Family Floater Health Insurance

What is Covered Under Family Floater Health Insurance Plans? 

Family floater health insurance plans provides coverage to the family of the primary beneficiary which include: 

1. Self 
2. Spouse 

1. Parents 
2. Dependent children 
3. Dependent sibling 

What is Not Covered in Family Floater Health Insurance Plans? 

Though family floater health insurance plans offer myriads of benefits, there are some exclusions as well. Let us have a look at the exclusions under this policy: 

1. Fertility treatments 
2. Sexually transmitted diseases 
3. Expenses related to gender change surgery 
4. Expenses needed for conducting routine medical check ups 
5. Expenses arising from artificial life support 

1. Aesthetic treatment and plastic surgery related expenses 
2. OPD treatment expenses
3. Expenses incurred in psychological disorder and mental illness 
4. Self-inflicted injury 
5. Illness treatment owing to substance abuse 

Eligibility Criteria to Avail a Family Floater Health Insurance Plan: 

Given below are the eligibility criteria to avail a family floater health insurance plan: 

1. Age: In the family floater health insurance plan, the eldest member of the family will be the primary policyholder. His or her age should range from 18 years to 65 years to avail this insurance. 
2. Age of dependent children: The age of the dependent child should be a minimum of 90 days and a maximum of 25 years in order to avail the benefits of the plan. 
3. Medical Check-ups: The policyholder also has to undergo various types of medical tests. 

1. Renewability: Almost all insurance companies come with lifelong renewability on a family floater health insurance plan. The policyholders have to renew their plan every year in order to obtain certain benefits. 

How to Apply for a Family Floater Health Insurance Plan? 

The following are the steps that you need to follow to apply for a family floater health insurance plan online: 

1. Go to the official website of any of your preferred health insurance companies. 
2. Select the ‘Family Floater Health Insurance Plan’ under the list of health insurance plans. 

1. Click on the online application form and you will be redirected to a new page. 
2. Enter all your details on the online application form such as your name, mobile number, gneder, date of birth, address, etc. 
3. Now, click on the ‘Get Quote’ to receive the quote. 
4. Once you get the quote, click on the ‘Buy Now’ button. 
5. Enter your personal details and email ID and click on the ‘Next’ button. 

1. Next, you need to answer to some additional questions such as your marital status, height, weight, nominee details, etc. 
2. Click on ‘Proceed’ button. 
3. Cross check all your details once again before making the payment. 
4. Finally, make the payment using net banking, Unified Payment Interface (UPI), credit card, or debit card to purchase the family floater health insurance policy. 
5. You will receive the policy document at your registered email ID immediately after making the premium payment.

How to Renew a Family Floater Health Insurance Policy? 

Given below are the steps to renew the family floater health insurance policy: 

1. Visit the official portal of the insurer. 
2. Under the ‘Renew’ drop down menu, choose the ‘Health Insurance’ option. 
3. Scroll down and you will find the list of the health insurance plans provided by the insurer. 

1. Next, select the family floater health insurance policy that you want to renew. 
2. Click on the ‘Renew’ button. 
3. You will be redirected to a new page. 
4. Enter your existing policy number, date of birth, and the captcha code. 
5. Next, click on the ‘View Premium Details’. 

1. You will be able to see the details of your policy. 
2. Finally make the premium payment to renew your insurance policy. 

How to Claim a Family Floater Health Insurance Plan? 

Policyholders can opt for cashless as well as reimbursement claims on their healthcare expenses under a family floater health insurance plan. 

Cashless Claims: 

The following are the steps to opt a cashless claim: 

1. Get in touch with the insurance desk of the network hospital. 
2. Submit your ID card. 
3. Next, you need to fill out a preauthorized form and submit it. 
4. Your documents will be verified by the Third-Party Authority (TPA) and approve cashless claims. 

1. Many insurance companies assign one of their field executives in order to ensure hassle free claim process. 

Reimbursement Claims: 

Given below are the steps for reimbursement claims: 

1. Once the patient is discharged from the hospital, he or she should clear the hospital bill and obtain all the original documents. 
2. After receiving the reimbursement claim form, the policyholders should fill out and submit it to the claim teams of the insurance companies or the TPA. 

1. He or she should also submit the original documents such as hospital bills, medical reports, and other relevant documents. 
2. Once the documents are verified by the TPA, the policyholder will receive the reimbursement. 

