Health

Buying Health Insurance for a Large Joint Family

Most people take health cover for themselves but overlook procuring coverage for their family members. Some people avoid health coverage, as they are covered under employer group insurance. However, group plans impose co-payments, sub-limits, and other limiting clauses that put some members like your parents at higher risks. This is when a family floater can prove useful.

Family floater plans

An individual plan covers only one person. On the other hand, a family health insurance plan provides coverage to many members under a single policy. It is an umbrella cover that is available for all family members.

Types of family health insurance plans

It is easier and more convenient to include multiple family members under one health policy. A family health plan may either be medical insurance or a critical illness cover.

A medical plan pays for the expenses in case any of the insured requires hospitalization. The insured may avail of this facility as cashless treatment within network hospitals or take a reimbursement if hospitalized in a non-network facility.

A critical illness plan pays the policy benefits if the insured is diagnosed with a chronic condition, such as kidney failure, stroke, or heart attack. You may avail of this cover as an additional rider to a basic health insurance plan for the family.

Coverage offered by family floater plans

A family floater is available for you, your spouse, dependent children, parents, and your in-laws. It covers:

  • 500+ daycare procedures
  • Chronic management program to improve the quality of life in case of critical ailments like diabetes, asthma, hypertension, or high cholesterol
  • 100% reload of the sum insured (SI)
  • Cashless health insurance within network hospitals
  • Global emergency assistance

Relationships covered under a family floater plan

  • Children aged between 91 days to 25 years
  • Self, spouse, and dependent parents and in-laws

A family floater health insurance plan covers up to six adults and three children. If you and your spouse are not included in the plan, you may still purchase a cashless policy for your parents and in-laws.

Compared to individual plans, family floaters are more affordable. If your employer’s health insurance does not cover your parents, you may choose a family floater mediclaim to insure them, as individual covers for seniors will be costlier.

However, if your parents are old and have health issues, a family floater may not be suitable. This is because the entire SI may be exhausted if they require frequent treatment for any medical condition. Additionally, other members of your family may be left without any coverage during the year. Consider mediclaim insurance plans that offer reload of SI to overcome this limitation.