Tips to Reduce Premiums on Your Family Floater Health Insurance

With rising medical expenses, it is essential to stay covered under adequate particularly when including your entire family under a Family Floater Health Insurance plan. Medical inflation in India is rising by approximately 13% annually, rapidly increasing the financial burden. In such scenarios, choosing a family floater plan lets you include all immediate family members under a single umbrella, often at a reduced premium. 

Go for smart strategies to avail a reduced premium under the family floater health plan. Continue reading to know more. 

5 Tips to Follow to Lower Premiums on Family Floater Health Plan

Here are the essential tips to follow to reduce premiums on a Family Floater Health Insurance plan while experiencing quality protection:

• Purchase Plan at a Younger Age

Age plays a crucial role in determining your premium amount. When you are younger, your risk profile will also be lower. Thus, there will be:

• Less chances of causing pre-existing diseases
• Small claim amount
• Reduced chances of hospitalisation

Hence, buying plans at a younger age will let you experience lower health insurance rates and maintain them for a prolonged period. 

• Choose a Higher Deductible

As an insured individual, choosing a higher voluntary deductible reduces the insurer’s liability. In return, you can also experience reduced premiums. This is proven beneficial for those who:

• Are stable financially
• Searching for a backup plan to meet unplanned emergencies
• Fall ill in rare cases

• Follow a Healthy Lifestyle

Maintaining a healthy lifestyle reduces the risk of diseases. Most importantly, many insurers offer wellness discounts if you meet their fitness goals. To achieve this:

• Avoid consumption of alcohol and smoking
• Exercise regularly
• Strictly maintain a healthy BMI
• Closely monitor health conditions such as cholesterol, blood pressure and diabetes.

• Consider No Claim Bonus (NCB) Wisely

A No Claim Bonus is a reward offered if no claims are made during the policy tenure. The two primary forms include:

• Increased sum insured at the same premium amount
• Avail a discounted premium amount for the same insured sum

• Comparison of Plans Online

The majority of people tend to buy the first plan without adequate research. Always make sure to compare policies, considering network hospitals, premium vs. coverage, exclusions, add-ons, waiting periods, and other features. 

Navigate several insurer platforms and choose a plan after reviewing the official insurer websites. Select the plan that offers value, not just reduced premiums. 

What are the Factors Affecting Premiums on Family Floater Health Insurance?

The factors impacting premiums on Family Floater Health Insurance include:

1. Sum Insured: A higher coverage amount results in higher premiums. 
2. Family Member’s Age: If family members are older, premiums tend to be higher due to increased health risks. 
3. Number of Members Included: Including more family members under the policy can increase the premium amount. 
4. Existing Medical History: If there are any existing medical conditions, it will automatically lead to a higher premium rate. 
5. Geographical Location: Premiums for health insurance plans vary by location and the availability of different medical facilities. 
6. Including Add-ons and Riders: Availing additional coverage options, such as a critical illness rider, can increase the premium. 

A proper understanding of these factors can help you choose a floater health insurance policy that aligns with your family members’ needs and budget. 

How to Choose a Family Floater Health Insurance Plan?

Here are the critical factors to look into for choosing an effective Family Floater Health Insurance plan:

1. Understand Your Family Needs: Consider the age, lifestyle and medical conditions of all your family members. 
2. Compare Premium and Sum Insured Amount: Choose the plan that offers cashless treatment within your preferred network of hospitals. 
3. Consider the Waiting Periods: The Majority of policies comprise waiting periods, specifically for pre-existing conditions or for treatment of specific diseases. 
4. Additional Benefits: Features such as an annual health check-up, maternity coverage, and a no-claim bonus enhance the value of the chosen policy. 

Bottom Line

Choosing the right type of Family Floater Health Insurance plan is essential. If you can manage your chosen plan wisely, there won’t be any compromise on coverage. The premium amount is also kept under control. 

However, incorporating simple tips, such as avoiding an excess insured sum, buying policies at an early age, and choosing a co-payment option, can make a significant difference. With rapidly rising healthcare costs, this kind of approach is affordable and convenient for all insured individuals.