Family Floater Health Insurance vs Group Insurance

A lot of financial experts state that financial planning begins with purchasing a health insurance policy due to the financial burden associated with increasing medical expenses. With changing lifestyles and increased exposure to life threatening diseases, today you need to have adequate health insurance that covers medical expenses for you as well as your family members long before you start saving for your financial goals.

 

In this article, we will be discussing whether you should opt for Group Insurance or Family Floater Health Insurance. Towards the end, you will be able to determine which health plan best suits your needs.

So, let us begin!

What Is Group Health Insurance?

The following table provides a better understanding of the group health insurance policy:-

	GROUP HEALTH INSURANCE
DEFINITION	A group health insurance plan provides coverage for a group of members. Company employees generally use this type of policy. The group members do not have to be necessarily immediate family members.
FEATURES	It covers medical benefits for self, spouse, children, and dependent parents Some health insurance providers include pre-existing medical conditions and maternity as well It offers cashless services at all network hospitals It includes ancillary charges like ambulance and daycare costs It provides reimbursement of fees when visiting specialists and other medical practitioners for follow-up medical treatments
WHY CHOOSE GROUP HEALTH INSURANCE?	Wide coverage and better benefits Seek bespoke coverage Affordable premium rates
ADVANTAGES (FOR EMPLOYERS)	Tax deduction under section 80D Motivated employees Top-notch benefits at low cost Increases employee retention
ADVANTAGES (FOR EMPLOYEES)	Coverage for pre-existing illness from day one Extensive coverage More extensive maternity coverage

 

What Is Family Floater Health Insurance?

The following table will help you understand family floater health insurance:-

	FAMILY FLOATER HEALTH INSURANCE
DEFINITION	As the name suggests, a family floater health insurance is a health plan exclusively made to fulfill medical needs for families.
FEATURES	The policy provides basic health coverage for self and included family members Although a few insurance providers offer coverage until the age of 65 years, there are a few policies that offer lifetime coverage. Increased sum insured Easy claim settlements Cashless services at network hospitals for self as well as family members
WHY CHOOSE THIS PLAN?	The sum insured is used by all the members included in the policy It provides health coverage for self, spouse, children, parents/in-laws, newborn babies (90 days old or less) The age of eldest members of the family under the plan determines the premium amounts
ADVANTAGES	Safeguards health of the family members All members are covered under a single plan Do not have deal with managing different health care plans Includes the entire family with single payable premiums Facility to add new members to the program Tax benefits

 

Factors to Consider Before Buying Family Health Insurance Plans in India

Multiple factors are needed to be taken into consideration when purchasing health insurance plans for a family. The task can be overwhelming, but don’t worry. We are here to help. Certain factors remain constant, irrespective of the type of health insurance plan. These factors are as follows –

• Policy Coverage – When purchasing family health insurance, your sole purpose is that the policy can come in handy in case of medical emergencies. Hence, when choosing a health plan, make sure that you are going through the features and benefits offered by different health policies online. You can then select a plan that best suits your health needs. When it comes to family health insurance plans, it highly advisable to decide a policy that covers you, your partner, dependent children, and parents.

• Premiums – Premium amounts are based on parameters like sum insured, age, gender, lifestyle habits, add-ons, and more. Generally, the younger you are, the lower will be your premium amounts. Also, when conducting market research on family health insurance, check the sum insured, and whether the coverage provided is sufficient for all the family members.

• Claim Settlement Ratio – The claim settlement ratio tells you about the efficiency of the insurance provider in settling the claims. In other words, it will give you a fair idea regarding how the insurance company/provider pays the claims in case of any.

• Network Hospitals – Every insurance provider has a list of network hospitals where you can avail cashless services upon hospitalization. So, if the hospitals in your vicinity or that you often visit are listed in the network hospital list, it is a win-win situation for you. After all, what’s better than availing cash-free treatments in case of any medical emergencies, right?

• Free Look Period – If it is not stated in the policy paperwork, make sure you ask your insurance provider whether or not they offer a free look period. During this period, you can read through the policy paperwork carefully and get a deeper perspective on the features and benefits the plan offers. Later, if you feel that the policy does not comply with your needs, you can give up on the deal and claim a refund for the premiums paid.

What Should You Do?

Ideally, when choosing family health plans, you must compare different policies offered by various insurance providers online.

Do not buy health insurance online solely based on the premiums offered. Carefully go through the inclusions and exclusions in the policy documents and what benefits the plan includes. Also, make sure that every member of your family is covered under the health insurance plan as it can come in handy during unforeseen medical emergencies.

Are you looking for family health insurance plans?

Browse through different health plans available on Finserv MARKETS. With the Bajaj Allianz Health Insurance plan at Finserv MARKETS, you can benefit from features like swift claim settlement, reinstatement benefits, bespoke insurance plans, extensive coverage, tax benefits, and more.

Keep your health in safer hands with us at Finserv MARKETS at affordable premium rates. Take a look at our exclusive product range and choose a plan that best suits your needs.

Get Bajaj Allianz Health Insurance with us today!

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