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Difference between Individual and Family Floater Health Insurance
Individual Health Insurance
Family Floater Health Insurance
Definition
An individual health insurance is a type of health insurance plan wherein only one person can be covered in each plan. This means, both the health insurance premium and sum insured is dedicated for one person only and cannot be shared.
Definition
A family floater health insurance is a type of health insurance plan wherein you and your family members share one plan. This means both your health insurance premium and sum insured would be shared amongst all members in the plan.
Coverage
This plan only offers coverage to the single individual insured in this plan. For example; If you’ve taken a plan of SI Rs 10 Lakhs, you alone will have up to 10 Lakhs to benefit from, for the entire policy period.
Coverage
This plan offers coverage to all family members insured in the plan. For example; if your plan SI is Rs 10 lakhs, then the entire family will have to share this amount for the policy period.
Advantages
The biggest benefit of an individual health insurance plan is that the coverage is a lot more extensive since every individual has their own sum insured, unlike a family floater where the sum insured is shared .
Advantages
The biggest benefit of a family floater plan is that the health insurance premium is cost effective, as the premium is a one-time premium for all family members.
Disadvantages
The single disadvantage of an Individual Health Insurance is that one will have enough to cover for them in one policy year. Additionally, even if they haven’t claimed during the year, they can benefit from a No Claim Bonus 😊
Disadvantages
One of the main disadvantages of a family floater plan is that, the sum insured may not be enough for all family members.
Preferred Choice
An individual health insurance is highly recommended for bigger families, or those with senior parents as a family floater may not be sufficient.
Preferred Choice
A family floater health insurance would work well for a young couple or a small and nuclear families.
Individual Health Insurance
As the name suggests, an Individual Health Insurance is a health coverage that covers for a single individual; i.e it doesn’t cover you or your family members in one plan but gives you each a separate plan to cover for all health benefits.
This type of plan works best if you want to protect your senior parents (since health conditions and consequently health expenses post a particular age grow twofold) or are only looking for a plan to protect for your individual health needs.
Look up your yearly tax benefits and you’ll find that an individual health insurance (either for yourself and your family members or even your senior parents) makes it to the list, in strengthening not only your financial plans, but also helps protect your greatest asset, your health!
Family Floater Health Insurance
As the name suggests, an Individual Health Insurance is a health coverage that covers for a single individual; i.e it doesn’t cover you or your family members in one plan but gives you each a separate plan to cover for all health benefits.
Families in India are often stressed due to the financial burden that comes with today’s health expenditures. In such cases, a family floater health insurance plan can be a smart option for both financial and overall health.
The point to note here is that if one person uses the entire sum insured, the others will be left with nothing to use. A family floater plan is flexible when it comes to using the insurance coverage for a group and especially beneficial and suited for couples and nuclear families.
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