Family floater policy is a health insurance policy that helps cover an entire family. This is a good insurance option as at just one time, you can cover yourself, your spouse, your dependent children as well as parents and parents-in-law in certain cases.
A few factors that you need to consider while taking any health insurance policy are:
- Renewability: Most insurance companies in India offer policy renewability option till the age of 60 to 65. There are also a few companies that offer lifelong renewability on health insurance. Its advised that one chooses a family floater health insurance which will help provide financial protection when it's needed the most.
- Sum insured: Healthcare costs keep rising every year. Health insurance companies give you the option to increase the sum insured to cover the rising healthcare costs. Also, if you haven’t made any claims in the previous year, you will receive a no-claim bonus (NCB) in the form of an increase in your sum insured.
- Cashless treatment: If you choose cashless treatment, you don’t have to go through the hassle of initiating a claim for reimbursement. However, its imperative that you ensure the network hospitals listed in your policy are good quality ones and not just any fly-by-night hospital.
- New member addition: If you plan on having a baby, you have the option to opt for maternity and new-born baby cover.