The health and well being of our family always take a priority over our own needs. That is the reason, most of us prefer to buy a family floater instead of individual covers. Getting a family floater saves you substantial money. Suppose there’s a family of four, comprising of two adults and two children.
The premium paid if all the four members are covered under one family health plan, stands much lower compared to when four separate policies are bought. There are other pros to family floaters apart from the cost factor. In a family floater, the immediate family members such as newly wed spouse and new borns can be covered without hassles just by informing the insurer.
The only glitch with a family floater is that the cover is fixed and if it is exhausted on the treatment of one member during the policy term, any other member would not be able to avail further benefits from the plan, till the end of the term. Only when the policy is renewed, the sum assured is reinstated afresh.
Here are the best health insurance plans you can buy, for getting yourself and your family protected from any financial contingencies.
1). ICICI Lombard Complete Health Insurance – iHealth Plan
Complete Health Insurance – iHealth Plan from ICICI Lombard was awarded the ‘Product of the Year’ in a survey conducted by Nielsen in 2013.
- In patient hospitalization expenses covered including room charges, doctor/ surgeon’s fee, medical bills, etcetera
- Pre and post hospitalization expenses covered
- It is the widest floater that covers all your family members including self, spouse, dependent parents, dependent children, brothers and sisters, under a single plan
- No upper cap on entry age
- Value added services – Free health check-up (2 times a year), online doctor chat, specialist consultation, dietician & nutritionist consultation, discount coupon book
- Choose between two valuable add-ons – Daily cash + Convalescence benefits or Critical illness cover + Donor expenses
- Medical test not required for individuals below 46 years of age
- Cashless hospitalization
- No sub limits applicable on any major medical illness, medical procedures and joint replacement surgery
- Lifelong renewal (no age limit for renewal)
- Increased sum insured on every claim free year
- Waiting periods – 30 days initial waiting period, before which no coverage is given, 4 years waiting period for pre-existing diseases, 2 years waiting period for specific diseases like cataract, hernia, renal stones etc.
- Common exclusions – Alcohol/drug abuse, dental care expenses, vision care/hearing aid, AIDS, pregnancy related expenses, infertility and in-vitro fertilization, non-allopathic treatment, suicide attempts/self-inflicted injury
- Domiciliary expenses not covered
- The insured aged above 46 years have to undergo medical tests to get insured
2). Max Bupa Heartbeat
Heartbeat is a family oriented health insurance plan. This plan extinguishes itself with unique features such as inbuilt maternity and new born benefits, no lower or upper cap on the entry age, and so forth. It is offered in three variants, silver, gold and platinum.
- In-patient hospitalization expenses covered including surgical operations, nursing care, doctor’s fees, operation theatre charges, ICU charges, pathology, x-rays, diagnostic tests, prosthetic implants, etc.
- Pre & post hospitalization expenses covered
- All day care procedures covered
- Organ donor’s expenses covered
- Domiciliary treatment
- Emergency ambulance expenses
- Lifelong renewability
- Maternity benefit (upto 2 deliveries)
- Childcare benefit
- Automatically covers a new born
- Outpatient benefits (for platinum plan)
- Increased sum insured on every claim free year
- Covers up to 13 relationships under one single policy
- Free health check-up every second year
- No claim-based extra loading
- 24×7 health advice helpline
- Relationship manager assigned for claim facilitation (for gold and platinum plan)
- Consultation and diagnostic tests (for gold and platinum plan)
- No TPA. Fast and direct claim settlement
- Waiting periods – 90 days initial waiting period, before which no coverage is given (except in case of an accident or emergency). 4 years waiting period for pre-existing diseases. 2 years waiting period for specific diseases like cataract, hernia, renal stones etc.
- Exclusions – Addictive conditions and disorders, ircumcision, dental/oral treatment, congenital conditions, convalescence and rehabilitation, cosmetic surgery, nature cure, HIV, AIDS, non-allopathic treatment, psychiatric and psychosomatic conditions, out-patient treatment, self-inflicted injuries, treatments received outside India.
- 20% co-payment of the claim amount
3). Star Health Family Optima
Star Health is really the star of health insurance sector especially when it comes to serving a niche to the hilt. Family Optima is a smart family floater with great features and benefits.
- In-patient hospitalisation expenses including room rent, nursing charge, boarding charge, fees of surgeon, anaesthetist, medical practitioner, cost of drugs and medicines
- Pre and post hospitalization expenses
- Ambulance charges
- Automatic restoration of the basic sum insured (as soon as the cover is exhausted)
- Bonus on the basic sum assured for every claim free year
- No medical tests below 50 years of age
- No TPA involved. Direct in-house claim settlement
- 24×7 toll free helpline
- Cashless hospitalisation at +5400 network hospitals
- Free telephonic medical consultation
- Waiting period – 4 years for pre-existing conditions. 30 days initial waiting period, before which no coverage is given. 2 years waiting period for specific diseases like cataract, knee replacement surgery and so forth. 1 year waiting period for specific diseases like hernia, renal stones, etcetera
- Exclusions – Non-allopathic treatment, expenses on purely diagnostic tests without any positive sign of a disease, war and nuclear perils, circumcision, congenital diseases.
- 24 hrs hospitalisation limit is not applicable for 101 listed day care procedures
4). Oriental Insurance Happy Family Floater
Happy Family Floater comes with such coverage and benefits that getting covered under this plan really is a reason for any family to be happy. It comes in two variants, silver and gold.
- Hospitalisation expenses for the covered diseases/accident including room, boarding and nursing expenses, ICU expenses, fees of surgeon, anaesthetist, medical practitioner, consultants, specialists fees, costs incurred on anesthesiology, blood, oxygen, pacemaker, artificial limbs, etcetera
- Ambulance service charges
- Domiciliary hospitalisation
- Optional personal accident cover
- Inbuilt cover – daily cash allowance and attendant allowance (Gold plan)
- Add on cover – life hardship survival benefit (Gold plan)
- No medical examination for persons upto the age of 60 years.
- Discount in OMP (Overseas Mediclaim Policy) premium when family floater policy is take
- Discount in premium if TPA services not opted
- Flexible sum assured
- 5% discount on premium on every claim free year (up to a maximum of 20%)
- Waiting period – 4 years for pre-existing conditions
- Regular exclusions
- 5% loading charge on renewal
- 10% compulsary co-pay (Silver plan)
5). Tata AIG Wellsurance Family
Wellsurance Family is not a family floater plan. It is a family coverage plan. The difference between the two is that a family floater plan covers a family under a single sum assured while a family coverage plan covers each family member under independent sum assured. It comes in three variants, classic, supreme and elite.
- Hospitalisation expenses
- Post hospitalization expenses
- Covers 11 critical illnesses
- Ambulance charges
- Daily cash benefit
- ICU benefit
- Children’s education benefit (in case of death/disability of the policyholder)
- Convalescence benefit
- Cashless claim settlement across a 3000+ network of hospitals in India
- Free telephonic consultation with expert physicians
- Discounts at selected skin care and fitness centers
- Discounts on health check up at network hospitals
- Double claim benefit – A claim can be filed even if the claim has already been filed under any other health insurance policy
- Waiting periods – 4 years for pre-existing condition. 90 days for critical illness benefit. A general waiting period of 90 days before which no coverage is given.
- Exclusions – Self-inflicted injury, HIV/AIDS, war, pregnancy and all related conditions, alcohol/drug abuse, ayurvedic, homeopathy or naturopathy treatments, etc.