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What to Buy Between Individual Health Plan and Family Floater Plan?

Updated On Dec 09, 2020

When it comes to planning life, health insurance turns out to be the safest option to opt for. It is a clear and easy way to offer coverage to policyholders for unforeseen medical expense arising due to sudden major illnesses, accident, or due to any pre-existing disease and result in hospitalisation. The insurance cover incorporates several elements such as hospitalisation cost, pre and posts hospitalisation expenses, surgery and medicinal costs, the expense for an organ transplant, daily hospital cash and out-patient benefits etc. 

However, group health insurance plans also cover people, which is given by the employers. But, health insurance provides the customers with comprehensive coverage, while mediclaim is entitled to pay only for the expenses that arise due to hospitalisation. The health insurance policies are available for individuals as well as families. Individual plans take care of a single person, while In case of family floater plans, options are available to get coverage for an individual or for a family.

With time and awareness, more and more people are moving towards health insurance. But, they are equipped with very little and unclear idea as what type of health plan would suit them and meet their requirements. To avoid such confusion, here are some factors which contribute a lot in deciding and considering the type of plan for you or your family.

Sum Insured 

A health insurance plan is provided to one person of a family, whose name is on the policy documents. Then on the basis of the insurance plan and coverage, it offers coverage to ensure he or she doesn’t have to face any financial constraint due to an unforeseen medical emergency. On the contrary, a family floater plan tends to provide coverage for all the family members and a single sum insured amount is entitled to secure the covered members.

Conclusion - If a family requires to be covered with a quite high sum insured amount, then an individual health plan for different members of the family is preferred. But, if a family needs sufficient coverage, then a family floater plan should be opted for.   

Premium

Understand it as if 5 persons of a family occupy separate health insurance policies where each plan is offering approximately the same coverage. On the other hand, another family possesses a family floater policy, which gives coverage to the same number of individuals in their family. The family that selected individual plans for each member will be paying a higher premium in comparison to those who took a floater plan. 

Conclusion - With individual health plans for all the family members, the family will need to pay a higher premium as compared to the family with family floater policy. Hence, if a family can afford a higher premium then only individual health plan is suggested

Also Read

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Coverage 

The plan coverage and benefits are generally stretched to spouse, children, other than the proposer in the case of a family floater policy. However, some insurers also extend their coverage to parents, siblings, parents-in-law and children. On the other hand, an individual health insurance plan delivers coverage to a particular individual from the family.

Conclusion - On the purchase of the individual plan, policyholders get the coverage for themselves only. While by buying a family floater policy an extended coverage can be availed. Therefore, opt for a family floater policy if you seek coverage for the complete family at affordable rates. 

These are the factors that actually help a family determine the purchase of an individual plan or a family floater plan. Both have positive as well as negative points in their favour as well as against. We hope that these factors will assist you in finalising a suitable plan for you and your family. 

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