What we couldn’t do 20 years ago, is possible today. Everything is technically advanced and the same can be said in the healthcare sector. With the help of advancement in the medical equipment, one can easily diagnose a disease at an early stage and get the proper treatment. However, this advancement has also skyrocketed the healthcare cost. That is why having a health insurance plan is important in today’s world as it reduces the financial burden on the policyholder. Your health plan will provide you a coverage that will help you financially and will take care of your medical expenses and hospitalization bills.
You must have heard that the benefits and features of the medical insurance differ from insurer to insurer. But every health insurance provider will offer you individual and family floater options under a basic health plan. Now, the question is which is better among the two. So, let’s dig into it:
Individual Health Plan VS Family Floater Health Plan
An individual health plan is a plan for a single person, whereas, a family floater health plan is for the whole family. You can also opt for joint individual plans. In this plan, more than one person is insured. You may get a discount if you opt to join individual policies. so, if you want to buy a health insurance plan for your family, you can either go for a family floater health plan, or you can go for a joint individual health plan.
Both types of plans have similar benefits and features. But we have come up with some differences based on the following factors:
Under an individual health plan, you can add your spouse, children, parents, and other family members as well. Whereas, in a family floater health plan, you can add your spouse and children only. You can add your parents under family floater option, but it will increase your premium.
Under the individual joint health plan, each member will get a separate sum insured. They may be different for each member but will not exceed the sum insured of the proposer. For instance, if you are a proposer and your sum insured is Rs 3,00,000/-, then the sum insured other members in an individual joint health plan will be below or equal to it. In the family floater health plan, the sum insured is not fixed. Any member of the family can use the sum insured in the policy tenure.
Flexibility In Claim
The sum insured of every member in the joint individual health plan is pre-defined. So, one can only make the claim for the amount that has been fixed while buying health insurance online. If the treatment cost exceeds that limit, a person needs to pay it from their own pocket.
In the family floater health plan, any member of the family can use the entire sum insured in the policy tenure. So, the family floater plan is much flexible than an individual plan in terms of making a claim.
With the help of the above-mentioned difference between both the plans, you can opt for the plan that suits you and your family the most.