While the first wave of COVID-19 infected people and the majority of them were cured in India. Despite that, in the second wave, we saw many people losing their lives. As a matter of fact, many families witnessed more than one of their loved ones passing away. Many of the infected patients could not get a bed at the hospital and those who fortunately could find a bed had to pay huge medical bills. This has led more people to consider buying health insurance than ever before.
The coronavirus can affect any member of the family, which means each one of us should have health insurance. But will it not be too heavy a burden on the pockets of the ones who are paying the premiums? Well, the easiest way out for this is to go for a family floater health insurance policy.
What is a family floater health insurance policy?
A family floater health insurance policy is an insurance product that provides protection against the medical expenses of not only an individual but of the entire family of the policyholder, and under one plan. In one such family plan, the sum insured is shared among each of the family members who is a part of the insurance policy.
The majority of the family floater health insurance plans provide coverage to the policyholder, spouse, children, and parents. Some of the health insurance companies even offer family plans that provide coverage for siblings, in-laws, and even grandparents. However, before deciding on one, you must check the plan thoroughly.
Nevertheless, when you are buying a family floater health insurance plan, there are certain factors that you should consider. Here are a few of them:
Number of family members
If there are more than two members in your family, you need to go for a plan that provides coverage for almost all the family members.
Health care needs of the family
You must look for a plan that covers the healthcare needs of your family. You must not choose a health insurance plan for your family just because someone you know has bought it.
Comprehensive coverage
Going for a health insurance policy for your family that provides comprehensive coverage can be a prudent idea. The comprehensive coverage includes in-patient hospitalization, medication, pre and post-hospitalization, diagnosis, advanced surgeries, AYUSH treatment, and many more.
COVID-19 coverage
Being worried about COVID-19 is quite normal. You can go for a health insurance plan that provides coverage for COVID-19, not only to you but your family too. Even if any member of your family gets hospitalized, you will not have to worry about the hospital expenses.
Network hospitals
If you are giving a thought to the cashless hospitalization option, you must check for the network hospitals. If you do not take admission in a network hospital of the insurance company that you have bought your health insurance from, you will not be able to avail of the cashless payment option.
Claim Settlement Ratio of the company
You must check the claim settlement ratio of the insurance company that you intent to buy your family floater health insurance plan from. You must choose an insurance company that has a higher claim settlement ratio as it will ensure that you can get a hassle-free claim settlement experience.
Comparing premiums
You can use a health insurance premium calculator and compare the various health insurance plans and their premiums. This will make it easier for you to choose a health insurance plan that suits your budget.
Considering all these factors are important as you can very easily choose the right family floater health insurance plan for you and your family. For more information on some of the best family floater health insurance plans available in the market, you can visit the IIFL website.