Question

One single health insurance policy that takes care of the hospitalization expenses of the entire family is commonly referred to as ______.
1. Family Plan
2. Family Floater
3. Group Mediclaim
4. Family Umbrella

Answer 1

Correct Answer - Option 2 : Family Floater

The correct answer is Family Floater.

• Family Floater cover: 
  • It is the type of health insurance in which the whole family is covered under the single plan. 
  • Any family member covered under the policy can claim in case of hospitalization and surgical expenses.
  • The policy has one single sum insured, which can be utilized by any/all insured persons in any proportion or amount subject to maximum of overall limit of the policy sum insured.

• Health insurance is the insurance in which the policyholder is covered for medical and surgical expenses during the tenure of the policy. It can be further classified as : 
  • Comprehensive health insurance cover: It is the complete package of the health cover that includes almost all the healthcare facility and healthcare needs and ensures complete peace of mind, regardless of the situation of life.
  • Individual Health Insurance Cover: Individual Health Insurance Cover is a type of health insurance that covers the health expenses of an insured individual. These policies pay for the surgical and hospitalization expenses of an insured individual till the cover limit is reached.
  • Group Health Cover: Group Health Insurance cover is bought by an employer for his employees. The premium in group insurance is lower than an individual health insurance policy.
    • Group health plans are usually standardized in nature and offer the same benefits to all employees.
  • Critical Illness Health Cover: Critical Illness Policy covers the expenses involved in treating life-threatening diseases like a tumor, permanent paralysis, etc.
    • These policies usually pay a lump sum amount to the insured persons on the diagnosis of serious diseases covered in the policy.
    • Unlike other policies, Individual Health Insurance and Family Floater Policy, hospitalization is not required, only the diagnosis of the disease is enough to claim the benefits.