A floater in health insurance is an extra coverage option offered by some insurance companies. It can be added to an existing health policy and provides an additional layer of financial protection in case of an unforeseen medical emergency.
Floaters are typically ideal for those who are looking to supplement their existing health coverage. Here is a look at some of the key points to consider when considering adding a floater to your health policy:
• Face Value – The face value of a floater is the amount of coverage it will provide. This amount is usually higher than the primary coverage's limit, allowing for additional protection in certain situations.
• Type of Coverage – Floaters usually cover medical expenses such as hospitalization charges, doctor's fees, lab tests, and medications. They may also cover additional costs such as funeral expenses or those for lost wages due to an illness or injury.
• Duration – Floaters typically have a term limitation, meaning the coverage will be provided for a predetermined period of time. Once the coverage expires, a new floater policy may be purchased.
• Cost – Floaters usually come with a higher premium due to the additional coverage they provide.
• Eligibility – Floaters are usually available to those who have an existing health insurance policy. They are also offered to individuals without existing coverage but may come with higher premiums.
Floaters can offer additional resources and peace of mind to those who are looking to protect themselves in case of an unexpected medical emergency. It's important to talk to an insurance agent to determine if a floater is the right option for you.
