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Young and healthy? Find out which of these plans rewards you with lower premiums. Click here to check now!
Family Health Insurance Vs Individual Health Insurance Plans
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Health insurance has gained a lot of popularity lately. With the raising of wide variety of diseases and increasing rate of healthcare inflation, securing health has become all the more important. A good health insurance policy is an ultimate solution to safeguard yourself and your family from healthcare expenses. Though, increased awareness has made people realize the importance of health insurance, buying the right one as per individual’s healthcare need is a quite difficult task.
When you decide to buy a health insurance plan, insurers offer you plans in two variants – individual health insurance plan and family floater plan.
Let’s First Understand The Differences
Individual Health Insurance
Under individual health insurance plan, policy is issued in the name of an individual with a dedicated medical cover. Only the individual person insured can avail all the benefits offered under the plan. That means, a 4 member family needs to purchase 4 individual health insurance plans to secure healthcare needs of entire family.
Family Floater Health Insurance
Under family floater health plan, single insurance policy is issued to cover the entire family. There is no dedicated medical cover offered individually. Instead, the entire coverage can be utilized by any insured family member under the plan. For example, if a family of 5 members including husband, wife, child and elderly parents buys a family floater plan of Rs. 10 lac, then the limit can be utilized by any of them during the policy term.
However, both the plans are unique in their own way. There are merits and demerits in both the plans. Choosing the right one depends on the healthcare needs of the family or an individual.
Difference Between Family Floater and Individual Mediclaim or Health Insurance Plan
- Family floater health insurance plans are more cost effective in comparison to individual health plan. To cover every family member individually, total premium cost is more. Family health insurance can cover some immediate family members like husband, wife, children, parents, dependent siblings and parent in laws under one umbrella at relatively lower cost.
- As the family floater plan offers a benefit of sharing the medical cover, an insured family member can get considerably higher amount of health insurance claims than what he or she could get individually in a separate plan.
- Most of family floater policies do offer discounts on rate in comparison to individual health plans.
- Family floater plans are more hassle-free when it comes to tracking. Keeping tab on each and every individual plan is not so easy.
- For healthier families with no major medical history, family floater insurance plans can be a good cost-effective choice to stay comprehensively covered for health uncertainties.
- Individual health plans can be customized based on person’s individual healthcare needs. Coverage loaded with customized benefits will be dedicated to an individual. On the other hand, there are chances of limit getting exhausted if more than two family members utilize the benefits at the same time in a family floater plan.
- For families with elderly people with more of younger members, considering a combination of individual health insurance plans to elderly people and the family floater to cover the rest of the members makes sense. Remember, premium for family floater plans are determined on the basis of the age of senior most member in the plan.
- Renewal of individual plans are simpler than family floater plans. When the senior-most person in the floater plan reaches the maximum age, the policy cannot be renewed. Instead, a new plan has to be purchased.
- In family floater plan, there is no benefit of individual no claim bonus can be enjoyed. No claim bonuses get accumulated with each claim-free year and up to a maximum of 50% discount can be availed.
Young and healthy? Find out which of these plans rewards you with lower premiums. Click here to check now!
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 21 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Over to You
Health emergencies don’t come with a calendar invite. Whether you're planning for your own future or looking out for your parents, choosing the right health insurance plan can make all the difference. That’s where a deeper look at the fine print helps. When you compare Star Health’s Red Carpet Plan vs Care Health Enhance Plan, what you’re really doing is choosing the kind of financial backup you want in your corner.
The Star Health Red Carpet Plan is made with senior citizens in mind. With benefits like annual preventive check-ups, it helps you or your ageing parents get covered without the usual hassles. On the other hand, the Care Health Enhance Plan acts as a top-up cover, ideal if you already have a base health policy and want to increase your shield without increasing your premium by too much.
While health insurance takes care of medical needs, don’t forget to plan for life’s bigger what-ifs. A term Insurance policy, especially a 1 crore term insurance plan, can be the long-term security net your family needs. Health and life coverage go hand in hand. And when chosen right, they help you face the future with confidence, not chaos.
Speak to an Advisor The Star Health Red Carpet Plan is made with senior citizens in mind. With benefits like annual preventive check-ups, it helps you or your ageing parents get covered without the usual hassles. On the other hand, the Care Health Enhance Plan acts as a top-up cover, ideal if you already have a base health policy and want to increase your shield without increasing your premium by too much.
While health insurance takes care of medical needs, don’t forget to plan for life’s bigger what-ifs. A term Insurance policy, especially a 1 crore term insurance plan, can be the long-term security net your family needs. Health and life coverage go hand in hand. And when chosen right, they help you face the future with confidence, not chaos.
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