Frequently Asked Questions about Family Floater Health Insurance
Family Floater health insurance is a type of health insurance policy that covers the entire family under a single sum insured. It provides coverage for medical expenses incurred by any family member covered under the policy, up to the sum insured limit.
Family Floater policies typically cover the policyholder, spouse, dependent children, and sometimes dependent parents under a single plan. The coverage extends to all family members mentioned in the policy document.
Family Floater policies offer several advantages, including cost-effectiveness, convenience of managing a single policy for the entire family, and flexibility to use the sum insured for any family member's medical treatment as needed.
The sum insured in a Family Floater policy is chosen by the policyholder at the time of purchase. It represents the maximum coverage amount available for all family members collectively in a policy year. The premium is calculated based on the selected sum insured and the age of the eldest family member.
Yes, most insurers allow policyholders to add new family members such as newborns or newly-married spouses to the Family Floater policy by paying an additional premium. Some insurers may have specific criteria or waiting periods for adding new members.
The age limit for coverage varies across insurers and policies. Generally, dependent children are covered from birth until a certain age (e.g., 25 years), while the coverage for dependent parents may have an upper age limit (e.g., 65 or 70 years).
In the event that one family member exhausts the sum insured, the remaining family members can still avail of coverage up to the remaining balance of the sum insured. However, once the entire sum insured is utilized, no further claims can be made under the policy until the next policy year or renewal.
Yes, many insurers offer optional riders or add-on covers that can be added to the Family Floater policy for enhanced coverage. These riders may include critical illness cover, maternity benefits, personal accident cover, etc., providing additional protection based on specific needs.
Pre-existing conditions may be covered under Family Floater policies after a waiting period, during which no claims related to the pre-existing condition are admissible. It's essential to disclose all pre-existing conditions at the time of policy purchase to avoid claim rejection later.
Family Floater health insurance policies can be renewed annually by paying the premium before the policy expiry date. Most insurers offer online renewal facilities through their websites or mobile apps for convenient renewal. It's crucial to renew your policy on time to ensure continuous coverage for your family without any break.