Individual vs
Family Floater Plan
  • Individual health insurance
  • Family floater health insurance
  • Difference between the two
family floater vs individual health insurance
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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.

Criteria Individual Health Insurance Family Floater Health Insurance
Meaning An individual health insurance plan provides medical expenses coverage to an individual. A family floater health insurance covers the entire family under one policy.
Coverage The individual health insurance policy covers only one person. If you wish to buy insurance for other members of your family then you will have to purchase insurance for them individually. Family floater health insurance policies save you from the pain of purchasing multiple plans for each one of your family members. You can cover them all at the same time under one plan.
Sum Insured The sum insured of an individual health policy is meant for only the policyholder and no one else under any circumstance can share the same. The sum insured of the family floater health insurance policy is meant for all the beneficiaries of the plan and is divided amongst them. It can be utilized till the limit of the policy.
Meant for Individual health insurance plans are suitable for people who have no dependents. Also, the policy can be purchased for senior citizens of the family who need a sufficient amount of sum insured for them given the complexities of their age. Family floater health insurance policies can be bought by small families who are under the age of 60. People under 60 years of age are less prone to regular health issues and thus need only a certain amount of the sum insured kept aside.

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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.

Individual vs Family Floater Plan: FAQs

1. Which plan should I buy Individual or family floater?

If you have a family which depends on you for well being then you should go for a family floater plan. If you only wish to get yourself insured then go for individual insurance.

2. Which is better family floater or individual policy?

Both the policies have pros and cons of their own. We suggest you evaluate your insurance needs and then choose the best one for yourself.

3. Can I convert my individual policy into a family floater?

Yes you can migrate your policy in a family floater one by talking to your insurer.

4. What is not covered under an individual health insurance policy?

An individual health insurance plan doesn’t cover some conditions such as cosmetic surgery, pre-existing conditions, dental, hearing and vision issues etc.

5. What is not covered under a family floater plan?

There is usually an age limit of 60-65 years on family floater health policies. If you want to add a member above this age bracket then you will have to buy a different policy for them.

6. What is the difference between a family floater and individual health insurance?

Family floater insurance covers the entire family under a single policy, while individual health insurance covers a single person.

7. Can family floater insurance cover all family members?

Yes, family floater insurance can cover all the family members of the policyholder such as spouse, children, and parents. The policy can even cover extended family members, including parents-in-law, depending on the policy terms and conditions.

8. What are the benefits of buying family floater insurance?

Family floater insurance is cost-effective as the premium is shared among family members. It is an all-inclusive plan that provides coverage for the entire family and allows flexibility to add or remove members.

9. What are the key benefits of buying individual health insurance?

Individual health insurance is designed to provide greater control over the policy, including the choice of coverage, sum insured, and policy duration.

10. Is family floater insurance more cost-effective than individual health insurance?

Family floater insurance is more affordable as the premium is shared among the members. However, individual health insurance offers discretion over coverage and costs for individuals.

11. Is it true that the sum insured in family floater insurance gets consumed quickly?

The sum insured in family floater insurance is shared among family members, so it can get exhausted more quickly if multiple family members require medical treatment.

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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of Insurance Web Aggregator.