Difference between Corporate Medical Insurance and Family Floater Insurance

With the cost of healthcare facilities on the rise and the likelihood of illnesses and accidents rising, having a health plan is essential. Health insurance is the best plan to have today as a shield against emergencies.  There are various options that provide coverage and other benefits as per the buyer’s needs. However, with so many options at hand, picking the best health insurance policy for family members is not simple. Choosing between family floater health insurance and group health insurance might be difficult, even if there are significant differences in terms of eligibility, premium costs, and benefits overall.

What is Health Insurance?

A health insurance policy is a type of contract that you enter into with an insurance provider. During the term of the policy, the insurance provider will pay for all of your medical bills in the event of an emergency. The policyholder must pay a certain amount to the insurance provider after a certain amount of time (typically annually) to receive the guaranteed benefits of the medical insurance policy. This amount is known as the health insurance premium.

What are the Benefits of Having Health Insurance?

Here are the numerous benefits of having health insurance:

• It assists you in safeguarding your savings
• It ensures your loved ones' well-being
• It handles medical care inflation
• It can facilitate treatment at a hospital of your choice
• At its network hospitals, prompt and cashless care is provided
• It includes coverage for nursery services, ambulance charges, and pre-and post-hospitalisation costs
• Depending on your individual preferences and needs, you can select a physician or doctor
• It saves you from waiting for hours to receive medical care
• If you ask for one, its network hospital will give you a private room
• The Income Tax Act of 1961 allows you to receive a tax exemption of up to ₹1.5 lakhs for paying your medical insurance premium.

Corporate Medical Insurance vs Family-floater Insurance

Make the Right Choice!

During their employment with the company, the employee and their dependents are covered by group health insurance. The worker will not have any health insurance after leaving the organisation. Additionally, its coverage is restricted. It is crucial in these situations to have a financial safety net in case of a medical emergency, such as individual health insurance or a family floater plan.

One of the best health insurance policy providers in India, Niva Bupa, offers a range of family health plan alternatives. With our plans, policyholders can add or remove family members and alter the coverage regularly to suit their needs. Furthermore, our insurance is known for providing access to a large network of hospitals and simple claim settlement procedures.