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6 Common Mistakes to Avoid When Buying a Family Floater Plan

In these unprecedented times when you can’t predict what will happen in the future, healthcare is one of the things that we worry about the most. With medical inflation and the never-ending diseases and viruses, it is important to take steps to plan ahead for your future and any financial burden that might come with it.

In order to secure your and your family’s future, it is important to have a family floater health insurance plan. A family floater plan can help your family live a hassle-free life without any stress about their healthcare needs for the future.

When buying a family floater health plan, it is imperative to consider a few things and find the best possible family floater plan to suit your family’s healthcare requirements perfectly. For this, you should understand all the common mistakes to avoid while selecting a family floater health plan. So, read on to find out how you can find the best family floater plan.

Mistakes To Avoid While Buying a Family Floater Plan

Getting A Plan with Insufficient Coverage

Indeed, the cost of the premium is one of the most important things when choosing among the best family floater plans. However, it should never be the only factor you consider. Sometimes when you try to save some money on the premiums, you end up getting insufficient coverage in your plan. This may cause you problems at the time of a medical emergency as your family floater policy may not cover everything. Therefore, it is important to understand all factors along with the price of premium when purchasing a family floater policy.

Not Considering Add-Ons

When buying a family floater health plan, it is important to consider all the additional benefits and features you can add to your basic health plan. This will help you increase your coverage for various healthcare expenses like maternity care, ambulance charges, critical illness cover, cashless features, lifetime renewability etc. As per IRDAI guidelines, insurers are required to disclose the policy’s renewal terms & conditions in detail, so make sure you check the same carefully.

Not Conducting Proper Research

Researching about your plan and insurance provider before making the decision and investing in a family floater health plan is extremely crucial. While conducting the research, you should thoroughly understand various factors like addons or premium amount, which may have to be adjusted.

Ignoring The Finer Print

Sometimes knowingly or unknowingly, you might leave out or miss out on some important details like understanding all the coverage factors and reading all the exclusions. This can cause a lot of problems when a medical emergency occurs. To resolve this, most insurers provide a 15 day free-look period after buying the policy, wherein you can  go through all the clauses and revert to the company if you wish to discontinue with the family floater plan.

Holding Back Medical History and Information

It is next to impossible to get a family floater policy if you don’t disclose all medical history to the insurance provider. Even though insurance companies ask for personal details about you and your family, it is important to disclose all the medical information as it helps you during your application process and claim settlement.

Thinking That Insurance Is Not for Young People

This is one of the most common mistakes that most people make while buying a family floater health plan. Considering only adults and senior citizens and not the younger lot for health insurance is not a smart decision.  Including all members can ensure security for everyone as healthcare is extremely unpredictable.

While buying a family floater plan, it is critical to consider all these factors and avoid any possible mistakes as this is a significant investment.  Moreover, it is also the backbone of you and your loved ones’ healthcare needs. Trusted insurers like Care Insurance offer reliable family floater plans which can be customized to your family’s needs perfectly.

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