Comparing Family and Individual Health Insurance Plans: Which Option is Right for You?

The costs of medical products, services, and treatments are rising tirelessly. It is becoming tougher to cope with these ever-increasing financial expenses to keep our health in check. That is why opting for the right health insurance plan can be useful. As health insurance provide coverage against a variety of health ailments, you can expect to get back to your pink of health without investing a fortune in your health. 

Generally, health insurance plans are very simple to choose from. But the variety can leave you perplexed. At this point, you may start wondering whether it is wiser to purchase a family floater or an individual health plan. If you are already caught up in this dilemma, here’s a guide to help. 

What Is A Family Health Insurance Plan?

Family floater plans are a type of insurance that covers the entire family under a single plan. Both you and your family members can receive the cover and enjoy a total sum insured for your health check-ups and treatments. This type of plan is said to be much more affordable in comparison with individual health plans as these plans provide a much more affordable premium. 

Coverage Under Such Health Insurance Plans 

Under this plan, the entire family can receive coverage for their good health and well-being. For example- if the sum insured in your plan is Rs. 20 Lakhs, you will have to share this lump sum with your entire family. 

Benefits Of Choosing A Family Health Insurance

One of the most important benefits of this plan is that the family can enjoy a cost-effective insurance plan together. So they do not have to panic about spending a lump sum individually. Since the costs are shared under this plan, the premiums are nominal, too, and one can save much more money. However, the only drawback is that the sum insured may fail to be sufficient for everyone in the family. 

Who Should Buy A Family Floater Plan?

If you are looking to protect your wife, children, and other elderly members too under a single roof, this plan may be an ideal option for you. If you also do not want to invest lump sum money in healthcare, this plan can be an affordable choice to be on the safe side. In case you have a small or a nuclear family, you can pick a family floater right away. 

Examples of Health Insurance Family

A couple with one child has opted for this type of health insurance. Under this type of plan, all of these members will be provided coverage for their health purposes which they will have to share as per the requirement. 

What Is An Individual Health Insurance Plan?

Individual health insurance is for those people who want to be solitary policyholders of this type of health plan. In this plan, they will not have to share the cover with anyone. It is solely for themselves. As such, this provides them the leverage to enjoy a comprehensive health plan for themselves. However, in this type of plan, the premiums may be higher. 

Coverage Under Such Health Insurance Plans

Unlike health insurance plans for family, individual health insurance provides coverage that is extensive. Here, the individual can enjoy the entire coverage and sum insured without having to be liable to anyone else in the family. So, during an event of an emergency, the entire money can be utilized by the policyholder themselves without sharing the cover with any other member of the family. 

Benefits Of A Health Insurance Plan

One of the biggest benefits of this plan is that one can receive comprehensive coverage without compromising on anything. They can enjoy better sum insured as well, which can help them to undergo top-class medical treatment in need. This is especially useful in the case of senior parents who may require such covers for their regular mediclaim policy for family.

However, the only drawback of this type of health insurance is that it can be fairly expensive with higher premiums, as discussed above. 

Who Should Buy This Mediclaim Policy for Family?

If you have a big family and a family floater plan is not sufficient for all the family members, an individual health insurance plan can be a wise option to pick. Here, you can also scout for relevant add-ons as per your requirements and budget. These add-ons provide better safety at the time of an emergency. 

Example Of Such A Plan

A 40-year-old working man chooses to purchase an individual health plan for himself and his mother. The individual plan he opts for is each for Rs. 10 Lakhs. As such, they will receive cover accordingly for a better healthy life in the coming years.

Individual Plan VS Family Floater- Which Is Better?

When you are looking for the right health insurance plan, you need to consider many necessary factors. The size of your family, your budget, and your requirements are all necessary to scrutinize. Make sure you do that and choose a plan that suits your needs. 

Winding Up!

Health insurance plans for family is the need of the hour amongst the rising inflation rates and medical concerns around us. It is also necessary to make sure you remain in the Pink of your health without too much hassle. By opting for the right health insurance from the most suitable health insurance providers, you can ensure your safety at every step of the way. 

Make sure you choose one health insurance from amongst individual plans and family floater plans as per your family size, budget, and requirements. Do not forget to consider the add-ons for extensive safety of health.