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What Is A Family Floater Health Insurance Policy?

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A Family Floater policy is a higher variant of the individual mediclaim policy. The assured sum covers an entire family. This means that the policy floats among the family members. Each family member comes under this policy. The premium paid for the family floater is lesser than if each individual member had taken up a health policy. Let us consider Mr Mohan a 35 year old IT Executive takes up a family floater policy for a sum insured of INR 10 Lakhs. Mr Mohan’s father had a heart ailment hospitalization of which cost INR 6 Lakhs. The result of this was the cover was reduced to only 4 Lakhs as a result of this illness. However a critical financial crisis was averted. Mr Mohan’s brother of 12 years and mother as well as himself are covered under this policy. The policy is replenished the following year on payment of the premium .This is a very good policy as whenever any of your family members fall ill the policy can benefit them. The premium of the family floater depends on the age of the eldest member of the family.

What Diseases Does Family Floater Cover?

·         Technological Advanced Day Care treatments where 24 hour hospitalization is not required.

·         Ambulance Charges for shifting the insured from residence to the hospital.

·         Pre existing diseases are covered after four continuous claim free renewals.

·         Pre existing diseases like Hypertension and diabetes are covered after two years of continuous insurance and the payment of an additional premium,

·         Ayurvedic, Homeopathic and Unani system of treatment are covered up to the extent of 25% of the sum assured and treatment has to be taken in a registered hospital.

 

What Is Not Covered Under Family Floater Policy?

·         Diseases contracted within 30 days of insurance.

·         Dental treatment except arising out of an accident.

·         Circumcision, cosmetic surgery, Plastic surgery unless required to treat an illness.

·         Vaccination And Inoculation charges.

·         Pregnancy and Child Birth

·         Acts of War, Terrorism, and use of a Nuclear weapon.

·         Sexually Transmitted Diseases and HIV.

·         Naturopathy

·         Experimental and unproven treatments and also clinical trials.

·         Treatment outside India.

·         Contact lenses and implants

·         Domiciliary treatment.

 

Premiums Charged For A Family Floater Policy

·         An individual who is around 50 years of age takes a family floater plan for himself, Spouse and 2 children. He suffers from diabetes and hypertension. He insures himself and his family under a family floater for INR 8 Lakhs. The premium is around INR 40000 for this sum. The tests required are General medical, Urine Test, Blood test, ECG, Blood Cholesterol, Serum Creatinine, and stress test. Premium for the sum insured of 5-10 Lakhs is around INR 30,000 – INR 50000 with a varying degree of medical tests. Premiums are around 1 Lakh for a sum insured of INR 15-20 Lakhs. The premium is calculated based on the eldest family member’s age.

·         If you are taking a family floater covering your father and mother who are suffering from diabetes and hypertension and you want to take a health cover for INR 6 Lakhs, you have a premium in the range of INR 30000 to INR 35000.It might go up to INR 45000 for a sum insured of 10 Lakhs.

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