Documents Required 

The following are the documents which are needed to be submitted to raise a claim under a family floater health insurance policy: 

1. Duly filled and signed claim form of the insurer 

1. Patient’s discharge summary 
2. Doctor’s prescription 
3. Medical bills 
4. Hospital bills which are duly signed by the hospital authority 
5. Medical test reports such as blood tests, urine tests, X-rays, etc. 

1. ID proofs 

How Does a Family Floater Health Insurance Plan Work? 

As already mentioned above, a family floater health insurance provides medical coverage to all the family members of the policyholder, including parents. This means the entire family is covered under a single plan. For instance, if you buy a family floater policy with a sum insured of Rs.15 lakh for a year for your parents, yourself, and your spouse. Hence, each of your family members can claim the amount during medical emergencies.  

Benefits of Purchasing Family Floater Health Insurance Plans 

Family floater health insurance plans help the policyholders to get medical coverage and their family members under a single plan. Having said that, let us have a look at the features and benefits of opting for a floater plan: 

1. Larger Coverage : A family floater health insurance plan is the only health insurance plan which offers the complete coverage as well as various other benefits like cashless treatments, preventive health check ups, OPD visits, prehospitalization and post hospitalization, and newborn cover. Apart from this, there are some health insurance plans which also offer accident coverage. Not only this but they also provide premium waivers in case of a permanent disability.  

1. Increased Flexibility : Human life is all about adaptability and insurance companies design medical insurance plans which fit the dynamic lifestyle of the policyholders. These plans provide flexibility in the case of coverage utilization. If any of your family members need medical attention and use a significant portion of the sum insured, the rest of the family members will still be able to receive the remaining coverage.  

1. Affordable Premiums : Family healthcare plans come to the rescue due to their cost-effective approach. As this plan provides medical coverage to your entire family, you will be able to get significant savings compared to individual healthcare policies. 

1. Improved Wellness and Preventive Care : Many health insurance plans provide wellness programs as well as preventive care benefits like vaccinations, regular health checkups, and screening. These steps will prioritize the health of your family. 

1. Simplified Administration and Support : It is a very daunting task to manage healthcare, but family healthcare plans help in simplifying the entire process. With the help of a single policy, it will help in reducing the complex paperwork, streamline administration, and a one of contact for all your healthcare insurance related queries. It becomes simpler to take care of the policy's details, which frees you to concentrate on what really matters—your family's happiness. 

1. Tax Benefits : As per the Section 80D of Income Tax Act, the policyholders of health insurance plans can claim tax deductions to get their healthcare insurance premiums paid. This helps in reducing the tax liability and the overall cost of the health insurance. This highlights that the claim family health insurance is very expensive is not true because you can easily obtain tax benefits. There are other benefits, like as a no-claim bonus, which entitles you to a discount on your premiums for every year without making a claim. 

How to Choose the Best Healthcare Insurance Plan for your Child? 

Being a parent is an amazing journey full of love, laughter, and joy. But it also has its own share of concerns and obligations. One of your main concerns as a loving parent is definitely your child's health. Now let us have a look at the tips that you need to follow while choosing the best health insurance plan for your child: 

1. Find the Right Insurer : The first and the foremost step to select the right insurance company. Thus, it is always advisable to choose a popular firm which has experience in child healthcare insurance. So, you need to check the types and the quality of healthcare institutions added in their network. Not only this you also have to go through customer reviews available on the online platforms and get in touch with the insurance expert to get more details. Apart from this, you should compare various other options such as cost, coverage, flexibility, renewability, claim settlement process, and customer service. Finally, based on your healthcare requirements and budget limits, you can select your desired insurance company. 

1. Get a Family Floater Plan : An ideal insurance policy is the one which makes it easier for you to sustain annually until your child crosses 18 years of age. However, if you already have a family floater plan, you can easily include your child in the plan. Family floater plans in India come with a single utilization ratio which can availed by the all the family members of the policyholders but if you want additional protection, you can still select an individual health insurance policy for your child. 

1. Get the Premium Waiver Option : In general, the premium of medical insurance for children is comparatively lower than adults as insurer bears lower risk. The low premium amount makes it easier for the parents to fulfil their obligations.  

1. Avail Benefits and Riders : The next thing you need to consider is the list of inclusions as well as exclusions under your health insurance. For a given premium cost, the more advantages you receive, the better it is for your children's health. Certain benefits such as doctor consultation fees, hospitalization fees, prehospitalization and post hospitalization, hospitalization expenses, and ambulance cover make a perfect healthcare insurance plan for your child.