Family Floater Vs Individual Health Insurance
Securing oneself and his or her family for the future has become the latest concern in the minds of all individuals. Gone are the days when individuals thought a several times to purchase insurance policies. Owing to the occurrence of a wide variety of diseases; health insurance has gained priority over other insurance policies.
Now-a-days, purchasing a mediclaim policy is surely on the minds of many people but securing the right policy is quite a difficult task. A lot of preliminary understanding of the whole aspect has to be done. When the discussion is regarding health plans in India, the family floaters and the individual health plans are the two major options that are provided to citizens. Clear knowledge of the features and coverage aspects have to be gained in order to be able to do the right choice. The coverage and exclusions may differ from one policy to another but the important task is to be able to get the maximum advantage when the insurance claim is done. With a little bit of idea on the advantages and disadvantages of one policy over the other, the task of choosing the best health policy becomes a lot easier.
Merits of family floaters over individual health insurance
One of the most vital aspects that make people opt for family floater plans is the option of being able to add close family members to the health plan of the concerned individual. Some of the immediate family members who can be added to the policy are spouse, children, sometimes even dependent parents, siblings and parents in law. In the individual health policies, it is a must for every individual to take separate health insurance policies.
The insurance claim amount is much greater than individual health plans when only one health claim is taken for a year. The concerned family member is sure to get a greater amount when compared to what he or she might get on any individual plan.
The health status of the family does play a pivotal role in deciding what plan has to be opted. Families with low health risk can opt for family floaters since they are less expensive than individual plans.
Merits of individual health plans over family floaters
Health issues are something that cannot be determined earlier. Owing to this fact, if an individual health plan is taken for an individual, the health claims might most often be sufficient to meet the requirements of the individual. In case of family floaters, if more than one insurance claim is done during the span of one year, the amount might not be sufficient to cover the requirements of all the claims.
Though the initial expense is a little more than family floaters, the policy is sure to give a good amount when required for handling health problems.
The renewal of the policy in individual health plans does not have more specifications than family floater plans. In family floater plans, the policy has to be renewed when the eldest member in the plan reaches the maximum age limit defined by the company which is usually 65 to 70 years. A fresh policy has to be taken later where as in an individual policy; the policy can be continued as long as the individual is allowed to renew it.
With the increase in number of people giving prime importance to healthcare, it is best to consider both these policy options and select the one based on individual requirement and capabilities.