Saturday, 5 February 2011

Floater Health Insurance Policy covers the entire family with one premium

We are tempted to shorten our expenses and try to get maximum advantage with minimum cost. As per the theory of economics we are compelled to satisfy our unlimited needs with our minimum resources. Now the cost of medical protection is also skyrocketed and a common man cannot afford it without proper medical insurance cover. The traditional medical insurance gives the medical cover for only one person per policy. But floater Medical Insurance Policy gives you the medical protection for the entire family with one policy and one premium.

The main advantage of Floater Medical Insurance Policy is that the entire family or the single person of the family can get the medical treatment of the full coverage. Suppose we take traditional Medical Insurance Policy for all members of a family with Father, Mother and two kids, we have to pay Rs. 10000 as premium for the medical cover of 300000 each and each member or the single member can get the medical cover of 300000 and if any additional amount to be spend, it should be paid from our pocket. But in case of floater medical insurance policy the family will get a medical cover of Rs. 8 Lakh and if anybody or for all can avail a medical cover of Rs. 8 Lakh. If the medical expense of a person is 400000, the floater policy allows you to get that much cover or more.

Like other medical insurance policies the floater policy also gives the expenses of room charges, medical experts’ fees, medicines as well as expenses incurred a month before hospitalization and for next 2 months after discharge from the hospital etc. as per the terms of the policy.

Some Insurance Companies allow free health checkup facility for senior citizens in your family, Option for 2 year insurance cover without any increase in premium in the 2nd year and allows you to enter in the policy without any medical examination till a certain age, normally 45 years etc. with floater Medical Insurance Policy.

In India you can avail Income tax exemption of Rs. 15,000 (Rs. 20000 for Senior Citizen) under section 80D. Other countries also allow tax exemption for medical insurance.

Almost all Insurance providers offer floater family health insurance policy, but you should keep in mind about the following points.

Allowable amount of medical cover and option for two years medical cover (gets cheaper than single year medical cover). Does it allow Coverage for the existing diseases (disease which are there before the joining the policy). Maximum age of renewal of the policy (Some insurance providers does not allow renewal after a certain age). Ask about the other subsidiary benefits such as free health check up, no claim bonus etc.

Floater Medical Insurance Policy is a better option in this inflation period and one can reduce the medical expense and also can reduce the insurance cost up to certain and can give a relief for the family budget.

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