Should You Choose Individual Health Insurance Plan or Family Floater Plan

Health insurance is ai must-have, while building ai financial plan. Often, youi will be required toi choose between individual healthi insurance and family floateri plan. Before making ai choice, you need toi know the difference betweeni both the plans. Readi further to know more.

  

Fori a person who isi new to health insurancei schemes, should know thati the type of plani you choose depends oni budget and liability. Underi health covers, you cani buy an individual, familyi floater, critical illness ori simply senior citizen plan.i Each of these healthi insurance plans serve ai different purpose. While buying,i most buyers are confrontedi with prudent questions likei whether they want toi buy an individual ori family floater plan. Todayi let’s compare the twoi variants and get toi know which one youi should actually buy:

  

Individual Healthi Insurance Versus Family Healthi Insurance:

  

• About the Plans: Ani individual health cover offersi financial protection only toi a single person. Iti doesn’t cover any ofi your family member, buti insurers allow you toi buy an individual coveri for each member ofi your family. On thei other hand, a familyi floater plan protects youi and your family againsti any health emergency.
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• Sumi Assured: Under individual plan,i the sum assured benefiti is extended only fori you till the policyi term ends. However, thei sum assured and annuali premium in case ofi family health insurance isi shared amongst all members.
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• Advantage: One of thei advantages of an Individuali Health Insurance is thati it offers extensive coveragei for the sum assuredi that belongs only toi a single person. Underi family floater plan, affordablei premium rate is thei biggest benefit.
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• Disadvantage: Underi Family Floater Insurance policy,i the combined sum assuredi can fall short ifi an unexpected accident strikesi on all family members.i However, if you buyi an individual cover fori each family member, theni the cost of insurancei can go high. Ini such a case iti would be better toi opt for family floateri plan to avail ofi maximum benefits.

  

Which One Shouldi You Buy?

  

When it comesi to selecting a plani amongst the two, iti depends on health conditionsi of you and youri family and your financiali situation. You should noti choose a plan onlyi because the premium isi low.

  

Many prefer a floateri plan over individual coveri as it is cost-effectivei and protects all membersi both financially and healthi wise. Such a plani is recommended for nucleari families, but it cani become a financial liability,i if one member ofi the family has constanti health issues. This willi ultimately reduce the sumi assured. Moreover, a floateri insurance cover will noti be sufficient if alli family members meet withi an unfortunate incident.

  

Buying ani individual insurance for eachi family member will costi you more and iti will be difficult toi keep track on alli the individual plans regardingi add-ons, renewals or policyi lapse. The bottom linei is you should doi your research first andi then buy a suitablei health insurance plan.