The rising cost of healthcare has convinced everyone to buy health insurance. Insurance is a complex term and many people get confused while buying health insurance plans for their family.
Since it is about you and your family members’ health, you need to buy a good family health insurance plan to cover all members of your family.
Things are not as simple and quickly resolvable always. While reading various insurance terms on company’s website, always be very careful. Many people get confused while choosing an insurance policy, whether to buy an individual health plan or single-family floater plan to cover all the family members.
The policy is issued in the name of the individual policyholder in case of an individual health insurance plan. Thus, individuals will have a dedicated sum assured under their respective health insurance policies.
On the other side, a family health plan is entirely different. The insurance policy is issued to the entire family, and the sum assured is a single one applicable for all members, which however is unlike the case of an individual health plan.
Before opting for family floater plan, consider the following three points.
Number of members
Age of the family members
Prior health conditions
You get to know the exact amount you pay for the health insurance with these points. The concept is to get maximum coverage with an attractive premium. You can find your premium estimate using a health insurance premium calculator.
Segregate Your Family
Firstly, it is important to know the needs of your family. Every individual person has different needs. Everyone from your family should be satisfied, if you opt for a family floater plan. If not, it is recommended to buy individual policies.
Health insurance for senior citizens is recommended as the best option if a family consists of more elderly people than younger ones. The old member’s health needs are different from the younger ones. Therefore, adding elderly member in the plan increases the premium payments compared to individual plans, hence it is better to buy individual health insurance for senior citizens that cater to their specific needs.
If the family consists of young people then there will be fewer health risks. The key to an appropriate health cover is to calculate your risk. A family floater plan with young people has a relatively low cost.
Limited Sum Insured
One of the key differences between a family floater plan and multiple individual plans for the family is the sum insured.
A limited sum insured might not fulfil everyone’s healthcare needs if the family is large. The health needs of a small family are lower than the larger one, thus it is easy to share a health plan among a smaller group of people.
You can look at multiple options before finalizing health insurance. The following are the multiple options you can look at health insurance plans for family or individual policies or even mix and match various plans. In the end, what matters is it should protect you and your loved ones.