Family Floater Health Insurance for Senior Citizens in India: Benefits & Key Considerations
Choosing a suitable health insurance policy is important when covering senior family members in the plan. Health insurance plans designed for individuals above 60 may offer coverage for pre-existing illnesses after an applicable waiting period, a suitable sum insured, & coverage for specific treatments. While a family floater plan covers eligible family members under one shared sum insured, health insurance for senior citizens in India helps meet older people’s healthcare needs. Reviewing the differences between the two can help individuals assess premiums, coverage needs, & out-of-pocket expenses. Additionally, it is necessary to evaluate whether a shared plan can meet the medical needs of senior members or whether separate coverage would be required.
What is a Family Floater Plan?
A family floater health insurance plan provides medical coverage to multiple family members under a single sum insured. This plan allows members to use the shared coverage towards hospitalisation & other medical expenses, subject to applicable terms & conditions. For instance, if any family purchases a plan with a sum insured of INR 10 lakhs, any covered member can use the available sum insured to meet medical expenses. If a member utilises a portion of the sum insured, the remaining coverage will be available to other insured members during the same policy year, subject to applicable terms & conditions. This plan may cover eligible members, which includes spouses, dependent children, & dependent parents in some cases, depending on the plan. But, including senior citizens requires a careful assessment of premiums, age criteria, waiting periods, pre-existing illnesses, & adequacy of the shared sum insured.
Family Floater Plan Vs Senior Citizen Health Insurance Plans
Choosing between a family floater & a senior citizen health insurance plan requires understanding of the structural differences that may affect the premiums & coverage. The following are the differences between the two plans:
| Criteria | Family Floater Plan | Senior Citizen Health Insurance Plan |
| Coverage | This plan covers eligible family members under one shared sum insured. | This plan covers senior citizens, with coverage & limits based on the plan chosen. |
| Entry Age | Entry age requirements vary by plan & insured. | It covers individuals aged 60 & above, subject to the plan’s eligibility criteria. |
| Premiums | They are affected by factors such as the age of the members insured, sum insured, & other underwriting factors. | They depend on factors such as age & the medical history of the senior individual. |
| Eligibility Criteria | It suits eligible families who wish to cover multiple members under one plan, subject to the applicable terms. | It suits older individuals meeting the eligibility requirements. |
Benefits of Family Floater Plans for Senior Citizens
The following are the benefits of the best family floater health insurance in India:
- Medical Needs & Waiting Periods
Members should review the applicable waiting periods, coverage for pre-existing diseases, co-payment clauses, & other applicable terms to understand the extent of protection available to the senior members.
- Shared Coverage
This plan allows multiple family members to share the same sum insured.
- Age & Eligibility Limits
It is essential to check the insurer’s age & eligibility criteria before including senior individuals in this plan, as they can vary.
- Single Policy Management
Under this plan, families can manage the coverage & renewals under a single plan.
- Adequacy of the Sum Insured
The sum insured to be shared should be enough to meet the potential expenses of all insured members. In case a senior member uses a portion of coverage, the remaining sum insured may be used by other insured family members, subject to applicable terms & conditions.
How to Choose the Right Family Floater Health Insurance for Senior Citizens
Choosing an appropriate family floater plan requires considering the healthcare needs of all insured members. The following steps can help them make an informed decision.
- Check Age & Eligibility Criteria
Review the insurer’s age & eligibility criteria & then assess whether senior individuals can be covered under the plan.
- Evaluate the Sum Insured
Assess the sum insured that would be enough to meet the potential medical expenses of senior members as well as other insured family members.
- 3. Assess Pre-Existing Disease Coverage
Review the waiting periods in case of pre-existing diseases to understand which medical conditions are covered under the plan.
- 4. Collate Premiums & Co-Payment Clauses
Compare premiums of available different plans & check whether it requires the policyholder to bear a portion of admissible medical claims.
- 5. Evaluate Coverage Limits & Exclusions
Review the coverage limits, exclusions, room rent charges, etc. while making an informed decision.
Conclusion
Choosing between a family floater plan & a senior citizen health insurance plan depends on the coverage, family medical needs, & budget. While a family floater plan provides shared coverage under a single plan, a separate senior citizen plan may suit better in case of older individuals having high medical requirements. It becomes important to compare waiting periods, co-payment clauses, premiums, & policy exclusions while making an informed decision. Considering these factors may help choose an appropriate health insurance coverage for senior citizens.
FAQs
- Is it allowed to buy a senior citizen plan for parents with an existing illness?
Yes, senior citizens with pre-existing medical conditions may be eligible for health insurance, subject to the insurer’s policy terms & underwriting requirements. If the proposal is accepted by the insurer, coverage for pre-existing illnesses may start after the applicable waiting period. According to IRDAI’s framework, the waiting period can be up to 36 months of continuous coverage. Some insurers may also require medical tests before issuing the policy.
- Is there any co-payment clause for senior citizens?
Yes, some senior citizen health insurance plans include a co-payment clause, where the insured is required to pay a specified percentage of an admissible claim. The percentage & applicable conditions may vary with the plan. Some plans may offer an option to reduce or remove co-payment in exchange for a higher premium, subject to the applicable terms of the insurance company.
