Life insurance is a crucial shield, safeguarding loved ones from the burden of financial strain in uncertain times. Not only does it provide peace of mind, but it also presents a significant investment for the future. Understanding the factors influencing premium costs is vital when exploring life insurance options.
While some factors are beyond one’s control, some steps can help in reducing insurance premiums. This article will delve into the eligibility criteria for getting a family floater health insurance policy and explore the major factors that affect the premium of the best health insurance plans for family.
What is a Family Floater Healthcare Insurance Plan?
A Family floater health insurance plan is designed for families. They provide cover to all the immediate family members, such as spouses, children, parents, and grandparents, all under one policy. With these plans, one can include a legally married spouse, dependent children, parents, and in-laws, along with oneself, under a single sum insured.
A fixed amount is shared among all family members, as it’s unlikely that everyone will fall sick at once. These plans usually offer cashless hospitalisation, maternity benefits, and coverage for medical expenses before and after a hospital stay.
How Does a Family Floater Healthcare Insurance Plan Work?
With family floater healthcare insurance, all the family members covered share a fixed amount. The sum insured amount decreases when a family member uses medical services and makes a claim. If the amount is used up due to one or more members’ claims during the policy period, no one in the family can make further claims until the policy is renewed at the term’s end.
However, they have the option to replenish the amount (100%) even after it has been exhausted. It ensures continued coverage for medical expenses even if the sum insured has been used up earlier in the policy term.
What are the Eligibility Criteria for Family Floater Healthcare Insurance Plan?
The eligibility criteria for a family floater healthcare insurance plan are as follows:
1. Age
The oldest family member assumes the role of the main policyholder in a family floater healthcare insurance plan. The primary policyholder must be between 18 and 65 to qualify for this insurance.
2. Age of Dependent Children
For dependent children to enjoy the benefits of the plan, their age must be between 90 days and 25 years.
3. Medical Check-ups
The policyholder must also undergo different types of medical tests.
What are the Factors that Affect Your Family Floater Healthcare Plan?
Understanding the key factors shaping a family floater healthcare plan is essential in making an informed choice. They are as follows:
1. Premium Amount
The premium is the amount one has to pay to keep the family floater healthcare insurance plan active. When they increase the sum insured, the premium also increases.
Additionally, the age of the eldest family member affects the premium in family floater healthcare insurance plans. Also, a greater number of senior members in the plan generally leads to higher premiums. Moreover, opting for add-ons will further increase family health insurance premiums.
2. Family Medical History
Parents and grandparents have a high possibility of having diseases like cancer or Alzheimer’s. This could raise the chances of their children getting those illnesses too. Due to this, the cost of their insurance might go up.
3. Unhealthy Habits
Unhealthy behaviours such as using chewing tobacco, smoking, or alcohol can significantly influence a family health insurance premium. These practices elevate the likelihood of developing severe conditions like lung infections and cancer. Consequently, family members who engage in smoking will find themselves paying higher health insurance costs in comparison to their non-smoking counterparts.
4. Pre-Existing Diseases
Pre-Existing diseases can also impact the family’s health insurance. Diseases such as diabetes, high blood pressure, or asthma are conditions that stay for a long time and lead to higher medical expenses.
This can result in higher insurance payments compared to those who are healthy. The additional cost also varies based on the type and severity of their health issue, according to doctors’ assessments.
Conclusion
A thorough and practical approach to ensure the health and well-being of the entire family is to purchase one of the several family floater health insurance policy India. When selecting the best plan for the family, it is crucial to thoroughly analyse the eligibility requirements, premium cost, and all the advantages provided.
Buy a family’s health plan with Niva Bupa the best health Insurance company and enjoy the advantages of complete coverage and facilities for cashless hospitalisation for you and your family.