Family Floater vs Individual Health Insurance

As we start to take up more and more responsibilities on our shoulders, we learn about the not so pleasant outcomes of adult life. One of these inevitable, less pleasing outcomes is deteriorating health as we age. The idea of health insurance doesn’t strike us when we are in the prime of our age. Most of us usually tend to gravitate toward the importance of insurance when we see ourselves falling in the loop of paying skyrocketing hospital bills for common ailments. This is where health insurance comes in handy. When we first think about buying health insurance we juggle between individual vs floater insurance. The question about which is better, family floater or individual keeps arriving to us. So, we are here to evaluate individual mediclaim policy vs family floater. Read along to find out about the two.

Individual Health Insurance Policies

As apparent by the name, Individual Health Insurance Policies are directed toward one person with the entire sum insured meant for him/her to exhaust. The premiums are paid by the individual only and no one other than the buyer of the policy is covered.

An individual health insurance policy gives sufficient coverage to an individual and can be topped up with various beneficial riders for extra protection and surety of financial aid in uncertain times. When it comes to individual vs floater insurance, this kind of policy is meant for a single person only.

Family Floater Health Insurance Policies

Opposed to an individual health insurance policy, a family floater health insurance plan covers the policyholder and his or her family. Under the canopy of a family floater health insurance plan, you can cover yourself, your parents, spouse and the said policy will provide for the medical expenses of all the included members in the policy. The sum insured of a family floater health insurance policy is divided amongst all the family members covered under the plan. When we talk about floater policy vs individual policy, then this kind of plan is best suited for a family.

Difference between individual health insurance vs. family floater health insurance

While the major difference between the two insurance policies lies in the fact that one is aimed at protecting only one person and the other is for an entire family, there are some more points to take note of to understand the distinctness of the two more precisely.

Family Floater or Individual Health Insurance Which Is Better?

When it comes to family floater vs individual health insurance, the preference depends on an individual and his dependents. Both plans come inhibited with their own pros and cons. If you have no dependents and want an affluent amount of sum insured for yourself then go for individual health insurance.

On the other side of it, if you want your family to be covered then instead of buying separate policies for them and managing each one of them altogether buy a single policy and bring them under one umbrella of protection.

Let's sum it up

Whatever you choose between individual mediclaim policy vs family floater policy, one of the key budgetary factors that you should keep in mind while planning monetarily is considering insurance. A little bit of expense each month can save you from having nullified savings. Irrespective of the policy that you buy, the idea of insurance remains the same i.e. feeling secure in the time of crisis.