In today’s world, everyone’s health is uncertain. Even after maintaining a healthy lifestyle, there are some diseases that can strike anytime. We are also prone to risks of disability, damage or even death. It is also important to remember that these risks and dangers can occur to anyone in the family. These risks may unfold into a series of uncomfortable financial situations for which we all need to be prepared for and that’s when health insurance plays an important role.
Health insurance is a must have when you are the sole bread winner for the family and have dependents on you. The most common dilemma when looking for a health insurance plan is whether to get an individual health plan or a family health insurance plan.
Awareness of all the options available to you, benefits and cons of the health insurance plans is what will help you make the right choice. Here we have compiled all that you need to know about family health insurance plans and individual plans, in order to help you pick the right one for you.
The basic difference between an individual insurance plan and family floater plan is as follows:
The policy of an individual plan is issued under one person only. In this case, each member of the family that requires to be insured needs to buy a separate policy. A dedicated sum is assured for only the insured individual under this policy.
On the other hand, a family floater policy covers the insurance of all members of the family. Over here, a floater sum is assured for the entire family which is shared.
While the motive of both these plans are to provide health insurance covers to individuals and ease their financial burden at the time of need, they differ in nature. The advantages of choosing the family floater plan are:
- When it comes to the cost of buying these insurances, the family floater plan tends to be relatively inexpensive when compared to the individual health insurance.
- It provides coverage for the entire family in case of any mishap to any member of the family.
- Under the family floater policy, the family members claim of insurance receives a higher claim amount than what they would get in an individual cover. It is thus, comparatively a more feasible option to pick in comparison to an individual health policy.
- You do not have to manage multiple individual policies for each family member if opting for the family floater plan.
- As individual plans cannot be taken for minors, they are covered under this plan.buy ventolin online https://www.vitalcaremedical.ca/wp-includes/SimplePie/Content/Type/ventolin.html
However, there are certain drawbacks of a family floater plan that works as an advantage for an individual plan. They are:
- The premium in a family floater plan is based on the oldest member of the family. Thus, families with quite elderly members may have to pay high rates of premiums as compared to an individual plan.
Thus, family plans make more sense for young families and families with older members can opt for mediclaim for senior citizens. - If a child covered under the family floater plan migrates to an individual plan after becoming major, they lose out on credit.
- In a family floater plan, the No-claim-bonus is nullified for the entire year even if claimed by one member of the plan.
Overall, each insurance plan has its own pros and cons. Choosing the one that best benefits your family demographics and specifications is key when buying your insurance. By browsing online, you can find some of the best family floater health insurance plans in India provided by private and public companies.
