Discover Meaning, Advantages, Features & Benefits
Home / Health Insurance / Health Insurance for Family / Family Floater Health Insurance
When it comes to safeguarding the health of your loved ones, a family floater health insurance plan emerges as a prudent and cost-effective choice. This comprehensive guide aims to shed light on the intricacies of family floater health insurance, focusing on it's meaning, how it works, top advantages, comparison, and things to consider before buying family floater plan.
A family floater health insurance plan is a tailored health coverage that extends to multiple members of a family. Unlike individual health insurance, which requires separate plans for each family member, a family floater plan allows you to cover your spouse, children, parents, and even siblings under a single policy. This not only streamlines the insurance process but also proves economical, with lower premiums compared to individual plans.
A family floater health insurance plan functions by consolidating the coverage for all enrolled family members under a single plan. The shared sum insured allows multiple claims, offering flexibility during medical emergencies. This shared approach distinguishes it from individual health insurance plans.
Here are 10 advantages of a comprehensive and feature-rich health insurance plan for family.
The complexities of managing individual health insurance policies for each family member can be daunting. A family floater health insurance plan simplifies this process by encompassing all family members—spouse, children, and dependent parents—under a single umbrella. This streamlined approach not only eases administrative burdens but also ensures that each family member enjoys comprehensive coverage without the hassle of maintaining separate policies.
One of the most distinctive features of a family floater plan is the concept of shared sum insured. In simple terms, the total coverage amount is available to any family member in case of a medical emergency. This dynamic allocation of coverage ensures that no family member faces the risk of being underinsured, while optimising the utilisation of the sum insured.
The beauty of a family floater plan lies in its cost-efficiency. The collective risk pool often results in lower premiums, making it an economically sound decision that doesn't compromise on coverage.
Beyond the realm of health protection, a family floater health insurance plan also offers tax advantages, as the premiums paid for such policies are eligible for deductions. This dual benefit of securing your family's health and reducing your taxable income makes a family floater plan a wise financial move.
Many family floater plans include a provision for annual health check-ups for each covered family member. This proactive approach to health care aids in the early detection of potential issues, empowering you to take preventive measures and ensure the well-being of your loved ones.
In an era marked by digital transformation, accessibility to healthcare services has taken on a new dimension. Family floater plans often encompass teleconsultation services, allowing family members to consult with medical professionals remotely. This feature is particularly advantageous for minor health queries, follow-up consultations, and seeking medical guidance without the need for physical visits.
India's rich heritage of alternative healing systems, collectively known as AYUSH (Ayurveda, Yoga, Unani, Siddha, Homeopathy), offers holistic health approaches. Many family floater plans extend their coverage to include such treatments. This inclusion enables you to explore traditional and alternative healing methods, promoting a holistic approach to well-being.
Medical advancements have redefined healthcare, with many procedures no longer requiring extended hospital stays. Family floater plans typically encompass coverage for daycare treatments—medical procedures that necessitate less than 24 hours of hospitalisation.
Medical expenses extend beyond the duration of a hospital stay. Family floater plans offer comprehensive coverage by encompassing pre-hospitalisation and post-hospitalisation expenses. This holistic approach ensures that you're protected throughout the entire medical journey, from consultations and tests to recovery and follow-up care.
Medical emergencies are inherently stressful, and financial worries only exacerbate the situation. Family floater plans often offer the convenience of cashless claims. This streamlined process entails the insurer directly settling the medical bill with the hospital, minimising out-of-pocket expenses and allowing you to focus solely on the health of your loved ones.
Firstly, the premium is the amount you pay to the insurance company to keep your policy active. For Family Floater Health Insurance, the premium is calculated based on a few key factors:
Sum Insured (Coverage Amount): This is the maximum amount the insurance company will pay in case of a claim. Generally, the higher the sum insured, the higher the premium. It's like choosing how much financial protection you want for your family's health.
Family Members Covered: The number of family members covered under the policy plays a crucial role. More members mean a higher premium, but it's a cost-effective way compared to individual policies for each family member.
Age of Family Members: Age matters when it comes to health insurance. Younger members usually have lower premiums as they are considered to be at lower risk. As age increases, so does the premium, reflecting the higher likelihood of health issues.
Medical History: Your family's past health conditions also influence the premium. If there are pre-existing medical conditions, the premium may be higher. This is because the insurance company takes into account the potential cost of covering these conditions.
Add-ons and Riders: You can include additional features in your policy for extra coverage. While they enhance your protection, they can also increase the premium. It's like customising your policy to fit your family's unique needs.
