About seven years back, I had taken a family health insurance floater policy, but did not renew it. Is there any way to tap into its benefits now?
—Name withheld on request
A health insurance policy will lapse if it isn’t renewed even after the grace period of 30 days. In case you haven’t renewed your existing family floater plan, you will have to purchase a fresh health insurance policy. Many options are available in the market that are customizable to your family and individual needs.
Do note that a fresh health insurance policy comes with initial waiting periods and additional ones in case of any pre-existing disease. Additionally, if the insurer requires, they may suggest one to undergo medical screening depending on the type of policy chosen.
We have a family floater policy. My daughter, who is 23, has been part of it but is getting married next month, Can she continue to be a part of the policy and enjoy all the benefits we have gathered over the last 12 years?
—Name withheld on request
A family floater plan provided by many insurers in the market, covers a dependent child only till the age of 25. Your family can enjoy the benefits gathered over the last 12 years till your daughter attains the age of 25. A unique aspect to consider here would be your daughter getting married. There are two aspects to consider in this situation. If you daughter is financially independent, she can voluntarily exit and port her policy to an independent health insurance policy. On porting, she will be offered the continuity benefit.
The other aspect is to be added into the existing health insurance plan held by the spouse. If both your daughter and her spouse do not have a health insurance policy, they can opt for a family floater health insurance plan that takes care of their changing lifestyle and health needs.
Shashank Chaphekar is chief distribution officer at ManipalCigna Health Insurance.
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Published: 11 Jan 2024, 08:46 PM IST