Health Insurance Policy Options: Individual or Family Floater Policy
Experts advice that a family floater health insurance policy must be your preferred option, if you desire that your whole family must be covered under a single health or mediclaim insurance policy. This is because you get the advantage of a higher cover at a considerably cheaper cost.
In a family floater health insurance policy the entire family is covered for a much larger cover when made comparisons to an individual insurance policy. Evaluating individual health insurance to a family floater health insurance policy shows that family floater health insurance policy will charge at least 25 to 30 percent cheap.
In a family floater health insurance policy, one has to manage just one document, however in an individual health insurance policy; one has to manage separate documents for each of the family members.
However, at the same time one needs to keep certain points in mind while opting for a Family Floater policy. These are:
- There are few limitations in a Family floater policy in India as it is only allowed for husbands, wives and children. In cases, where you would want to cover your parents or/and siblings in the following policy, it is not accessible in India.
- In cases where there is more than one claim in a similar year, then the other family members are left with no or less covers as the sum deposited remains the same for all the family members.
- An individual health insurance policy is available for people over 60 years of age; however one cannot cover a person above 60 years of age in a family floater health policy.
The Arora Family has a health insurance plan under an individual health insurance plan-
Mr. Arora Rs. 3 lakh, his wife Rs. 2 lakh, their son and daughter Rs.1 lakh each and they have remunerated premium for all the 4 health insurance policies. In an unanticipated state of affairs, the post-hospitalization bill and surgery of their daughter sums up to Rs. 2.10 lakh. The offered policy will cover only Rs. 1 lakh, while Mr. Arora will have to put up with the left amount of Rs. 1.10 lakh from his own savings.
On the other hand, with Family Health Floater Insurance plan if Mr. Arora buys a policy of Rs. 6 lacs, then each and every member of Arora family would be covered for Rs. 6 lakh. As a result, Family Floater would have covered entire Rs. 2.10 lakh medical expenses of Mr. Arora’s daughter.
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Source: Onlymyhealth editorial team Feb 04, 2013
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