A floater mediclaim policy is a health insurance plan that backs up an existing health insurance policy. It provides coverage if one needs immediate medical attention that their main insurance doesn’t cover in emergencies or unforeseen circumstances.
Choose the Right Floater Health Insurance Policy to Avoid Surprises
A large number of people in India take out a floater mediclaim policy to ensure that they have adequate cover against any sudden health care requirements.
However, there are numerous plans available and it is difficult to choose the one that best suits one and their family’s requirement. Here are eighteen tips for choosing such a floater mediclaim policy:
1) Premium Rate – The premium one will pay will depend on several factors such as age, pre-existing diseases, etc., so check the rate before purchasing the plan.
2) Sum Assured – Make sure one checks the sum insured as well as the claims settlement ratio before selecting their floater plan as it will determine how much one can claim.
3) Exclusions and conditions – Unforeseen events such as pregnancy, pre-existing medical conditions, etc., may make some plans less suitable for one. Read through all exclusions and conditions before looking at other features of the plan to ensure it is right for them.
4) Two Wheeler Coverage – Depending on where one lives, driving a two wheeler may be more convenient than driving a car due to traffic issues in major cities. Therefore, make sure that their policy includes coverage for this mode of transport if necessary.
5) Coverage for critical illness-Critical illness is the inability of an individual to work due to a medical condition. Ensure that their plan includes coverage for such illnesses.
6) Policy Expiration-Floater mediclaim policies expire after a certain number of years and it is important to check if one can renew or not before purchasing the policy.
7) Renewal – Most plans require one to pay premiums at regular intervals, but some may allow them to pay annually which would mean a slightly lower premium rate. Check this option as well while selecting a plan.
8) Single or Joint Cover – A single insurance cover means that only one person in the family needs to take out the policy which reduces premiums while a cover requires everyone in the family to purchase a policy. Check with one’s insurer before purchasing the plan.
9) Waiting Period – Every insurance company has its own rules regarding the waiting period for various diseases before they are eligible to claim money. Know one’s waiting period and compare it with other plans so that they can choose accordingly.
10) Pre-Existing Diseases – If they have any pre-existing medical conditions, it may be difficult or impossible to get coverage from an insurer at all depending on how long ago the condition occurred and its severity. Check this point carefully before purchasing their floater mediclaim policy.
11) Review Insurance Costs Regularly – Floater policies may require one to pay premiums at regular intervals, but their rates will vary over time which means that if they keep a check on their insurance costs, they can get a better plan for the same price.
12) Read Insurance Policy Fine Prints – Check all fine print and know what kind of health care expenses are covered by your plan to ensure that they understand it well before purchasing the plan.
13) Whole vs. Partial Claims – Some plans will allow one to make either whole or partial claims depending on how much coverage they have from their main medical insurance policy. Compare both options carefully before making a purchase.
14) Precautions while choosing a plan – If any of one’s family members has been diagnosed with an existing disease by a doctor, inform this fact to someone who is selling medical insurance as they may try to sell their own insurance company’s plan to them.
15) Earning a Good Discount – If one has been insured under an insurance company for a long time without making any claim, they may be entitled to get a discount on their premiums. Ask one’s insurer about this.
16) Availability of High-Risk Surgeon – In case of major surgeries such as heart bypass surgery, the patient will need special care and treatment which means that hospitals with better facilities for these procedures can be costly. If they have chosen their health care policy carefully, it should cover the costs of a high-risk surgeon if necessary.
17) Insurance protection vs. Permanent Disability Protection – It is mandatory to get life coverage in most states but permanent disability coverage is optional so make sure that one opt for this coverage in case of any life threatening diseases.
18) Functioning of Insurance Company – One way to check how good the medical insurance company is would be to look up their rating in online directories which are maintained by various agencies.
These were some essential tips to choose best floater mediclaim policy. Care Insurance takes care of all these points and provides great service.