To buy or not to buy insurance has been an old query for which answers have been found. Of course, one has to buy insurance, but for whom to buy is the next question that is posing as a dilemma for most prospective clients. Health insurance for self or for the entire family and at what time is something to ponder about. Don’t worry, it is not rocket science and we’ll help you to make an easy decision.
Here we bring you the details about both the plans so you can take a decision accordingly:
Table Content
Individual Health Policy
As per the name, an individual health policy is a kind of insurance policy under which only one person will be covered under the policy. and From the premium of the policy to the sum insured everything is dedicated towards a single person and it can’t be shared until the plan has a scheme such as an option to transfer from individual to family floater policy. and There is a saying “If you want to buy a policy then you have to opt for it a bit younger and individual health policy is till you are a bachelor. and After some while, you will marry and after that, you’ll need a family floater policy to cover your whole family, which will increase with time.
| Advantage | Disadvantage | Cover |
| 1. Firstly, The policy works best in case the family consists of older members as each one can be covered for individual health risks without affecting other members’ qualifying criteria or premium amounts. | 1. Buying individual covers for every member of the family becomes expensive. | Hospitalization Expenses
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| 2. Secondly, Most individual health insurance policy does not have a restricted renewability clause. You can renew the policy at any age provided you meet the terms and conditions of the plan. | 2. The premium for elder members with pre-existing diseases is higher. | Critical Illness Cover |
| 3. Thirdly, Till the time the policy is in effect, the insured can avail of the benefits of loading and discounts. In other words, just because you filed for a claim in a particular year, the insurance company can’t charge you a higher amount the following year at the time of renewing the plan. | 3. If you have utilized the sum assured due to hospitalization at the beginning of the year, you can’t claim it again in case of an emergency. | Room Rent Waiver |
| 4. Fourthly, Each member is entitled to the complete sum assured of the policy. | No Claim Bonus |
Family Floater Health Insurance
Family is our first priority and taking care of family members is our first duty, family floater health policy is just for protecting the whole family member with a single plan. and that is From maternity to till growing your kids, the whole expenses will be covered by a family floater plan, and in comparison to individual health policy, the premium of a family floater would be much less and also get some extra coverage for the family too.
| Advantage | Disadvantage | Coverage |
| 1. Firstly, The premiums are low for a young family and offer greater benefits. | 1. Firstly, Family floater health insurance comes with a maximum limit on the age for renewability. and It is generally fixed at 60 or 65 years or as defined by the individual insurance provider. | Hospitalization Expenses
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| 2. Secondly, Increased coverage for all members if one claim is filed. | 2. Members are left with lower corpus in case of medical emergencies. | Domiciliary Treatment |
| 3. Thirdly, Family health insurance plans cover all family members, eliminating the need for multiple providers or paperwork. | 3. If any member suffers from a pre-existing disease or acquires a new disease, the premium goes significantly higher for the entire family. | Daycare Procedures |
| 4. the premium amount will be fixed hence the Youngest members lose lower premiums due to good health. | Organ Donor | |
| 5. Can cover children only till the age of 25 years. and After that, they have to be excluded from the family floater plans. | Flexibility to Add Member.
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These are some of the pluses and minuses of both plans. in addition, You can analyze your needs carefully and then decide as per your requirements. and Whether you decide to buy health insurance plans for your family or for yourself on an individual basis, it is going to help you face unforeseen medical challenges. Be sure, you’re well-prepared and ready for it.
Which One You Should Buy?
Your circumstances decide which plan you will buy, because both these plans are made for two different situations and work in two different areas. however, Believe me, there is no comparison between these two plans.
Family Floater Policy – Buying a health policy is necessary when children are ill, as the cost of medical care is high. whereas
The family floater policy is a much-needed policy for a family, and if you have a kid and you are the only bread earner for your family then you should opt family floater policy. However, Just because they offer a good amount of coverage and having a family means having extra responsibility and taking care of your family is your first priority.
Individual Health Policy – Individual health policies protect against pre-existing diseases, but some also provide coverage for critical illnesses. therefore People should consider health policy when buying individual health policies, as it provides coverage for both pre-existing and critical illnesses.