member has total access to the sum insured and, if the sum insured is selected adequately, can achieve a high level of coverage.
Numerous Plans Including Maternity Coverage
Family health insurance plans with maternity coverage are a fantastic alternative for a young couple wanting to start a family shortly. These policies cover pregnancy-related expenses.
Family floater health insurance plans offer a range of coverage options, and you can compare and select the plan that offers the most comprehensive coverage.
Host of Flexibilities
Family floater plans make it easy to add new family members. When your family grows, you can easily add coverage for the child. All you need to do is submit a request to the insurance provider, pay an additional premium, and the child would be covered under the policy.
Finally, and maybe most importantly, family floater health insurance plans provide tax benefits.
Choosing The Best Family Floater Health Insurance Plan
Ensure that You Have Adequate Coverage
Choose a health plan that protects you against a wide variety of medical problems and includes advantages such as pre-and post-hospitalization, day-care expenditures, transportation, and illnesses that you may be at risk of due to your family’s medical history, among others.
Maintain an Economical Price Point
While it is critical to get a health plan that fulfills your needs, it is essential to fit your budget. Budget is an indispensable consideration when purchasing health insurance. However, you should prioritize the plan’s benefits over its cost.
Opt for Family Health Plans
Individual plans are beneficial for those who do not have dependents. On the other hand, if you are purchasing health insurance for your family, consider a family floater health insurance plan to receive maximum benefits at a more affordable price.
Select a Plan that Offers Lifetime Renewability
When purchasing a health plan, be sure to verify the duration of coverage and whether the plan offers limited renewability. Why? Because you will be most in need of a health plan in the later years of your life. Therefore, consider health insurance that is renewable in perpetuity.
Conduct a Comparison
You may compare health insurance coverage online to verify that the plan you purchase meets your specific needs. Collect and evaluate the most acceptable quotes to arrive at a decision.
Wide Hospital Network
Check to see if your favorite and closest hospitals and providers are included in the network. Always choose an insurance company with a wide network of hospitals.
High Claim Settlement Ratio
The claim settlement ratio is computed by dividing the total number of claims received by the insurance carrier by the number of claims settled. Select an insurer with a high claim settlement ratio at all times.
Pre-existing illnesses are health issues that an individual may have before purchasing health insurance. Diabetes, hypertension, and excessive cholesterol are just a few examples. While family floater health insurance policies in India cover pre-existing conditions, there is a waiting period following the acquisition of the policy during which you will be unable to make a claim. Before choosing a plan, be sure to verify the length of the waiting period and if the plan covers pre-existing conditions for all family members.
Riders and Benefits
Riders are optional coverages that can be purchased in addition to the primary health insurance plan. They supplement your coverage and may provide you with additional financial aid for certain illnesses and health risks. Examine the list of add-on benefits included in a plan and the associated costs for each rider to buy the plan. Ensure that the plan meets your specific needs and provides the required degree of security.
Inclusions and Exclusions
Family floater health insurance policies may include or exclude a variety of benefits. For example, some plans may exclude coverage for dental operations or aesthetic procedures. It’s beneficial to select a plan covering a broad range of ailments and providing numerous service options.
You can explore some interesting health insurance options at Vital, a next-generation platform offering personalized, comprehensive, and pocket-friendly health plans designed specifically for your member’s individual needs.
Procedure for Filing a Claim
Your insurance provider may follow either a reimbursement or a cashless claim. However, how do you approach these processes if you are unfamiliar with their mechanisms? Continue reading to comprehend the claims’ intricacies.
Making a Cashless Claim
As the name implies, cashless eliminates the tedium associated with extensive cash handling. The hospital accepts your treatment request and processes your claims only based on these proofs. However, the ailment for which you have been admitted requires that your insurance policy covers that disease. After being discharged, the hospital is responsible for forwarding all bills to your insurance carrier.
As soon as the insurer receives these bills, they are thoroughly investigated by the appropriate departments to determine the nature of the spending and settle the payment so that all outstanding balances are satisfied. This is referred to as cashless settlement.
Reimbursement Process for Claims
This one is slightly more complicated for the insured, as the process requires them to seek reimbursement from the service provider after being discharged.
It means that you pay your bills first and then seek reimbursement to receive the whole amount. It is not necessary that the hospital where you are seeking treatment needs to be a network hospital. Enter any hospital that can treat your disease and keep your payment receipts secure. However, you cannot use the cashless claim process in this instance.
To your insurance company, provide all original bills from the treatment. Without the original bills, no insurance company will defend or accept your claim. Before they are cleared, the bills are analyzed and verified. Frequently, third-party authorizing suppliers are retained to ensure that no fraudulent claims are submitted.
After the claim is investigated and determined to be legitimate, it is processed, and the insured’s bank account is credited with the money.
We hope this article has helped you gain a better insight into how health insurance and family floaters work. To know more in this regard or to opt for one, choose Vital health plans.