A health insurance plan is mandatory before you start to invest for your life goals. You must give your health priority over other things. You have to decide if you should go for a family health insurance plan or individual health insurance plan. A health insurance plan should be taken earlier.
Family Floater Health Insurance
Family Floater Health Insurance policy covers more than one family member for a fixed cover. The family floater health insurance fixed cover is shared by all family members. For example, if Roy family has taken a family floater health insurance policy and there are four members in their family and the cover is 5lakh, so the entire family can claim up to 5lakh together. Commonly two children and two adults are covered in a general Family Floater Health Insurance Plan.
Benefits of Family Floater Health Insurance
- Family Floater Health Insurance Policy has a reasonable price than Individual Health Insurance Policy.
- Family Floater Health Insurance policies are great if your family has young members because they have a low health risk.
- You can add instantly your family members like your wife and child.
- In case if you have to claim from your Family Floater Health Insurance policy the family member will get more amount compared to individual health insurance cover.
Flops of Family Floater Health Insurance
- One of the biggest disadvantages in family floater health insurance is if one claim had made by one family member in a year the other family members will be left with little cover.
- Family Floater Health Insurance legal till the proposer turns 60 or 65 (varies on insurance company) or the maximal age of renewability depending on the policy.
- Basically, with the help of family floater health insurance policy, you can only cover your immediate family members. You can’t cover parents or siblings.
Individual Health Insurance Policy
You can buy Individual Health Insurance Policy in the name of each individual. You can take individual health insurance policy for your child, parents or spouses etc. That means the individual health insurance policy’s premium will be counted as per that individual’s age and health condition. For example, if Mr. Banerjee buys individual health insurance policies for her parents, child, wife, and himself from the same insurers he will get 10% discount on his premium. You will get a 10 percent discount on your premium if you buy individual health insurance policy for more than one family member. If your one family member claims from their individual health insurance policy the sum insured of other family members will remain intact.
Benefits of Individual Health Insurance Policy
- You can buy individual health insurance policy also for your parents, in-laws and siblings.
- The individual health insurance policies are a great choice if you have older members in your family.
- In the individual health insurance policy has no maximum age restriction for renewal.
- You can get the benefits no claim bonus policy because there is a lesser chance of claiming an individual health insurance policy.
Flops of Individual Health Insurance Policy
- The policy is expensive for those who have a low health risk.