A Guide To Choosing The Best Family Floater Health Insurance Plan
In this age of sedentary lifestyle arising out of technological development, many rare health issues are showing up in individuals early in their lives. Such cases are growing at an alarming rate these days. Treatment of these medical conditions can sometimes cost a fortune depending on the severity, which can drain the entire life’s savings of an individual at one go and put his/her family in a financial stifle. This calls for the procurement of the best family floater health insurance plan available in the market.
Family health insurance plans provide medical coverage to the policyholder as well as to his/her parents, spouse and children. The family floater health insurance plans can differ in their claims, benefits and services as per the insurance provider. To choose the best health insurance policy for family, you must carefully check if the policy claims the following benefits:
1. Waiting Period for pre-existing diseases
Many times, an insurance company doesn’t cover the treatment expenses of your pre-existing illness, i.e. diseases which you have before buying the insurance policy. Hence, whenever you choose from amongst the available family health insurance plans, make sure you choose the one which covers the cost of your family’s pre-existing diseases with a shorter waiting period.
2. Coverage of pre and post hospitalisation charges
Pre and post-hospitalisation charges are the expenses you incur 30 days before and 60 days after hospitalisation. It includes vaccination, doctor consultancy fees, bed costs, etc. This feature is not given in every family floater health insurance in India. Hence, whenever you look for family insurance plans, make sure pre and post-hospitalisation charges are covered.
3. Good incurred claim ratio (ICR)
The incurred claim ratio is the net amount of your claims divided by the net amount of your total premium. ICR is used to measure an insurance company’s capability of settling their claims on time. It is advisable that a health insurance plan for a family has an ICR ratio closer to average ICR of all the policy providers in a financial year. While checking the ICR rates, considering the period within which a company pays the claim is also essential.
4. No Claim Bonus (NCB)
The insurance company provides you with no claim-bonus for the period in which you do not claim your insured amount. The interest rate for this bonus varies from 10%-50%. No claim bonus can be very beneficial if you do not claim your policy before it is exhausted as it increases the amount of your sum assured.
5. Co-payment discount
Co-payment is an option that needs to be chosen wisely. When you select a co-payment option as part of the health insurance plan for your family, you willingly agree to pay a part of the total claims of the insurance. The sharing percentage of the claims is decided beforehand by both the parties and it reduces the number of premiums you pay.
6. Tax benefits
Family health insurance policies not only safeguard you in medical emergencies but also help you save tax. All the premiums you pay for your family insurance and individual insurance becomes your deductible income. Hence, buying a health insurance policy for family helps you reduce your taxable income.
A family health insurance policy covers the health insurance of all the members of a family. Plus, it can buy you a good number of financial benefits and cover your whole family in case of financial emergencies arising from medical emergencies. A similar insurance policy can bring you multiple benefits is Pocket Insurance by Bajaj Finserv. It offers affordable insurance plans for a short-term period and addresses your specific needs at affordable premiums.
You can avail Pocket Insurance products like Monsoon Cover, Dengue Cover, Infection Cover, Tuberculosis Cover, Water Borne Disease Cover, Pregnancy Complications Cover, Kidney Stones Insurance etc. for your family members by paying a one-time premium and curb your out-of-pocket expense during medical contingencies.