Good health is surely something that we all crave for. We wish to stay fit and healthy. However, these days most of us are mostly surrounded by some of the other ailments. Family floater policies, in such a scenario, can make health care a bit affordable for your family.
Family floater policies have many advantages over other health plans. Such as lower premiums and better coverage and additions to the scheme of new family members. But some features can assure the most value for money from your family health insurance policy.
Three such features that you may look for are as follows:
This is perhaps the best feature available, as it will be quite difficult for you to get a health policy after the age of 65 years. But if you are continuing an existing policy that has lifetime renewability you will not be worrying about the hospitalization expenses in your golden years.
You also need to take care of the policy renewals to enjoy this feature to the fullest. Remember that the policy can be renewed even after a claim has been made on it in a year. But if the renewal premium is not paid, or policy is broken after a few years, you will be purchasing a new policy altogether.
That’ll mean accumulated benefits and existing disease covered under the previous policy will no longer be available. Also, the premiums may be more for a similar sum assured. Therefore, it is important that you continue paying the annual premiums for your lifetime renewable family health plan.
Day Care and OPD Expenses
Generally, all health policies require a minimum of 24 hrs hospitalization to start reimbursing the expenses. However, technology has ensured that many treatments which used to require hospitalization take only a few hours to complete. Therefore, you need to check whether your family floater plan covers such treatments or not.
There can be more than 140 OPD and daycare treatments covered by the plans including dialysis, chemotherapy, eye surgery, and lithotripsy, etc. So better look for a scheme with more number of OPD expenses.
Apart from OPD some insurance companies also provide reimbursement for consultation fees and outpatient procedures as well. This is another useful feature that can be handy to prevent major illnesses.
Enhancement of Sum Insured
Health schemes are generally obtained to safeguard ourselves against unexpected significant health expenses in the distant future. With rising health care costs, it is important that your health plan is able to prepare you to face such challenges in the future.
Some family floater plans allow you to increase your family’s health cover in the future, while most allow for a no claim bonus accumulation. But no claim bonus can be lost in the year when the claim is made, and also it may not be sufficient to cover the increased health-care expenses.
On the other hand, a policy that allows for a top-up will increase the base sum assured, even when a claim is made in the past or the future.
Top-up health covers are also available which work as the additional sum assured over your basic sum assured. For example, if you have a health policy with sum assured of Rs. 5 lakhs and you buy a top-up plan with a sum assured of Rs. 10 lakhs, the top-up plan will only come into force when your medical expenditure rises beyond Rs. 5 lakhs.
How to Find the Family Floater Plans with these features?
There are two ways, the traditional way, and the online method. The traditional way can be time-consuming as you will either be calling the insurance agents or the insurer to know the policies and features.
Then comparing them manually to figure out the best. Or you can go one step forward and visit our website SecureNow.in to receive quotes and features comparison from multiple insurers with few clicks of buttons.
You should know that any additional features may involve extra cost, in fact, some of these features may be available as add-ons to your primary family health plan, so make sure you check before buying.
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