A family floater health insurance plan is a good option. It insures the entire family under a single policy. You pay one premium, and all the family members are covered under the total sum insured. But when your family increases? Perhaps you got married or had a child. Or you wish to include your parents or in-laws. Before you include anyone, there are a couple of key things to verify.
Let's proceed step by step and see what you have to examine.
1. Examine the Age Limit
All family floater policies have age conditions. All plans insure children only until a particular age—say 18 or 25 years. Beyond that, they must have a separate plan. Also, see the entry age limit for adults. Some plans might not even permit you to include senior citizens or parents over a certain age, say 65 or 70 years. So, before you include anyone, ensure the plan permits it.
2. Verify the Premium Hike
The more people you add, particularly older members, your premium will increase. This is because the risk to the insurer also goes up. For instance, including your 60-year-old father will probably increase the premium more than including your 2-year-old daughter.
Always inquire from your insurer how much more you have to pay. Get a quote first and then decide.
3. Sum Insured May Not Be Sufficient
Assuming your policy has a sum insured of ₹5 lakh. Currently, it covers two adults and a child. If you increase the number of members, this could be insufficient for all their medical requirements. If two individuals get ill simultaneously, it can cross ₹5 lakh very easily.
So, consider raising the sum insured as you enrol new members. By doing so, every member can acquire proper coverage.
4. Waiting Periods Apply Again
Wait times are common in most health insurance plans for family. For instance, there can be a 2-year wait time for certain illnesses or pre-existing conditions. As you enrol a new individual, the wait time for them starts anew from the enrollment date.
Suppose you add your mother, who has diabetes. The plan might not include the treatment for diabetes until the waiting period lapses. So, always find out how waiting periods work for new members.
5. Medical Tests May Be Required
Some insurers ask for health check-ups, especially if you are adding senior citizens or someone with known medical issues. The insurer will use this report to decide if the person can be added, and at what premium.
Be ready for this process, and make sure the person being added is okay with it.
6. Check Network Hospitals
Before inducting a member, verify if the insurer has nearby network hospitals. This is especially necessary if the new member resides in a different city. A broad network of cashless hospitals ensures smoother and quicker claims.
7. Check the Claim History
If your scheme has had a lot of past claims, the insurers might not permit adding members without much hassle. They might even hike the premium. Inquire from your insurer first before making any modifications.
8. Re-examine the Policy Terms
Occasionally, adding members modifies your policy terms marginally. There might be new conditions or clauses. Always request the updated policy document and review it carefully.
Final Thoughts
A family floater plan is adaptable, but it's not necessarily just a matter of "add a name." New members are added with cost adjustments, terms, and waiting periods. Ensure you know all the details before proceeding.
If in doubt, consult your insurance advisor or company rep. Ask them everything. After all, this is your family's health and well-being.
Tip: Check your family floater policy annually. With the growth of your family, health coverage must increase as well.
