Family Floater Health Insurance Plan India

Family floater policies are offered by a number of health insurance companies in India. If a number of family members are ill then the assured amount is distributed among them and multiple claims are entertained. It is cost-effective as it saves the money of opting for a plan for every individual. A family floater health insurance plan means that several family members are covered by paying a single premium yearly for an assured amount.

Salient Characteristics:
  • The assured amount covers several family members in times of needs. The policyholder can choose a lower or higher sum plan with respect to healthcare risk appetite, location and get the respective premium.
  • The covered family members can get hospitalized cashless. They first need to intimate the insurer within twenty four hours of getting hospitalized. For emergency hospitalisation and admission in hospitals which are non-networking and accident cases, treatment is allowed first followed by reimbursement.
  • It even covers a certain amount of the room rent, daily while being hospitalized.
  • Certain family floaters are based on co-pay. Accordingly, the insurers give a percentage of the incurred cost. Since the insured shares are a part of cost of hospitalization, they have lower premium.
  • In case of higher amount, high age or having medical history, medical examinations are done by most of companies. Online policies sans exceptions are offered by the insurers. However, no medical examinations are needed in case of declaration of good health. Further information can be obtained on

‘Family Floater Insurance providing top insurers:

Insurance Company

Name of the plan

Characteristics

Oriental General Insurance

Happy Family Floater

  • It is for the entire family and covers self, spouse, parents, children, parents-in-laws.
  • They are of two types Gold and Silver
  • Daily hospitalization cash benefits are offered in Gold and have a limit of 0.1% on assured amount or ten days maximum

.

  • Under gold scheme attendant allowance is provided for children under ten years of age. 500 INR is paid for ten days max.
  • For ambulance service

. Under silver-1000 INR/ 1% of assured amount

Under gold- 2000 INR/1% of assured amount

Max Bupa

Heartbeat Family First (Gold)

  • The medical treatment cost is offered if any insured individual is admitted.
  • It covers both pre and post hospitalization charges. Pre is covered 30 days before being admitted and post is covered 60 days after discharge.
  • Maternity benefits are applicable for this plan and the new born will be insured as a family member without the payment of extra premium.
  • The plan covers new born’s vacation expenses.
  • . It insures all the family members irrespective of their age.
  • Cashless facility will be provided within 4 hours at any of the network hospitals.
  • With 4 hours, cashless facility can be availed at any hospital branch.

ICICI Lombard

Complete Health Insurance

  • Medical examinations need not to be done by the insurer if they are below 46 years of age, there being no maximum entry age.
  • It covers all the family member, however one proposer should be above 18 years of age when policy purchasing.
  • In patient hospitalization cost for twenty four hours along with medicine, drug cost, surgeon fees, room charges are covered under this scheme
  • It covers both pre and post hospitalization charges. Pre is covered 30 days before being admitted and post is covered 60 days after discharge.
  • Cashless facility is available in over 4000 partner hospitals.
  • Over 4000 partner hospitals offer cashless facilities.

Apollo Munich

Optima Restore

  • It covers both pre and post hospitalization charges. Pre is covered 60 days before being admitted and post is covered 180 days after discharge.
  • More than 24 hours of in-patient care is provided which covers day care medical expenses for less than 24 hrs.
  • Donor’s organ transplant treatment is also covered.
  • Emergency ambulance charges up to 2000 INR is offered
  • On choosing shared accommodation, a huge sum is given to network hospitals

Bajaj Allianz

Family Health Guard

  • It covers both pre and post hospitalization charges. Pre is covered 60 days before being admitted and post is covered 90 days after discharge.
  • The entire admittance cost will be paid including rates of rooms, medical products and procedures, etc.
  • Ambulance charges at time of emergencies are covered up to thousand rupees.
  • A continuous medical check-up for the entire family is provided for four years
Family Floater Health Insurance:
  • It is an insurance policy covering several family members under a single premium. According to it, most of the family members will be given health cover at effective rates.
  • More than half of the health insurance companies provide health cover only to the primary insured i.e. the spouse and children. However, some insurers provide coverage, under the same policy, for siblings, parents and other relatives
  • Certain companies curb the hospitalization limit strictly on the assured amount which is reached in a year. However, the others provide automatic restore or top-up facility on the assured amount being reached.
  • No claim discounts can be availed only up to a certain sum from certain insurers. The premium reduction of the next year will be the same, as per the policy, in case no one claims family floater policy.
Tax benefits

The paid premiums are benefitted from tax deductions as stated under Income Tax Act’s section 80D. Sum up to fifteen thousand can be deducted on the health insurance premium for children, spouse and self. An added exemption of twenty thousand is given if senior citizens are covered. If anyone availing this plan covers his family members who are senior citizens, thirty five thousand rupees can be saved in taxes.

Assured amount which can be restored

If you are worried about the scenario where upon the admittance of a family member, the entire assured amount gets exhausted, then you should know that certain insurers feature automatic top-up/recharge of the assured amount by 100%.  It also covers recurring hospitalization in the current year.

Exclusion of the plan:
  • Cover is not provided up to a certain exclusion period  for diseases which pre-exist
  • Admission of senior citizens beyond 60 may be a problem and may increase the premium substantially, as their risk is perceived to be higher. Senior citizens covered before they attain 60 years of age can enjoy constant coverage when if policy is renewed regularly.
  • Senior citizens above the age of 60 may face problems in admissions, which might result in increase in the premium as with them the risk is higher. However this doesn’t apply to senior citizens who were covered by this plan before reaching 60 years of age. They simply need to renew the policy regularly.
  • Usually the policies do not cover childbirths. However certain insures provide coverage for the child birth and the new-born as well.
    • Treatments due to attempted suicides, nuclear attacks etc. are usually not covered under these plans
    • Experimental treatment mainly for HIV/AIDS or congenital disease and other non-medical expenses are not covered by most insurers.
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