Check for waiting period clause before buying mediclaim policy

I am a 30-year old man. I live with my parents, wife and two kids. For the last few months, I have been researching about family floater plan. I want to ensure that in terms of health, my family is well insured. Thus, it would be great if you can advise on the things that I must keep in mind while buying the floater plan. – Aditya Modi

Below are the most important things which you should keep in mind whilst considering buying a floater health insurance plan for your family:

Check and compare the premium, features, coverage of various policies of insurance companies. Choose a plan which fulfils your requirements of family size.

Opt for an adequate amount of sum insured considering the future requirements of all family members.

When comparing the coverage features have a look at

No capping towards room rent

No co-pay clause, no disease-wise capping or any sub-limit.

Check the network hospitals in the area for all insurers and identify the one that offers the maximum geographical coverage with cashless facility.

Check various waiting periods as health insurance plan has a waiting period clause of 12 months which can extend up to 48 months for pre-existing illnesses & certain listed diseases mentioned in the policy.

Good claim settlement ratio of an insurance company.

Shreeraj Deshpande, principal officer, Future Generali India Insurance Pvt Ltd