How to choose the best Family Floater Health Insurance policy?
By India Today Web Desk: Family Floater Health Insurance policy entitles the insured to cover all the family members under a single roof. Family Floater Health Insurance plans work on the same principle as that of Individual Health Insurance plans but extend their coverage to all family members.
The coverage of the Family Floater Health Insurance plan is policy specific. It allows you to add your spouse and dependent or legally adopted children, while some of them facilitate you to add your parents and parents-in-law as well. While there are various plans available in the market, choosing the best might be hard. Here are a few important factors that will help choose the best Family Floater Health Insurance policy.
Requirements
It is important to know your requirements in the first place, only then you can look for a policy that covers your essential needs. Be clear about how many family members you are planning to include under the Family Floater Health Insurance policy. Buying a separate policy for parents and parents-in-law is a wise decision as the health needs of elderly people may differ. Do not miss out to address health conditions like pre-existing diseases or illnesses and other health complications of your family members, if any. Knowing the requirements will give a clear vision of what is best for you.
Policy Inclusion
Check for policy inclusions, as it is important to know all the details of policy inclusions to check if they satisfies all your needs. Make sure your opted policy covers all the essential policy benefits such as in-patient hospitalization, pre- and post-hospitalization, day care treatments, ambulance charges, room rent, ICU charges, annual health check-ups, etc. Knowing the policy inclusions will dispel the claim-related queries and make you aware of your policy. The policy inclusion differs from one policy to other. Compare and choose the policy that best suits your requirements.
Sum Insured
While choosing the Sum Insured, keep in mind that the same will be shared between all the family members. So, choose a Sum Insured that will be adequate for all the family members, and also be mindful that the selected Sum Insured should be sufficient to cover the medical bills if more than one member is hospitalized at the same time. Opting for a higher Sum Insured might cause you a high premium, in such cases, consider purchasing a Top-up Health Insurance policy. Therefore, you can get the Sum Insured of your basic policy enhanced at an affordable premium.
Add-on Covers
Add-on covers are optional benefits provided with the opted Health Insurance policy. Lump sum for diagnosis of cancer, rider for the waiting period, personal accident cover, daily hospital cash, etc., are some of the add-on benefits offered by the insurance company. These add-ons are policy specific, some policies may provide them while some may neglect them. Compare the policy and opt for a flexible one that offers the add-on cover that suits your requirements. The add-on will not come under the standard features of the policy, they can be availed with an additional premium. Before opting for the add-on consider your family’s medical history and health risks to decide which add-on will suit you better.
Claim Settlement Ratio
The claim settlement ratio should be considered a valuable factor when choosing an insurance company. Because theis ratio defines the claims settled by the company out of the total number of claims filed. Choose a company that has a high claim settlement ratio. Also give equal importance to the claim process offered by the company, knowing the claim process is essential because it will be easy for you to file the claim.
Besides the above-mentioned factors, check for the policy benefits like cumulative or no-claim bonus, automatic restoration, recharge benefit, annual health check-up, online premium discount, etc. These benefits might come handy when you need them most. Star Health and Allied Insurance Co Ltd offers an array of flexible Health Insurance policies for the family to ensure that the need of every family member is addressed. Give importance to the minute details of policy clauses and documents to be assured that your investment is for the best.