Family Floater Health Insurance
You can buy a single health insurance policy for your entire family, including spouse, dependent children, dependent parents, and dependent parents-in-law, with the sum insured shared among all the insureds. Usually, up to six people are covered in a policy. This is called a family floater cover and will cost you less than an individual health insurance policy for each family member.
Exclusions under family floater health insurance policy
The following expenses will NOT be covered.
- Hospitalization due to abuse of alcohol or drugs
- Sexually transmitted diseases (STD) like AIDS or Herpes
- Infertility treatment and treatment for complications in pregnancy
- Hospitalization due to a suicide attempt of the insured
- Dental and cosmetic surgery except if necessitated due to an accident
Charges and Expenses
Claim all your hospitalization bills as per the terms of your policy and even day-care treatment and preventive health check-up costs.
The policy covers pre-hospitalization expenses like diagnostic tests incurred in the 30 days preceding the hospitalization and related to it.
Medical expenses incurred for 60 days after discharge from the hospital, like medication and tests related to the treatment, are also covered.
Coverage will be provided for medical procedures that require less than 24 hours of hospitalization, like cataract surgery.
Most insurance companies provide coverage for emergency ambulance charges. However, the coverage amount varies from one insurer to the other.
Advantages of Family Floater Health Insurance
Who is eligible for family floater health insurance?
The oldest member of the family is the policyholder, and all adults should be in the 18 to 65 age group. Children can be covered for 90 days. Some insurers provide coverage even for 30-day-old babies.
Medical tests may be required depending on the age of insureds and sum insured. They vary from company to company.
Coverage for your parents
You can include your parents in the family floater or buy a separate customized senior citizen health insurance policy for them as the maximum age at entry for most health insurance policies in India is 65.
You can learn more from our asked questions
If the member who died is the policyholder, the policy is transferred to the next oldest member covered under the policy and coverage continues. It is possible to opt for a lower sum insured with a refund of premium or do it at renewal.