Family Floater Health Insurance V/S Individual Health Insurance Plan
Importance of health insurance has considerably increased with the rise in importance of well-being among individuals. It is a crucial tool that provides monetary support during an emergency.
Choosing between an individual health insurance scheme and a family floater insurance plan can be a challenging task. An individual policy offers a separate insurance plan for each family member with a definite cover. However, for a family floater plan, the sum insured can be used by any family member.
Furthermore, a Family Health Insurance Plan from reputed NBFC’s like Bajaj Finserv offers a high coverage amount of up to Rs. 50 Lakh. There are various floater plans that cover dependent parents, spouse, and children, along with an applicant. In case of individual policies, there is a dedicated sum insured. However, the amount is shared in the case of family floater plans. If a family member claims coverage for their medical expenses, the total sum is reduced.
On the other hand, the cost of premiums in case of individual healthcare schemes are comparatively less compared to the family floater plans. It is determined by the age of the eldest member in a family in case of family floater plans and with the age of an applicant in case of individual schemes.
Insurance providers offer renewal of policies only up to a certain age. If a senior member of a family covered in a floater plan is aged more than the maximum age cap of renewal, then no other member will be eligible to carry forward the policy.
Furthermore, there are a few insurers which cover grandparents and siblings. So if you are looking to insure their expenses as well, then opt for individual covers.
Individual health insurance schemes and family floater plans come with their own set of benefits. You should carefully choose the healthcare insurance policy that is suitable according to your requirements.