Family Floater Health Insurance relates to a type of insurance that essentially covers your medical expenses. A health insurance policy like other policies is a contract between an insurer and an individual / group in which the insurer agrees to provide specified health insurance cover at a particular “premium” subject to terms and conditions specified in the policy.
You should check out these factors before buying an insurance for your parents-
1. Is the coverage level sufficient?: Hospitalization plans are those health insurance plans that reimburse the hospitalization and medical costs of an individual, subject to the sum insured. Hence, these plans are also known as indemnity plans.
2. The limit on covered expenses: Family health insurance plans cover the entire family in one health insurance plan. It works under the assumption that not all members of a family will suffer from illness at one time. These plans cover hospital-related expenses which can be pre and post hospitalization. Most health insurance companies in India offering family insurance have a wide network of hospitals that help the insured people in times of an emergency.
3. Check the waiting period: As the name suggests, senior citizen health insurance plans are for the older people of the family. These plans cover health issues arising during old age. As per IRDAI guidelines, each insurer must provide cover up to age of 65 years.
4. Co-Payment: Maternity health insurance plans provide coverage for maternity and other additional expenses. These policies take care of both pre and post-natal care, and delivery of baby i.e. normal or caesarean deliveries. Just like other health insurance plans, the maternity insurance providers usually have a wide range of network hospitals and also takes care of ambulance expenses.
5. Network of Hospitals: Hospital Daily cash benefits is a defined benefit policy that provides a certain sum of money for every day of hospitalization.
Understanding the various terms and complexity of buying a health insurance always bothered me and I always left the transaction mid-way. 121Policy is explanatory and easy to comprehend.
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We have a long relation with some of the largest insurance providers in India for various products.