5 pointers to re-check before buying a family floater health insurance

Sedentary lifestyle and growing pollution are escalating health issues such as hypertension, heart ailments, diabetes, etc., in people belonging to all age groups. Visiting a hospital for a minor issue can dent your savings due to rising medical costs.

Hence, it has become inevitable to immune yourself and family members from ailments and also from expensive treatments, doctor visits and medicines.

In this backdrop, a solid health insurance policy can protect you from draining out your savings, and help avail better facilities and treatment.

Experts say the sooner an individual takes a health insurance policy, the better it is as premiums are lower and in case of a family floater health insurance policy, one premium can cover you, spouse, dependent children and parents. It is a cost effective decision, which also comes with tax saving options.

There are a bucket of offerings in the market. However, you must compare and choose the best plan for you and family. Here is a quick checklist to consider before buying a family floater health insurance.

1. Sum insured: Don’t choose your sum insured (SI) randomly. See what fits your family’s requirement. The National Parivar Mediclaim Policy of National Insurance Company has sum insured options starting from Rs 1 lakh to Rs 10 lakh (single sum insured for whole family). The renewability is lifelong with a minimum policy period of one year, maximum of three years.
2. Expenses covered: When comparing a family floater policy online, check for hospitalisation expenses, whether the treatment under Allopathy, Ayurveda, Homeopathy are covered up to full sum insured. Insurance companies such as National Insurance Company covers the aforesaid treatments up to the SI and also domiciliary treatment up to 20% SI, organ donor’s expenses including pre and post-hospitalisation.
3. Extra benefits: Always look for what extra your health insurance policy has to offer. Companies add new features and even tailor-make the policies. The National Insurance Company in its National Parivar Mediclaim Policy has added new features such as maternity, new born baby cover up to 10% of SI, infertility treatment cover of up to Rs 50,000, second medical opinion for 88 major illnesses, zone-wise rating with discounts, ambulance expenses, etc. The policy comes with hospital cash benefit (per insured person, per day) at Rs 300 of 5 days. It also covers anti-rabies vaccination up to Rs 5,000.
4. Diseases covered: You have to scan through the number of diseases your family policy covers. Since you will have your parents included, check for waiting period of pre-exiting diseases cover. The National Parivar Mediclaim Policy covers critical illness from Rs 2 lakh onwards in addition to the SI to a maximum of Rs 10 lakh.
5. Discounts: Check how much premium you will be paying and what discounts are the companies offering. When you will compare the National Parivar Mediclaim Policy with others, you will see as the former gives discount on new and renewal policies bought online. There is a discount for long term policies and in lieu of maternity/infertility cover after 45 years of age.