A family floater health insurance plan takes care of the entire family unit’s medical needs by providing comprehensive cover. With a bit of additional premium, new and extended family members, including children, can easily be added to the floater health policy. Adding children to the family health insurance policy makes it a complete package as it takes care of planned and emergency medical expenses of all the insured members. A family floater plan helps ensure peace of mind and ease of management.
When looking to add children to your family floater health insurance, two key factors to be noted are “Entry Age” and “Exit Age”.
(i) Entry Age: This means the minimum age at which a member can be included in the family floater health policy. In India, the entry age for most health insurance policies is 90 days after birth. The insurance company must be informed immediately by submitting relevant documents such as a birth certificate. When a newborn is included in a family floater plan, the cover is not separate or individual, but included in the family floater sum assured. There may be additional premium payable on a pro-rata basis. On renewal, the family floater policy would be freshly calculated with the infant included. Since the age at entry varies across health policies and insurers, it would be best to thoroughly review and understand the policy terms and conditions for complete information.
(ii) Exit Age: This is the maximum age till which children can continue to be included in the family floater health policy. Young adults pursuing their education might not be able to afford an independent plan. The benefit of family floaters is that the plan covers dependent children till the age of 18 – 25 years (varies from plan to plan). Upon reaching the maximum permitted age, they will have to exit from the family floater plan and should purchase an individual plan. Young adults should take their own individual plan that can accommodate their personal family needs in future, when they reach marriageable age.
There is no industry standard maximum exit age, till when children can continue to be included in a family floater. This maximum age differs across insurers and plans. For example, some policies allow children to remain insured on the family floater plan only till the age of 18 years. After that, they are not allowed to be a part of the parents’ plan unless there are extraordinary circumstances which require exceptional approval. Some plans allow unmarried and divorced daughters to remain part of the parents’ plan, irrespective of age.
While purchasing family floater plans it is important to read the policy wordings and check the terms and conditions. This ensures that you know till what age children are included in the plan and other associated conditions. Additionally, you need to inform the insurance company when you plan to shift children to their own individual plan after they reach the age limit.
SANA.Insure makes choosing any health insurance plan simple! SANA is a digital platform that provides quick, unbiased, simple, and easy access to comparative information on various health policies available in India. Complicated policy features such as age-at-entry and age-at-exit are simplified and displayed in easy to understand terms for your convenience and knowledge. We invite you to visit our health insurance portal, sana.insure, to help you decide the best plan for your and your family’s needs.
Wish you a healthy and happy life!