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Which Health Insurance Policy Is The Best – Individual Or Family Floater?


Compare health insurance: Individual or family floater plans?

Having a health insurance policy is very important, as it supports you financially during medical emergencies. The rising costs of medical procedures and health care services makes it even more important for you to invest in a health insurance policy so that you are covered on the financial front while you or your family members receive quality treatment.

But, how to choose the best health insurance policy for yourself and your family members? We know that there are many options in the market and you might get confused while choosing the most suitable health insurance policy – individual or family floater.

We’re here to clear your doubt and help you understand clearly that Which is Better – Individual Health Cover for Each Family Member or an Overall Family Floater Cover?

Let’s throw some light on the features and coverages about both of these policies, so that you get to know the difference between individual health insurance plan and family floater health insurance plan.

Point of Difference

Individual Health Insurance Plan

Family Floater Health Insurance Plan

Features

Features of individual health insurance plan are:

  • Individual SI ranging from INR 1.5 lakhs to INR 50 lakhs
  • Extended family coverage
  • Cashless claims facility at 6000 + network hospitals
  • Tax benefit under section 80 D of the Income tax act
  • Policy term up to 3 years
  • Lifelong renewal option
Features of family floater health insurance plan are:

  • SI (Sum Insured) is shared among the family members that ranges from INR 1.5 lakhs to INR 50 lakhs
  • Cashless claims facility at 6000 + network hospitals
  • Tax benefit under section 80 D of the Income tax act
  • Policy term up to 3 years
  • Lifelong renewal option

Coverage for

Individuals All the members of the family (yourself, your spouse, your children and your parents)

Coverages

Coverages under individual health insurance plan are:

  • All day care treatments
  • Pre & post hospitalization charges
  • Ambulance charges
  • Organ donor expenses
  • Maternity and new born cover
  • Ayurvedic and homeopathic treatments
  • Bariatric surgery coverage
Coverages under family floater health insurance plan are:

  • All day care treatments
  • Pre & post hospitalization charges
  • Ambulance charges
  • Organ donor expenses
  • Maternity and new born cover
  • Ayurvedic and homeopathic treatments
  • Bariatric surgery coverage

Claims

As all the individuals have their own SI, making a claim on individual health insurance policy will keep the SI of other individuals unchanged. As all the family members share the same SI, making a claim will reduce the SI that will remain for the other members of the family in case of another claim in the policy period.

Factor affecting Premium

The premium amount depends upon the age of the individual for whom the policy is purchased. The premium amount depends upon the age of the oldest family member covered under this policy.

Premium Amount

If you buy an individual health insurance plan for all your family members, you will end up paying high premium amount. If you buy a family floater health insurance plan, you will have a single health insurance policy for all the members and thus the cost of the premium will be less as compared to individual health insurance plan.

Coverage for minors and adults

Minors (individuals below the age of 18 years) and adults (above the age of 65 years) are not covered under this policy.

Minors (children from the age of 3 months to 30 years) can be covered under this policy. But, adults above the age of 65 years are not covered.

We hope that this table of differences helps you understand the salient features and benefits of individual and family floater health insurance policies, so that you make an informed and well thought of decision before investing in any health insurance policy. We recommend that you compare both the plans based on your requirements and then purchase the plan that best suits you.

You can also check out the pros and cons of both these policies on our blog – Demystify Insurance.

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Published on:18 May, 2019

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