How do claims get settled under a family floater policy?
Revati Raman, Chennai
In a family floater health insurance policy, the entire family is covered by a single sum assured. The policy covers reimbursement of hospitalisation expenses for illnesses or diseases contracted or injury sustained by the insured person, that is, any member of the insured family. In the event of any claim becoming admissible under the policy, the insurers either pay directly to the insured if the third party administrator (TPA) service is not availed by the insured, or pay to the hospital or nursing home through a TPA. The amount of such expenses is incurred anywhere in India by or on behalf of the insured. The overall reimbursement (all claims in aggregate), however, cannot exceed the sum insured for that family during the policy period at a time.
