For lesser premium, Opt for a Floater Policy

With skyrocketing prices these days for everything from fuel to vegetables, people are looking to cut back some of their expenditure.  In such economically difficult times, one would not want any unfortunate and unforeseen circumstance to disrupt financial comfort, hence arises the need for insurance policies. Insurance policies are required to take care of your financial needs in emergencies.  

Health insurance is one such policy that everyone must hold. But with cutbacks in finance, people are looking for policies with lower premium while getting maximum cover. A floater health insurance policy will help you to cover your entire family at an affordable premium.

What is floater health insurance policy?

The problem with a regular health insurance policy is that it only covers one person, so you have to take different policies for all your family members.  

A single floater health insurance policy will cover all your family members making it a better option over normal health insurance policies. It will cover all the expenses of a person under the policy if he or she spends over 24 hours in a hospital. The policy covers all sorts of medical expenses that you may incur during hospitalisation. 

Benefits of this plan

A floater health insurance policy offers some great benefits such as:

  • The elders in the family, who are senior citizens, will get free health checkups.
  • The policy allows you to get all the benefits for two years without increasing premium. This means that you do not have to pay a higher premium in the second year of the cover.

What a floater does not cover

After taking the policy, it will not cover any medical expenses of your family for the first 30 days. However, if you meet with an accident, the medical expenses for the same will be covered in that 30 day period as well.

It is applicable for the first time only and you will get full cover from the next renewal. If you are already facing health issues because of age, regular health insurance policies would be best suited for you.   

Differences between regular health insurance and floater health insurance

The expense incurred on the premium is the main difference between these two plans. As a floater heath insurance policy covers the entire family, you do not need to sign a separate policy for each member. Also, the total sum assured will be available for the entire family.

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