While it is had to have health insurance for each member of family, it may be a costly affair too to have each one a separate policy. If there are young people who are fit and healthy, the premium spent on them may be waste of money. So, the solution for this is to take a family floater policy that covers all members of the family. The premium for this is lesser compared two premiums paid to each member of the family. There are several types of family floaters, depending on the number of family member. These are two elders or two elders along with one child, two elders with two children, parents in the family, along with in-laws.
Main aims of family floater:· The members of the family are covered per the insured amount of family floater policy. This policy is taken for a 3-month-old kid to a 65 -year-old elder. The premium is set based on the eldest person of the family. This policy has to be renewed every year. Some companies have kept the renewal frequency at Two years. Similar to the general health policies, there is cashless in network hospitals and cash payment in other hospitals. The expenses for medical tests, re hospitalization, hospitalization, post discharge, surgery, expenses for organ donor, ambulance expenses, critical diseases like cancer, heart problems are covered under these policies.
Along with these, pregnancy expenses, infant expenditure, Ayurveda and Nanni are also paid, which change according to the policy. Family floater pays the expenses for medical tests. These are paid quarterly or yearly based on policy. Policies are available from Two lakes to 15 lakes. No claim bonus is paid accordingly. The premium increases with the number of claims made. With respect to preexisting diseases, some diseases are covered after Two years and problems like cancer, diabetes, hypertension, and asthma have a waiting period of Three to Four years.
Generally, there is maximum age limit for renewal. This is set taking into consideration the oldest of the family. So, it is prudent to choose a policy that has high age threshold for renewal. There is an exemption from tax per income tax act section 80D. The policy is portable. Things to remember:· Since the premium is based on the oldest family member, if there is any person’s above 60 years in the family, it is better to take a separate policy for them and a family floater policy for the remainder. Some policies consider people above 18 or 20 years as elders rather than children. If there is a major in the family, the premium may be higher.