Family is a priority for most people in India and so is their health and wellbeing. With inborn true Indian values, we all care for our family members and it is important to secure their health by buying health insurance coverage that meets the health needs.
In the present scenario, where medical expenses are very high and always on an increasing trend, family floater mediclaim acts as a cost effective boon as it provides cover during unexpected medical emergencies. By spending a small sum on a regular basis on a family floater mediclaim policy, you can undergo medical treatments assured that your precious saving are not affected by the cost of the treatment, of course, there are terms and conditions to claim.
Family floater health insurance or Mediclaim in India is a policy which covers a group of family members against hospitalization expenses for treatment of ailments and accidents. It is also beneficial as it saves financial loss occurred in case of hospitalization for any accident, sickness or disease.
There are two types of mediclaim products that are available viz.
1. Individual Mediclaim
Individual Mediclaim Policy covers only one insured member for the coverage or sum insured.
2. Family Floater Mediclaim
Family Floater mediclaim is a policy designed to cover health care expenses for the entire family. The sum insured remains fixed while the premium amount depends upon the number of family members and the age of the members. Family floater health insurance policy is designed to cover your family’s medical expenses under one umbrella. The sum assured is shared between all members and hence is available to anyone or to all members in case of any eventuality during the term policy.
For E.g If Mr. Mehta takes a family floater policy of Rs 5 lakh for his family, the entire family can claim up to Rs 5 lakh together. If we assume one member of the Mehta family gets hospitalized and the hospitalization bill comes to Rs 3 lakh, the balance of Rs.2 lakh will be available as a cover for that year for the entire family.
Family Floater mediclaim is possible in various combinations of family members. The most common options are Self + Spouse + Kids. Most of the Floater plans do not allow inclusion of Parents. Also with most companies, floater is available only up to an entry age of 60 years; thereafter you are expected to buy Indivdual Plans. There are some products like Oriental Happy Family Floater,policy which allow cover of Parents or Parents in Law under the same plan
