In the present era, most of the people are taking health insurance cover. However, here people face a problem whether to take an individual health cover or a family floater plan.
Health Insurance: Health services are becoming expensive day by day. Apart from this, people are facing diseases due to changing life style. Apart from this, if there is a chance of hospitalization due to corona infection in the current era, then all the savings are spent in its treatment.
In such a situation, measures should be taken in advance and most people are taking health insurance cover. This reduces the worry of hospital expenses to a great extent.
However, here too people face a problem whether to take individual health cover or family floater plan.
Talk about better in both these plans, through family floater, you can give health security to your family in only one plan. Under this, only one healthcare plan can provide health cover to parents, wife and children. However, while choosing any plan, definitely look at its benefits.
What is the meaning of individual health insurance and family floater
Individual health insurance means separate insurance cover for all the members of the family and case wise coverage for the most. On the contrary, Family Floater means that any member of the family can use its limit.
For example, if you have taken a family health plan of 6 lakhs, then any member of the family can use this entire limit.
Benefits of Individual Health Insurance Plan
- If there is a situation of hospitalization in any adverse situation, then you can take cashless benefit under the health policy. Under this, no payment has to be made for hospital expenses and it is paid by the health insurance company.
- Many insurance companies provide day-to-day expenses in case of hospitalization. However, this benefit is available only if you are hospitalized for a minimum number of days as prescribed by the health insurance company.
- If you invest in a health insurance policy, you can avail tax deduction under section 80D of the Income Tax Act on the premium paid for it.
Benefits of Family Floater Plan
- Family floater plans offer more time insured options and more coverage as compared to individual insurance policies. Usually, the individual, spouse and child are covered under this, but some insurance companies also give the option of coverage for your dependent parents, siblings and mother-in-law
- .Family can avail tax deduction under section 80D of the Income Tax Act on the premium paid for the floater plan. Apart from this, the tax benefits can be doubled if you pay premium for your parents as well.
- The family gets maximum medical coverage under the family floater plan. This includes hospitalization fees, doctor consultations, medical procedures expenses, hospital staff care, ambulance cover and other expenses. Apart from this, some insurance companies also provide the benefit of annual medical check-up for the entire family.
- Family floaters can take advantage of the offers offered by companies under health insurance plans.
- It is easy to add a new family member under the family floater plan.
- Some insurance companies are now providing the option of cover for two years as well. This means that you will get continuous insurance cover without any change in premium.
