Medical cost is the most devastating expenditure that any family may need to bear. It can cause a financial drain in the blink of an eye. It makes it imperative to cover each member of the family including parents, spouse as well as children. For most, a family floater looks like an ideal solution. But various factors that need to be considered before you decide to buy it. Here, we understand a few vital points contributing to the decision. Read on!
- Number of members
The premium amount of a family floater is comparatively less than an individual health plan for every member. Hence getting a family floater is a smart choice when you have a family size of three or more.
- Age
The age of the family is another important factor to consider when selecting any Family Health Policy. You cannot buy any separate health policy for minor children. Hence, if you have any child or children in your family, its best to choose a family floater instead of an individual plan so that they get covered too.
Another factor to look into is your parents and whether they have any existing policies as well as diseases. The premium amount tends to rise exponentially with age. Hence, if you include your parents who are in their senior years; the premium amount is likely to spike considerably. Moreover, they are likely to use up all permissible coverage and leave you, your spouse and your children with little coverage. In this scenario, it is better to exclude your parents from the family floater and buy a separate policy for them. It would provide better coverage and protection to your entire family.
- Pre-existing disease
You might be young but you could be suffering from a pre-existing disease like diabetes. This raises the possibility that you might use all the claim and the rest of the members would not have adequate cover. Thus, while you can choose a family floater, you must supplement it with an individual plan for yourself as well so that all have sufficient cover.
- Age of the insured
It is important to keep in mind the age of the insured under whose name the policy is insured. A family floater ceases to exist if the principal insured member passes away. The rest of the family is left without any cover. Hence, the age and the age gap should be such that the risk is mitigated. If there is a high risk, its best to get individual plans. It must also be noted that typically, a health plan is issued in the name of the oldest member of the clan.
- Sum insured
The biggest advantage of a family floater is that it facilitates you to get a higher sum insured with a comparatively less premium amount. Hence, it becomes more affordable and viable. Hence, if you are looking for health protection for your spouse and children included; you can mitigate potential financial challenges by opting for a higher sum insured.
Final words
Selecting the right policy to protect every member of your family is a responsibility that requires careful consideration and thought from your side. Ideally, if the age gap between family members is not huge; its best to choose a family floater but if it is high or any one member is vulnerable to a particular disease, its best to buy a separate individual policy for them. Taking the right decision and coverage would help protect you and your family from any medical expenses’ contingencies.
