Individual Health Insurance Vs. Family Floater Plans!

Individual Vs. Family

So you finally decided to buy a health insurance premium but, you don’t really know what is the best heatlh insurance for you. Even with the millions of options available to you, it most often narrows down to whether you should get an individual health insurance plan or a family floater plan.

Don’t worry, we have your back. We narrowed down all the major advantages that one plan possesses versus what the other plan does not possess. Hopefully, these advantages will help you decide whether an individual health insurance is the one meant for you or is it the other way around!

Also Read: 10 BENEFITS OF HEALTH INSURANCE FOR YOU AND YOUR FAMILY!

Advantages Of Individual Health Insurance

1. Cashless Hospitalization

 

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Image: Wilkinson PR

In the view of an unexpected hospitalization, you may always use the cashless option that many insurance providers state is applicable (as seen in your health policy.) This means that you can use medical facilities and treatment from doctors and even be hospitalized without paying anything at all to a hospital!

This comes in handy in emergency cases as most hospitals require an immediate downpayment. And is even handy when you are low on your savings.

2. Daily Allowance

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I’m not talking about the daily allowance or monthly allowance given to you to spend freely by your parents when you were small. I’m talking about receiving an allowance on a daily basis AFTER spending a minimum amount of days (as mentioned in your premium) on the hospital premises.

3. Tax Benefits

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Image: Free Press Journal

If you have invested in an individual health insurance policy, then the premium paid on that policy is eligible for tax deduction.

Also Read: 5 REASONS WHY MEDICAL INSURANCE FOR WOMEN IS HIGHLY IMPORTANT

Advantages Of Family Floater Plans

1. Higher Sum Insured

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Since a family floater plan ensures not only an individual but, spouse and children, as well as, the individual, it is easy to understand why the sum insured is higher than that of an individual health insurance plan. In certain insurance companies, if the person is unmarried, then he/she may begin a family floater plan that safeguards parents that may be depending on them, or siblings.

2. Tax Benefits

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Image: Progress In Political Economy

You can easily avail tax benefits for your family floater health insurance policy as it is eligible for tax deduction. But, on the plus side, you can even double the benefit by paying for your parents!

3. Medical Coverage

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Since the plan is covering all types of ages and prior illnesses, a family floater plan covers a vast majority of all sickness expenses like hospital fees, regular check-ups, emergency services like the ambulance. It even provides a coverage for certain expenses at the time of a mishap or accident.

In some cases, it even provides the facility of a yearly check-up for the entire family!

4. Avail Discounts

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Image: The Vegan Society

The family floater health insurance plan helps you grasp hold of discounts that these policies sometimes might offer.

5. Add-On Members

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Image: Jason Groupp

One of the best features of the family floater health insurance plan is that you can add more members to the plan with ease.

6. Continuous Family Cover

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Image: Ram Pages

General health insurance policies require renewal every year but, the family floater plan offers the person the option of renewing the plan every two years, allowing the person to not stress too much about health insurance renewal!

Also Read: THE DIFFERENCE BETWEEN LIFE INSURANCE AND HEALTH INSURANCE!

Our Opinion

It is quite easy to see that, once again, family trumps an individual. With the wide amount of coverage and the various benefits that one can get by opting for a family floater plan over an individual health insurance plan, it is easy to say that given the option we would choose a family floater plan.

But, make sure that you go through the medical insurance policies beforehand and weigh your options first before making a choice!