Should You Buy An Individual Health Insurance Or A Family Floater Plan?
When purchasing an offline or online health insurance plan, you should be able to choose between a Family Floater Health Insurance and Individual Health Insurance. “Health is Wealth,” as we’ve all heard, is a famous saying. Perhaps we didn’t take it seriously as children, but the truth in those three words only grows stronger as we get older and the world gets ahead of us with each passing year.
Because there are so many options, it is imperative to find the best health insurance policy today, it can be challenging to make the right choice. When selecting the right health insurance plan, one of the most common concerns is choosing the right type.
Regardless of which health insurance you choose, there are two types of health insurance plans: Family Floater Health Insurance and Individual Health Insurance. When it comes to insurance, we believe in openness.
After all, it’s a significant financial decision, and we’re here to assist you in making the ideal one. As a result, we’ve outlined a brief health insurance policy comparison that comprises everything you need to know about the distinction between Family Floater Health Insurance and Individual Health Insurance.
Know more about individual and family floater health insurance –
- Individual medical insurance:
- Individual Health Insurance, as the name implies, is health coverage for a single individual; that is, it does not cover you or your family members in a single plan but instead provides you with separate plans to cover all health benefits.
- This type of plan is ideal if you want to protect your senior parents (due to health conditions that cause health expenses to double after a certain age) or if you are only looking for a plan to protect your individual health needs.
- When you look up your yearly tax benefits, you’ll notice that individual health insurance (for yourself, your family, or even your senior parents) is on the list of ways to strengthen your financial plans and protect your most asset, your health!
- Floater health insurance for families
- A family floater, health insurance policy, covers you and your family members under a single policy; the annual health insurance premium and total sum insured are divided equally among all family members.
- Families in India are frequently stressed due to the financial burden imposed by today’s healthcare costs. A family floater and online health insurance plan can be a wise financial and health decision.
- Assume your family floater cover is Rs 4 lakhs, and you have four family members. If a medical emergency occurs, any one member can use the entire four lakhs, or all four members can use whatever amounts they need as and when they need them, if they stay within the bounds of the sum insured, i.e., Rs 4 lakhs.
- The key is to remember that if one person uses the entire insured amount, the others are out of luck. A family floater plan is highly beneficial and ideal for couples and nuclear families than group insurance.
The premium should be one of many factors when deciding between the two to identify the best health insurance policy for your needs. In short, family floater insurance covers the entire family in a single policy, whereas individual insurance only covers individuals. The ideal approach would be to focus on protecting all family members and maximising the benefits of both policies. Read more on both and decide which is ideal for you and your family.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.