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In today's time, when healthcare costs have considerably increased, having health insurance is nothing less than a blessing at the time of medical emergencies. At the time of buying health insurance, the foremost thing is to decide whether to go for an Individual Plan or for a Family Floater Plan.

Although the aim of both plans is to provide insurance cover at the time of medical emergencies, only the basic approach is different. Confused? No worries. Read ahead and explore more about the plans.

Individual Health Plan

Under this plan, as the name itself suggests, there is coverage only for a single individual. This type of policy is suitable if you are looking for a plan to protect your individual health needs. In short, an Individual Health Plan means that both the health insurance premium and sum insured is dedicated to one person only and cannot be shared.

For example, a 35-year-old working woman chooses to take Individual Health Insurance plans for herself and her father. She takes individual plans each of up to sum insured of 5 lakhs. This means that she and her father will have 5 lakhs each to cover their health needs throughout the year in case of any medical issues.

Family Floater Plan

Under Family Floater health insurance, you and your family members are protected under one plan. The family members are entitled to share the annual health insurance premium and the total sum insured. 

For example, a couple with two kids chooses to opt for a Family Floater Health Insurance Plan. Under this policy, all four members will be sharing the total sum insured amongst themselves.

Difference Between Individual Health Plan and Family Floater Plan

Points of Comparison

Individual Health Plan

Family Floater Plan

COVERAGE

Only an individual is insured under this plan.

For example- If you’ve taken a Health Plan of Rs. 10 Lakhs, then only you are allowed to take the benefit of it in case of health emergencies.

Under this plan, all the family members are covered and insured.

For example- If your Health Plan is of Rs. 10 lakhs, then the entire family will have to share this amount for the policy period and can benefit from this in case of health emergencies.

ADVANTAGES

The individual health insurance plan is more extensive as every individual has his/her own sum insured.

The family floater plan is cost-effective as you pay a one-time premium for all members.

WHY CHOOSE?

This sort of insurance plan is highly recommended for families with older parents. Due to the fact that older people are more prone to health issues, it is better to opt for an Individual Health Plan, where the insured (alone) can enjoy the benefits of the sum insured.

A family floater health insurance will be suitable for a small/nuclear family (husband+wife+2 kids). In such a case, all four members will be able to claim the benefits of the sum insured. 

Read: Does Standard Health Insurance Cover COVID-19? 

Strategy To Opt For The Best Plan

Through all the analysis, it is clear that a family floater plan may prove to be cheaper as compared to individual plans. However, to make your health insurance more beneficial, you can follow the below strategy:

  1. Identify and shortlist the right products that will be suitable for your needs and expectations.
  2. Cover yourself, your spouse and kids in one family floater. However, in case you are prone to illness, it is better to take a separate cover (individual plan) for yourself and cover the rest of the family (spouse and kids) in a floater plan. 
  3. Purchase individual health insurance for aged parents. This will ensure that you will get the low-cost benefits of the family floater health insurance and at the same time, by getting the individual plans, you need not worry about the hospital expenses of your aged parents who may be more prone and susceptible to illness/hospitalization.

Conclusion

While choosing one out of the two plans, the premium should not be the only considering factor. Before making the final decision, consider all the terms and conditions related to both plans. Choose plan(s) that will cover all the members and give maximum benefits.

Naval Goel is the founder of PolicyX.com. He is an Associate Member of the Indian Institute of Insurance`, Pune. He has been authorized by IRDA to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
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