Family floater health insurance

                                                         

                                                                                [Imagesource : maxbupa.com]

Why this Policy

Family floater health insurance, those working in corporate offices or in some of the middle level companies this is being offered were people can claim any health related medical bills from an insurance company thru their office. This has reduced the burden of sudden hospitalization and the stress of paying the money by taking loan. Considering the medical expenses which are increasing faster than the inflation rate it is the need of the hour for everyone in India. An individual policy of 10Lakhs for a 30 year old will cost you around 7-8000 and if it is been taken for all the individuals it will be a huge no-no from everyone, instead if this family opts for family floater for 2+2 it will be around 15-16000.

Is it Necessary?

Cost of a normal fever or any food poison itself is running into thousands when you go for better medical facility. If you are being admitted in a hospital for a day or two with series of medical check- ups and scans it will run into several thousand’s which will be difficult to manage for a normal middle class family. For example, Hernia operation can be around 2Lakhs if you want to get treated in the best multi-chain hospital, but the cost may force you to go for a cheaper hospital even in that hospital it may cost you more than 60-70000 on an average. As hernia has to be treated as soon as possible and it’s a big amount for a normal family living in metropolitan lifestyle, in this situation family floater can be a big boon. Though the cost of medical treatment is far less when compared to western countries it is by far difficult for a normal family in India were the average wage or salary itself is very less.

How to choose?

Sum assured has to be chosen carefully as this is going to be for the whole family and once exhausted by any member of the family it can be restored only in the next year. Higher policy of more than 10 lakhs is very much essential. Though at present you may feel it is unnecessary, consider the inflation and medical inflation. The cost of surgery and all have increased in the last 10 years, think of the future cost and choose the policy. Assess the risk of your health and the family member health, disclose before paying the premium. Premium will be higher for person with smoking habit and drinking habit.

Some of the public sector insurance company has option of providing family floater but the criteria they have is each individual have their sub limits.  You have chosen 5lakh policy and you are a family of three with yourself and your wife having a sub limit of 2lakh each and your kid is having sub limit of 1 lakh. If you get treated for some of the disease and if your limit is exhausted, your insurance company will not pay more than 2lakh. Most of the private insurers have policy value alone for the whole family and they don’t have sub limit for each individual.

If you are going to choose among 2 companies you have zeroed in, choose the number of hospital that a insurance company is having under its kitty and how fast the claim is being settled or how the process is being speeded up if the customer is being admitted in hospital and waiting for insurance approval.