Individual Health Insurance Vs Family Floater Mediclaim

While purchasing a health insurance plan, you will preferably need to pick between a Family Floater Health Insurance and an Individual Health Insurance. The prominent difference between the two is that in a family floater health insurance, up to 5 family members including the policyholder are secured under one arrangement; this implies both the charge and the final total guaranteed is shared among all the insured family members. Whereas an individual health insurance plan is committed to only the policyholder - thus the entire health insurance cover is available for one individual. Let’s read about the two plan types in detail.

Individual Health Insurance Vs Family Floater Health Insurance

What is an Individual Health Insurance Plan?

As the name suggests, the Individual Health Insurance covers only the policy holder. This type of insurance plan is ideal for people who are looking for a wider coverage. The best example of a customer domain would be senior citizens. There is a greater risk of diseases and that can result in gigantic health costs post a specific age.  

The Individual plans are also good for single individuals who have their family members covered under some other insurance plans.
The greatest benefits that these individual plans offer are not only in regard to health but also in regard to finances. They are one of the best financial assets to have because at one end they cover your health costs and on the other they provide you immense tax benefits.

What is a Family Floater Health Insurance Plan?

A family floater health insurance is a sort of health insurance plan that insures you and your family members under one arrangement. It is sort of an umbrella which protects all the  family members. The plan gives the individual members of the family a much bigger pool to take benefit from.

The plan is much more beneficial in terms of a younger family because there is a very low chance that more than one person may need hospitalisation at a time. This particular statistics give a much bigger money pool to draw from. The Family Floaters also give taxation benefits under the section 80D of the Income Tax Act.    

Since a family floater plan can cover more than one family member, it can provide financial stability, especially when today’s rising healthcare expenses are becoming a burden for many. Besides, this policy is more cost-effective since you need to pay only a one-time premium for all your family members.

The family floater health insurance plan is ideal for a small family comprising husband, wife and two children. All four of them can enjoy the benefits without having to pay multiple premiums separately for each individual.

Conclusion

While picking one out of the two, the premium ought not to be the main attractive point. So, a family floater insurance covers the whole family in one arrangement, and individual insurance gives inclusion to an individual. The correct methodology is target covering all family individuals and getting the most extreme advantages of both the approaches. Do your exploration on both and zero down which one is best for you and your family.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.