Cover your family under the single umbrella of health cover

Cover your family under the single umbrella of health cover

With the rising inflation costs and growing uncertainties purchasing a health cover will be a smart move for consumers to secure themselves from health crisis. In India, there are hundreds of insurance companies that cater different sorts of health plans designed for individual, family, senior citizens, women focused needs, etc. However, the one that covers the entire family is the best as it secures everyone under a single umbrella. Insurers, believe that presenting a family plan is the best way to address the health care concerns of people. Also, it makes perfect business sense for them.

Today, there are various insurance companies promoting the family floater insurance plan and the policy has become quite

popular, as buying a floater policy is cheaper than buying individual covers for each member of the family. Suppose there are 3 to 4 individuals in a family. Depending on the age of individual members, the family floater insurance plan for around 10 lakh would be cheaper compared to individual policies of around 5 lakh each.

Having a floater enables the family members to claim access to a large amount, compared to individual covers. It works on the formula of considering the low probability of the entire family getting hospitalized in a single year. Therefore, health experts suggest family floater plans provide sufficient coverage for the entire family, particularly for the young and the healthy ones.

However, consumers have to note that if any of the family members has an adverse health history, then the clinch for family floaters of better coverage at lower premiums might turned on.

Therefore, it is advisable to understand the health needs of your family thoroughly before the purchase and then opt for a family plan. If such a situation arises usually for aging parents you can buy a separate individual policy for them. The reason is if one person exhausts the limit, everyone else in the policy will be left exposed to health risks with no coverage at all.

A cost benefits are required to be done by each family to arrive at the right combination. To overcome the hurdle of amount exhaustion, some companies offers family floaters with a host of flexible options. They have designed products with rider benefits

like Top Ups & Super Top Ups to refill the family floater insurance plans or restore the sum assured in individual as well as family floater policies.

Keep the inflation costs in mind when you opt to buy and enhance cover every year. Try to increase the amount at least once in two years. The city you reside, living & working conditions, hospital arena, income source, family history, individual health risks, all these are important factors while deciding upon your family floater insurance plan.

Always make sure you read the policy terms and conditions, premium payment flexibility and the nitty-grittes of the claim process. If you’re unable to understand something talk to customer service team or health policy expert to get the right knowledge about the topic. Securing your family with suitable health cover is the best ever gift in today’s time. Uncertainties like critical illnesses, or major accident never come knocking at your door. So, its better to stay prepared pre-hand to combat medical emergencies with a suitable family floater insurance plan.