Family floater health insurance plans offer you the convenience of securing medical coverage for your loved ones with ease. With a single plan and premium, you gain medical insurance for your immediate family members. That helps you save yourself from the time and effort that it would take to get individual coverage for each member of your household.
Most family health insurance plans allow you to include your spouse, children, parents, and parents-in-law for coverage. Some insurers even allow you to include other blood relatives too for more wholesome coverage.
Given the convenience offered by a family floater health insurance plan, it would make sense to opt for this form of coverage. However, it is important to note that the sum insured is shared by all members covered – what if your own health needs exceed that level of coverage given? Can you buy an individual health insurance plan for added protection?
The answer is YES, you most certainly can!
Why it makes sense to have an individual health insurance plan too
If you want to enhance your protection, you could definitely opt for a secondary individual health insurance plan. Your situation would be akin to someone who is covered by their employer’s health insurance and yet wants their own private medical insurance plan. You are allowed to own two health insurance plans as long as you understand the proper process of how claims work when you have more than one policy for coverage.
If you have many senior members of the family included in your family floater plan, you might want to leave room for them to make claims owing to their advanced age and pressing health issues. You could simply opt for an individual health insurance plan as your own primary form of coverage and only depend on the family floater health insurance plan for secondary coverage, in case the need arises. The opposite too could be beneficial – senior members of the family who are covered under a family floater health insurance plan might also opt in for an individual senior citizen health insurance plan too.
How do you make claims with more than one health insurance policy?
If you enjoy coverage under more than one health insurance policy, you would have to decide which one is your main plan. For instance, you may choose your individual health insurance plan as your primary form of coverage. So, you would choose to file a claim under that plan when the need arises. However, if the expenses go beyond the coverage offered by your individual health insurance plan, you may make another claim with your family health insurance plan while keeping them informed of your prior claim under individual health insurance. If the expenses fall within the cover limits of your primary health insurance policy, you do not need to communicate anything to your second policy’s insurance company.
Now, even if you are covered by two policies, you will not get covered in excess of your expenses; you may not also get 100% of the amount. There will still be certain terms and clauses that might see you incur minor expenses out of your own pocket. This helps ensure judicious use of insurance coverage and medical facilities.
Keep in mind – It is important to note that you need to inform your insurer if you are already covered under any other health insurance plan when buying a policy. If you attempt to hide this information, you might face a major issue when you file a claim.
As every insurer has their own unique terms and conditions, it is advisable that you speak with a customer service representative prior to buying your second health insurance policy. It helps to always stay informed in advance so that you face a smooth claims process.