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Finance

Individual VS Family Health Insurance – Which to Choose?

India is a country whose culture is centered around family. However, as you know, it is almost impossible to protect yourself and your family from illness and injury. In addition to the difficulty in preventing medical conditions, there is also the ineffectiveness of treatment. With each passing day, the amount of money needed to get proper treatment will increase. To combat this increase in health care costs, it is important to purchase health insurance to maintain your family’s financial stability.

No matter how beneficial health insurance is, it can be a burden on the pocket. This is especially true if you want to cover your family as well. This is because many people choose to buy special plans for each member of their family. However, it does offer its own coverage for each person, which can be very expensive. The other option people have is to buy a Family Floater plan. Which one of these options would be right for you? Here is a comparison that will help you decide:

Individual health insurance

As the name implies, individual health insurance is the health coverage offered to a single person. This means that it does not cover your family members in the same plan. It exclusively provides you with coverage against any illness or injury along with other health benefits.

This type of plan is best if you do not have any dependents and just need to take care of your own personal health needs. If you want to use these plans to cover family, you will have to buy a plan for each member of the family. This is only a sound strategy if you want to protect your elderly senior parents. Due to their health conditions and consequently increasing health costs after a certain age, they would need specific healthcare.

If you look at the annual tax benefits and you will find that individual health insurance you will find that not only can the plan strengthen your financial plans, but also increase your savings.

Family floater health insurance

Family Floater Health Insurance is a type of health insurance plan that covers you and your family under a single plan. The annual health insurance premium is a singular payment and the entire sum insured are distributed to all family members.

Families in India are often stressed due to the financial burden that comes with today’s health care costs. In such cases, health insurance for family is a good choice for both financial and overall health.

For example, if your Family Floater cover is ₹ 5 lakhs and suppose you are a family of four members. Now, if required, any one member can use this amount of ₹ 5 lakhs in case of medical emergencies or four members can use the required amount by staying within the sum insured limit.

The point to note here is that if one person consumes the entire sum insured, there is nothing left for another to use. Hence, it is better to have some extra measures to manage health like a wellness app. Family floater plans are ideal for group access to insurance coverage and are especially beneficial and advantageous for couples and nuclear families.

Who should buy Family Floater Health Insurance?

There is no restriction on who can buy Family Floater Health Insurance. However, one thing can have a different effect on different people. Therefore, this type of health insurance also has an ideal customer. When it comes to family floater plans, young families are the ideal buyer. This is because small families are generally healthier and less vulnerable to any health condition that requires large costs of treatment. Family floater plans are convenient and affordable for such families.

When choosing between the two, the premium alone should not be considered. In short, family floater insurance covers the entire family under a single policy and individual insurance provides coverage only to individuals. The correct approach to cover all family members and get the most out of your policy depends on the buyer and the people under the coverage. Moreover, you need to look at the service features that the insurance provider offers like a health insurance app. Do your research on both types of coverage and zero in on what is best for you and your family.

For all your insurance & wellness needs, download ICICI Lombard’s ILTakeCare App, from Playstore & Appstore & buy health insurance online at an affordable price today.

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