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What is a Floater Health Insurance Policy?

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Learn what is a floater health insurance policy and what are its benefits.

I'm thinking about buying a floater health insurance policy, but I'm not sure if it's the right choice for me. Can you please explain what a floater health insurance policy is and how it works? Also, what are some of the pros and cons of floater health insurance policies?
– Kiran Kottian (Chennai)

A floater health insurance policy is a type of health insurance policy that covers multiple members of a family under one policy. This means that you can buy a single floater policy to cover yourself, your spouse, and your children.

Floater health insurance policies work by pooling the total sum insured among all covered members. This means that if one member of the family falls ill and needs to make a claim, the sum insured will be available to pay for their medical expenses.

Here are some of the pros and cons of floater health insurance policies:



Floater health insurance policies are typically more affordable than individual health insurance policies.If one member of the family makes a large claim, it can reduce the sum insured available for other members.
Floater health insurance policies are convenient, as you only need to manage a single policy for the entire family.Floater health insurance policies may not be suitable for families with members who have pre-existing medical conditions.
Floater health insurance policies offer flexibility, as you can add or remove members from the policy as needed.

Overall, floater health insurance policies can be a good option for families who are looking for affordable and convenient health insurance coverage. However, it is important to carefully compare different policies before making a decision.

Here are some additional things to keep in mind when choosing a floater health insurance policy.

  • Make sure that the policy covers all of the members of your family that you want to be covered.
  • Compare the sum insured offered by different policies.
  • Choose a policy with a low waiting period.
  • Check the exclusions and limitations of the policy.
  • Read the policy terms and conditions carefully before buying it.