Aspect | Individual Health Insurance | Family Floater Health Insurance |
Coverage | Dedicated coverage for the policyholder. | Coverage amount distributed among all family members. |
Benefits | Covers all medical expenses of the individual. | Covers all medical expenses of family members under the plan. |
Premium | Higher premium based on coverage, age, and medical history. | Lower premium as it covers all family members under one plan. |
Members Covered | Only the policyholder. | Enrolls four to eight members, including the policyholder, spouse, children, and sometimes parents. |
Ensure that the sum insured is sufficient to cover the medical expenses of the entire family. Most insurers offer family floater plans starting from Rs. 50 lakh.
Choose an insurer with a substantial network of hospitals to facilitate cashless treatment at various locations.
Opt for an insurance company with a high claim settlement ratio, ensuring quick and hassle-free claim processing.
Be aware of the waiting period, typically 2-5 years, during which pre-existing conditions and certain add-on benefits are not covered.
Here are the steps to renew your Family Floater Health Insurnace plan at ACKO.
Step 1: Log in to Your ACKO Account
Open the ACKO app and log in to your account. If you don't have an account yet, don't worry – you can easily create one using your registered mobile number.
Step 2: Locate Your Policy
Tap on the health insurance plan that you wish to renew.
Step 3: Review Your Policy Details
Take a moment to go through the details of your Family Floater Health Insurance policy. Make sure everything is accurate and up-to-date. If there are any changes, you can usually update them during the renewal process.
Step 4: Select the Coverage
Review the coverage options available for the upcoming policy period. There might be enhancements or additional features that you can add to your policy during renewals. Choose the coverage that best suits your family's health needs.
Step 6: Verify Personal Details
Ensure that all personal details for you and your family members are correct. This includes names, ages, and any other relevant information.
Step 7: Make the Payment
Once you've confirmed your coverage and verified all details, proceed to make the payment. We provide various secure payment options, such as credit/debit cards, net banking, or digital wallets.
Step 8: Receive Confirmation
After successful payment, you'll receive a confirmation. It may be sent to your registered email address or mobile number. Once the policy is approved for renewal you can download the policy document and save it for records.
Here is a step by step process for claiming against your ACKO health insurance plan.
Step 1: Open/Download the ACKO App
If you haven't already, download the ACKO app from your app store. Once it's installed, open the app and log in to your account. If you're new to ACKO, follow the simple registration process to create your account.
Step 2: Locate the 'Claims' Section
Once you're logged in, navigate to our 'Claims' section. This is easily accessible from the home screen or the main menu. The app is user-friendlyand easy to navigate.
Step 3: Initiate a New Claim
In the 'Claims' section, you'll find an option to 'Initiate a New Claim' or something similar. Click on it to kickstart your claim process.
Step 4: Fill in the Required Details
Now, fill in the necessary details. This might include personal information, policy details, and specifics about the illness or treatment. We keep it simple, so you won't be overwhelmed.
Step 5: Upload Documents
This is where your documents come into play. Take clear pictures or scan your bills, medical reports, and any other required documents. Upload them through the app. We understand the value of your time, so this process is quick and easy.
Step 6: Track Your Claim
After submitting your claim, keep an eye on its progress. Our app has a tracking feature. Check it to stay informed about the status of your claim.
Step 7: Additional documents
If we need additional information or if there are any updates, we'll likely get in touch through the app or on email. Keep notifications on and respond promptly to ensure a smooth process.
Step 8: Await Approval and Payment
Once everything is in order, we will process your claim. Upon approval, we'll initiate the payment.
Yes, there might be a waiting period for certain treatments or pre-existing conditions. The waiting period varies between policies, so it's crucial to understand the terms and conditions mentioned in the policy document.
Yes, we allow policy portability. Contact ACKO's customer support for guidance on how to port your existing Family Health Insurance policy to ACKO.
Most family floater health plans allow enrollment of four to eight members, including the policyholder, spouse, children, and sometimes parents or parents-in-law.
For adults, the minimum age criteria are 18-65 years, and for dependent children, the age bracket is between three months and 25 years. However, eligibility criteria may vary for different family floater health plans.
A Group Medical Cover expires when you are no longer an employee of the organisation. In this regard, purchasing a family floater policy for your family is beneficial as it will continue to cover you as long as you pay the premiums.
Yes, family floater plans are often more cost-effective as they pool the risks of all family members under a single policy. This usually results in lower premiums compared to purchasing individual policies for each member.
A shared sum insured means that the total coverage amount is available to any family member in need. This flexibility optimises the utilisation of the sum insured based on individual requirements.
The premiums paid for family floater plans are eligible for tax deductions. This reduces your taxable income while ensuring your family's health is protected.
Teleconsultation services allow you to consult medical professionals remotely through digital platforms. It's particularly useful for minor health queries and follow-up consultations. Digital-first insurance companies offer the facility of teleconsultations via their mobile app. Covered members simply need to access this app and consult with specialists from the comfort of their home.