Friday, 9 November 2012

[www.keralites.net] What is Family Floater Health Policy ?

 

Here are things you should know about family floater policies
  • Family floater health policies cover the entire family, including spouse and kids, under one plan for a specific amount. It's a cost-effective way to provide a bigger insurance, instead of individual health policies for each member of the family.
  • Usually, these plans do not have sub-limits for each member of the family. This allows the insured to utilise the entire amount either individually or collectively through multiple claims during the policy term.
  • If the medical expense of one member exhausts the entire cover, the other members are forced to be without cover for the remaining policy term. Family floater policies may also prove to be inadequate if the entire family incurs high medical expenses.
  • The premium for the floater policy is a function of the age of the oldest family member being covered and the medical condition of all the insured persons. Hence, including older family members will raise the premium significantly.
  • The policy may specify the maximum and minimum age for buying a cover as well as its renewal. This has to be met by each insured person. If eligible members of the family exceed the age limit, they cannot be included in the policy.
Best Regards
Prakash Nair
www.keralites.net

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