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It is undeniable that good healthcare services are vital. But the rising costs are making it inaccessible for many. This is why getting health insurance can help you invest in your and your family’s health before an emergency occurs.
You may have the responsibility of caring for your family, prompting the question: “Which health insurance is better?”. To help answer this question, here is a detailed comparison.
What is Family Floater Health Insurance?
If you are looking for a smart way to get coverage for your full family, then family floater health insurance is a perfect choice for you. By choosing this plan, you will not have to buy a separate policy for each family member. With family health insurance, everyone in your family will be able to use a single insured sum.
The premium amount of family health insurance is usually based on two factors. Firstly, it depends on the age and health of the oldest fellow of your family. The other factor is the amount of coverage that you choose. Generally, you can get a health plan for a family at a lower cost, too. However, you need to keep in mind that the claims are subject to the terms and conditions of your policy. So, go through the information very sensibly.
What is Individual Health Insurance?
Individual health insurance covers one person per policy as is tacit by its name. Each member of your family has to get separate health insurance if individual plans are to be chosen. Also, when it comes to premiums, this amount hinges on several factors for individual health insurance. Primarily, your age and health condition are checked. Then, your risk profile is measured while calculating your premium.
Health insurance plans for those are best if you want to insure yourself only. You can also consider it if someone in your family needs special coverage. Let’s say you consume a family insurance plan for your family, but a family member is suffering from critical illnesses like cancer, heart subjects, etc. In this case, an individual cover will provide further coverage.
Difference between Family and Individual Health Insurance
Coverage and Flexibility
When it comes to coverage and litheness, there is a key difference between individual and family insurance plans. You have to share the insured sum with all the members in a family insurance plan. This can be a drawback if one person uses up a large portion of the coverage, leaving less available for other members until you renew the policy.
In contrast, with individual health insurance, each individual gets their own separate coverage. Hence, it offers more flexibility in using the insured sum compared to family insurance plans. This way, all sundry can have their own safety net.
Premium Calculation
Another difference between health plans for families and individuals comes in the calculation of premiums. Family health insurance plans calculate the premium based on the age and health of the oldest affiliate of your family.
However, individual health insurance customizes the premium as per your age, health, and risk profile. So, in an individual plan, each family affiliate can have a different premium. When it comes to health plans for families, everyone has the same premium.
Coverage for Dependents
As mentioned, family health insurance plans cover the whole family under one policy. So, it includes you as the primary policyholder, your spouse, and dependent children. Sometimes, you can even extend it to your dependent parents as well. In comparison, individual health insurance only covers the person insured, meaning each member must have their own separate policy for coverage.
To sum up, individual insurance can be a good option for those who don’t need coverage for family members. On the other hand, the family health insurance policy is best to opt for when you have a family to cover. Buying individual insurance for each family member will be costly and hard to manage.
Additionally, you can bag many benefits if you choose Future Generali for your family’s health insurance. You can buy FG DIY Health, one of the best family medical insurance plans, where you can customize your insurance as per your needs and preferences. Moreover, FG Health Absolute is also a good health insurance plan for families to cover both your mental and physical health and that of your loved ones.
FAQS
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Is family health insurance better than individual health insurance?|Which is better, the family floater or the individual plan? Ans: A family floater plan is usually more cost-effective for families as it covers all members under one policy but provides a single sum insured for the entire family.
Which is the most important factor when choosing a health insurance plan?|The premium is the most important factor when choosing a medical insurance policy, as crossing their budget is not possible for most people. However, premiums should not be the only criteria when selecting a health insurance policy.
Is it better to have separate health insurance for parents?|Moreover, the separate health insurance plan will also offer better coverage for your parents since it will be a lot more specific to their healthcare needs. As many of us have come to witness firsthand, the cost of medical care matters a lot more in the later years of life.
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Rahul Khanna
