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In this article, we’ve listed down some simple tips which can help you in deciding whether you should opt for individual health insurance plans for every family member or a single family floater plan for the entire family. Let’s get started.
3. Medical history of family members
- The first thing that you need to do is compare the prices of both – the individual health plans and the family floater plan. It’s obvious that you would want to go for an option which will cost you lesser, considering that the coverage offered by both type of policies is equal.Generally, if your family consists of only young members i.e. you, your spouse, and your children, opting for individual health plans would cost you lesser. However, if there are senior citizens in your family, opting for a family floater plan would be more affordable.Though it’s prudent to opt for the plan that comes at a lower premium, it should not be at the cost of insufficient coverage. Check which option provides you and your family a better coverage – having a separate cover for every family member or an umbrella cover under a family floater plan.Usually, with a family floater health insurance plan, you can get a high amount of coverage – which can be used by any of the family members – by paying a lower premium.For example, if you buy individual health plans offering a sum insured of Rs.1 lakh each for 4 family members by paying Rs. 5000 per year for each plan, you will have to pay a cumulative premium of Rs. 20,000 in a year and each family member will get a maximum coverage of Rs.1 lakh. Whereas, a family floater plan offering a coverage of Rs. 5 lakhs will not only attract a lesser premium but also provide five times more coverage to every member of your family.If any member of your family has a history of chronic diseases, there are high chances that he/she will require medical support sooner or later. In such a condition, buying a family floater plan is not a good idea as a large part of the sum insured will probably be used by a single person in the family and the other members might be left with inadequate coverage.What you can do in such a case is buy an individual health cover for the member who has a history of chronic illnesses and a family floater plan for the rest of your family.
DISCLAIMER
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.