Corporate Floater Health Insurance Explained
How Corporate Floater Health Insurance Works
A corporate floater in health insurance is an efficient solution that employers can offer to their employees. It provides coverage under a single sum insured that can be accessed by all employees along with their dependents. This type of policy promotes financial security among employees and their families.
Unlike individual health insurance policies, where each person receives a specific sum insured, a corporate floater encourages flexibility.
Provisions of Corporate Floater
The following are certain provisions of corporate floater:
- A corporate floater comes along with the base plan only. An employee cannot acquire it separately.
- It is subjected to the terms and conditions and any applicable endorsements of the base plan.
- The corporate floater option is available with the policy if the Schedule of Insurance Certificate denotes the same.
What are the Features of Corporate Floater?
Here are some of the striking features of corporate floater:
- Equal Coverage Amount: The coverage amount is uniform for all employees and their dependents. For example, if the corporate floater policy offers a sum insured of ₹10 lakh for a group of employees, any one employee or their family members can claim the entire ₹10 lakh for treatment.
- Coverage for Family Members: The corporate floater provides coverage for the immediate family of the employee, which includes their spouse, children, parents, and in-laws.
- Cashless Network Hospitals: It offers a cashless option at network hospitals. Thus, the insurance provider can pay the medical expenses directly to the hospital.
- No Claim Bonus: Health insurance policies with corporate floaters also have a No Claim Bonus (NCB). If there are no claims made during the policy year, the employee can unlock additional benefits. It can result in an increase in the sum insured at no additional cost for the next year.
- Comprehensive Coverage: The corporate floater comprises hospitalisation, daycare procedures, maternity benefits, and other options, depending on the insurance.
A corporate floater acts as a financial safety net. Employees can use it for treatments, hospitalisation, and other medical costs that their regular insurance may not be able to fully pay.
Also Read:
→ Do You Need to Notify Health Insurance When Someone Dies
→ Guide to Claiming Health Insurance for Hospital Visits
→ Health Insurance Card Renewal Process
FAQs
In a corporate floater policy, the sum insured acts as a single, common pool of coverage shared among all covered staff and their eligible dependents. If a policy has a ₹10 lakh sum insured, any individual employee or their covered family member can utilise the entire amount for eligible medical expenses. There is no rigid per-person limit on each claim.
Yes, room-rent capping is common in corporate floater plans or group health insurance plans to control the premium costs, though it is not universal.
Yes, you can port from a corporate (group) health insurance plan to a retail plan. When switching jobs, you have the right to port your coverage to an individual health insurance policy.
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This FAQ page contains information for general purpose only and has no medical or legal advice. For any personalized advice, do refer company's policy documents or consult a licensed health insurance agent. T & C apply. For further detailed information or inquiries, feel free to reach out via email at marketing.d2c@starhealth.in
