4 min read
Updated on Feb 27, 2023
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.
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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.
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.
Before choosing any health insurance plan, it’s important to evaluate your healthcare needs and then look for the right product with features and benefits that you are looking for. It’s important to consider your and your family member’s age and medical history. It’s better to weigh the merits and demerits of both individual health plans and family floater health plans and opt for the right policy or a combination of policies depending on affordability and insurance needs.
Also read: Which is the Best Health Insurance Plan for Parents in India? | Second Opinion Cover in Health Insurance – Meaning and Importance
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