Health insurance comes in the list of the first policies that an earning individual should buy before starting the investment journey. Life is uncertain and a sudden health crisis leaves a person vulnerable both financially and emotionally.
A good health insurance plan can help you deal easily in times of health crisis. However, when it comes to buying the right plan, one needs to decide whether multiple individual health policies or a family floater plan is better for him. While a family floater health insurance plan can cover you and your family members under a single plan, individual health insurance provides cover to only one person.
To provide health insurance cover to the family through multiple individual plans, you need to buy separate policies in the name of each person. In this case the premium will depend on the age of the person and the sum assured. Some insurance companies also offer you a discount on the total premium if you buy separate policies for more than one family member at once.
This is the specialty of Family Floater
Under the family floater policy, more than one member of the family can get health coverage under the same plan. And only one premium has to be paid. Generally, the premium is based on the eldest member in a family floater policy. One advantage of having multiple separate plans for family members is that if one person is hospitalized or takes any other treatment covered under his individual plan, the sum insured of the other members will not be affected.
this is its disadvantage
On the contrary, all the members can avail the full sum assured in the family floater policy. This means that full health coverage will not be possible if more than one member has to be hospitalized simultaneously. Whereas a family floater policy is cost-effective as it provides cover to multiple members of a family and takes advantage of the fact that multiple members are unlikely to avail health coverage simultaneously. But if a claim is made, it will be difficult to increase the cover amount.
It is definitely better to have multiple different policies from a cover point of view. Family floater plans are definitely more affordable if there are no claims, but once a member makes a claim, the cost of the whole family floater policy will go up. In individual plans, only the claiming plan will be affected, not others and you may find it difficult to increase the cover amount once a claim is made. The cost of medical facilities can increase significantly over a period of 10 years.
Best Individual Health Plan
One should choose any one of the two health insurance options based on their requirement. For instance, if one has a low income and small children, a family floater policy would be better, but if one of your family members has a history of ill health, then buying an individual policy would be more helpful, as the cost of treatment is very high. Might be possible. Inflation is at its peak in today’s time, so having an Individual Health Plan will not put extra burden on your pocket.
