10 Things You Should Keep In Mind While Buying Family Floater Health Insurance Plans

Medical emergencies are one of the many unknowns in life. Health insurance coverage is a must, given the rising healthcare expenditure in India.

However, with so many choices, it might not be easy to choose an insurance plan that will be ideal for you. Do not be concerned; we have made things simple for you.

 The following list of 10 factors will help you choose the best family floater health insurance package for you and your family:

1. The Age Requirement

When choosing a health insurance plans in India, age is an important determining factor. The age of the family members who need to be insured should be considered when buying medical coverage. The price of the premium, much like in a family floater insurance, would be based on the age of the oldest family member.

Consider the age restriction criteria when purchasing health insurance. For instance, some health plans have entry-age requirements that range from 91 days to 60 years, with 91 days being the least and 60 years being the maximum. And other plans include age restrictions ranging from 25 years old at the youngest to 50 years old at the oldest. There are, however, some schemes that don’t impose any limitations on entering age. You can choose accordingly as a result.

2. Choosing the Right Premium and Coverage Combination

Purchasing health insurance with the lowest premiums can be profitable. There may, however, be two sides to it. If a policy has a lower premium and offers comprehensive coverage at a price you can afford, that policy may be a suitable choice. The other factor is a lower premium at the expense of insurance coverage.

Therefore, the best course of action is to investigate the causes of a lower premium, as it should not be at the expense of insurance coverage. Look for any additional co-payment, deductible, and sub-limit provisions; if there are, you may end up paying more when filing a claim.

3. The provision for a waiting period

You would be better positioned to decide if you knew the waiting period rule. During this time, the insurer will not accept any claims resulting from pre-existing conditions or specified illnesses. And depending on the insurer and the plan you have selected, it can be anywhere between 24 months and 48 months. Additionally, you will be able to submit a claim for benefits this time has passed.

This waiting period will be applied to any pre-existing conditions a person may have before purchasing the insurance, such as thyroid, blood pressure, diabetes, etc. Additionally, it can be used for specific medical conditions and therapies, such as cataracts, varicose veins, and arthritis.

4. Benefits of Cashless Hospitalization

Typically, health insurance companies partner with network hospitals so insured individuals can receive cashless care in a medical emergency. You avoid having to complete the tiresome documentation that is necessary for admission and claim. Additionally, the insurance pays the hospital directly with the insured amount.

5. Coverage of Pre and Post Hospitalization

Most health insurance policies pay for the medical costs linked to hospitalization. Purchase a plan that includes coverage for costs incurred before and after the hospital stay to reduce costs associated with ambulance fees, medical tests, medications, doctor visits, etc.

6. Maternity expenses are covered

Many people need to pay more attention to maternity benefits in health insurance coverage. It is best to choose a health plan that includes maternity costs as well, given the sky-high cost of delivery and maternity care. Typically, a 2 to 4-year waiting time is before you can apply for benefits.

7. No Claim Bonus and No Claim Discount

The NCB refers to the discount the insurance provider provides for each year you have gone without making a claim. For every year without a claim, your coverage amount is enhanced following policy renewals.

8. Facility for Preventive Health Checks

Even the price of screens for cancer, MRIs, and other preventive medical procedures has increased. Why not do that if your family floater health insurance coverage already covers it, and your insurer will pay for it? There is room for savings.

9. Clause of Co-Payment

Many individuals find this term to need to be clarified and tend to ignore it while making purchases. In essence, you must pay the portion of the total at the time of a claim, with the insurer covering the remaining sum. Therefore, before you sign your medical insurance policy, make sure there are no co-payment provisions that could reduce the amount of your claim. If at all possible, purchase a plan without sub-limits. However, most insurers have a co-payment provision if you have any pre-existing medical conditions or have reached a particular age.

10. Claim Procedure

Examine the terms of the policy, then follow the steps required by the insurance provider when filing a claim for medical coverage. When resolving health claims, a simple claim procedure is beneficial. You can conduct some research, read online client testimonials, and choose a renowned health insurance company that offers quick claim settlement services.