Health Insurance 358 views February 2, 2020

What is the Floater Mediclaim Policy?

What is the floater mediclaim policy? It is a type of health insurance where all members of a single-family are jointly covered in a common health insurance plan. Family floater health plans are very common in India and one gets many benefits when buying such a cover. Interest his article, we discuss the need to get a floater policy and also tell you what is floater mediclaim policy in greater detail. Take a look.

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What is a Floater Mediclaim Policy?

Let us understand this with an example. Younis was a 35-year-old architect. He had a dependent wife and two children. His elderly mother also lived with him. Being aware of the rising health care costs, Younis decided to insure all the members of his family with health insurance. However, finding individual plans for everyone seemed to be a tedious process. That is why he opted for a family floater health plan from a reputed health insurance company. Once he did that, his children, wife and mother, along with himself, were all covered under a common health insurance umbrella. He only needed to pay a single yearly premium and everyone stayed protected.

A floater mediclaim policy, therefore, is a kind of medical insurance product that offers health coverage to multiple members of the same family under a single-common cover.

What are the Covers Under a Floater Mediclaim Policy?

The features and covers of a family floater health insurance policy include:

  1. Hospital cover
  2. Doctors’ fees
  3. Surgery cover
  4. Diagnostic test cover
  5. ICU charges
  6. Domiciliary care
  7. Post and pre-hospital care
  8. Daycare procedures’ cover

These are the main covers you get under a standard floater mediclaim plan. However, different plans offer different benefits. Some plans include maternity and newborn care benefits, after a specific waiting period. Some plans offer organ donation covers. It is therefore important for you to assess your own needs before you get a plan. Once you know what type of cover you need, you will be able to look for the ideal plan. Then, you need to compare the right types of floater plans to locate your ideal cover. There are many options available as all of the top-rated insurance companies offer the family floater health plans. You will thus find a good cover for yourself and your loved ones without any difficulties whatsoever.

Benefits of a Floater Mediclaim Policy:

Here are the best benefits you get when you enrol in a floater health plan:

1. Easy to manage health insurance – Since it is a single policy, you need not worry about paying multiple premiums, missing due dates, forgetting to cover someone, etc. It is easy to maintain this plan and keep everyone protected.

2. Economical – A family floater health insurance policy is more economical than having multiple individual health plans for the different members of the family. This is a major benefit you get with the floater covers where everyone stays covered in an affordable manner.

3. Easy to enrol new members – Up to six members of a family are usually covered in a floater policy. A new spouse can be added to a plan after a proposer agrees to a premium increase on a pro-rata basis. Similarly, a new baby can also be added to the plan as soon as he/she is born.

4. Riders available – Insurance providers allow the proposer to attach various riders to the floater health plans. The common riders include the room rent waiver rider, the critical illness rider, the hospital cash rider and so on.

Points to Remember Before Buying a Floater Policy:

1. Pre-policy screening – Every single member of the family does not require screening, but the older members, the members who smoke or drink and the ones who have pre-existing health issues, may be asked to undergo a pre-policy health test before the plan is issued.

2. Exclusions – There are some exclusions mentioned in every health insurance policy and the same rule applies to the family floater health plans as well. Go over the list of exclusions to understand where you can make a claim and where you cannot. This will save you a lot of trouble later on when making a claim.

3. Waiting period – Most of the floater mediclaim policies have waiting periods attached to them. You cannot make a claim for certain pre-existing illnesses, such as diabetes or hypertension unless you complete a specific number of years. Be aware of the waiting period clauses before you make a purchase.

In a nutshell

After understanding what is floater mediclaim policy, you will have no doubt about its use and effectiveness. Keep the points mentioned above in mind and start looking for a good plan to insure all the members of your family at once. List down your requirements, compare health insurance and locate the most suitable plan at the best possible rate. Buy it and stay secured.

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