Difference Between An Individual And A Family Floater Health Insurance Plan

Choosing an appropriate health insurance plan is an essential part of investing in a health insurance cover. There are a plethora of options in the market that are comprehensive and affordable for the policyholders but, the features of these covers might differ from one insurer to the other. Therefore, before investing in a health insurance policy you must analyze your requirements and then choose a policy accordingly. Several factors like your age, medical history, pre-existing diseases, number of members insured, waiting period, premium rate, etc. can influence your choice of a health insurance plan.

There are two commonly bought health insurance covers which are individual plans and family floater plans. Individual cover insures a single individual while a family floater plan insures multiple members of a family under single sum assured and premium payment. Both the types of health insurance policies serve a similar purpose of providing financial aid to the customers at the time of medical emergency, but differ in their features and benefits.

About Individual Health Insurance Plan

An individual health insurance plan provides compensation for medical expenses to a single individual and comes with a wide coverage. This type of a health insurance plan comes packed with a lot of features and benefits, which can be customized by the customers according to their needs and requirements. It has sufficient sum assured and coverage for the policyholder. It is a wise and better option if you want to insure your senior citizen parents under a separate health insurance plan. Let us look at some of the basic features of an individual health insurance plan:

• It provides wide and complete coverage against any medical expenses that might incur in case of a medical emergency.
• It is available at an affordable premium rate with sufficient sum assured.
• Policyholders can customize the policy according to their needs.
• Tax deduction benefits and no claim bonus are also provided to the policyholders.

Must Read: Popular Individual Health Insurance Plans In India

About Family Floater Health Insurance Plan

A family floater health insurance plan insures multiple members of a family under a single plan. It provides comprehensive coverage to meet the requirements of all the members of the family insured under the plan. The premium and sum assured of the plan is distributed equally among the members insured under the cover to make sure that there is enough to meet the expenses of all the individuals. This plan is not advisable for people suffering from critical diseases or have a medical history. Let us look at some of the prominent features of a family floater plan:

• This plan can cover your family members and it offers discounts on the inclusion of a new member.
• The premiums are affordable for this plan as the amount is distributed among the members in the family insured under the plan.
• It includes COVID-19 health insurance cover to help the families deal with the medical expenses incurred during the treatment of coronavirus disease at the time of a global pandemic.

Differences Between Individual And Family Floater Health Insurance Plans

Let us look at some of the basic factors on which the two types of health insurance differ:

1. Coverage

Coverage of an individual plan is for a single person while in case of a family floater plan it can extend to you, your spouse, children, and parents. The premium and other benefits are shared among multiple members in a family floater plan.

2. Sum Assured

The sum assured of a family plan is distributed among the members of a family while in an individual plan it can be claimed by a single person only. The sum assured of the other members under the family plan remains intact when a member claims the amount for themselves.

3. Premium

The premium cost of individual plans is paid by a single individual while for family floater plans it is distributed among the members thus making it cost-effective for the people.

Conclusion

You can research and compare the different health insurance plans available in the market, and choose a suitable plan for yourself that meets your demands. You must carefully read the terms of your purchased policy to make sure that the necessary inclusions have been made in the cover.

Also Read:  Importance of Health Insurance for Family

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.