1. A family floater plan will suit you best, where the cover is shared by the entire family, as it is cheaper than individual plans.
2. The total premium may be higher compared with an individual policy, but the premium per person works out to be lower.
3. It's a calculated risk you can safely take as it is unlikely that all the members will require hospitalisation in the same year.
4. For newly married couples, who intend to start a family in a few years, most health insurance policies do not cover maternity costs, but some do, after a waiting period of 2-3 years, hence buy a policy that covers maternity costs immediately after marriage, although it will cover the child only after he is 3 months old.
5. Opt for a family floater health plan:-
a) with cashless payment facility,
b) without sub-limits, though with higher premium,
c) without co-payment as you don't get full coverage, though insurance cost reduces,
d) with an insurer who has tie-ups with reputed hospitals of your preference,
e) without too many exclusions or long cooling-off periods,
f) that covers the maximum number of day-care procedures, and
g) that also covers alternative treatments, though costlier.
6. For those living with old dependent parents, the family floater plan is not a good option, if you want to include them as well, because the premium rates in these plans are determined by the age of the oldest member, hence, buy individual plans for them so that the premium for the rest of the family does not shoot up.
7. Also, there is a greater likelihood of making a claim for an older person, so the floater plan will miss out on the no-claim bonus it might have otherwise received.
8. If there are enough people in your HUF, a karta can get a family floater plan which allows maximum relatives, at a lower premium than that of an ordinary plan, besides a separate tax deduction, even if the karta dies in due course of time and a new proposer takes over from him.
9. Premium of a family floater policy is usually in age-bands and changes when age of eldest member moves from one band to another, but can also change based on claims experience of the insurer.
10. Insurers can also take IRDA's approval for changing premiums if previous rates are not sustainable, although policy holder can use portability option and move to a new insurer offering better rates, upon its consent.
11. A policy holder can also ask premium chargeability followed for his specific policy from the insurer as his right.
9. Premium of a family floater policy is usually in age-bands and changes when age of eldest member moves from one band to another, but can also change based on claims experience of the insurer.
10. Insurers can also take IRDA's approval for changing premiums if previous rates are not sustainable, although policy holder can use portability option and move to a new insurer offering better rates, upon its consent.
11. A policy holder can also ask premium chargeability followed for his specific policy from the insurer as his right.