Family floater health insurance or individual health insurance, which is better?

1. Family floater health insurance or individual health insurance, which is better? Health insurance has become extremely important nowadays. Medical inflation is on the rise and the frequency of lifestyle illnesses is also increasing rapidly. Even a minor medical procedure or a mild medical condition can set your savings back significantly; leave alone a major illness. But, with a good medical insurance policy, you are protected from the financial pain associated with a healthcare contingency. Don’t have a plan? You need to get one ASAP! As such, there are two kinds of plans you can choose from – a family floater health insurance & an individual mediclaim policy. This article will explain both of these coverage options and help you decide which is better for your needs. Family floater health insurance plans: A family floater plan covers multiple members of your family under the umbrella of one single health insurance policy. You can cover yourself, your siblings, your spouse, your kids, your parents, your in-laws, etc. all within one medical insurance plan. A family floater plan has one sum insured that is shared amongst all the covered family members. This sum insured is usually quite large – this ensures that even if multiple family members require medical treatment in a year, the coverage amount should be more than enough.

2. Individual health insurance policy: An individual health insurance policy, as the name suggests, offers coverage for one person only. Further, the sum insured of individual health insurance is not shared – it is exclusive to the policyholder. These plans can also be customized to suit the insured’s personal needs and healthcare requirements. Which is better? Well, this is a subjective question. We all have varying requirements and therefore it’s hard to say with complete certainty which plan is the better option for you. However, here are a few pointers that might help you make up your mind between these two kinds of mediclaim policies.

3. Affordability: Family floater health insurance plans tend to be more affordable, especially for the amount of sum insured they provide. You can get a family health insurance policy with a very substantial sum insured at a very low premium amount. Getting the same insured with an individual health insurance policy could burn a hole in your pocket. Family demographics: Family plans make more sense if you only cover your spouse and your kids. If you cover your elderly parents and in-laws, the premiums could shoot up. Not to mention, since elderly individuals sometimes require frequent medical attention, they might use up a lot of the sum insured leaving lower coverage amounts for the rest of the covered family members. Ease: If you wish to get cover for your entire family, handling one family floater plan will be much easier than dealing with multiple individual plans for each family member. You have one policy document, one renewal date, and one premium to pay. Ultimately, it all comes down to your personal needs and requirements. We advise that you consult one of the many health insurance providers to find out which plan is better for your needs. You can also use online health insurance calculators to avail of instant quotes on family floater & individual health insurance plans. This will help you figure out which type of plan is better suited for your healthcare needs & your budget. We hope this has been helpful, good luck and all the best!