It may be onerous to choose between an individual health insurance policy and a family floater plan. In particular, first-time purchasers of health insurance will face problems weighing the pros and cons of both types of policies. Many times, consumers are unaware of a proposal for a family floater. Experts still advise that you have health insurance or a family mediclaim scheme, which is more valuable if you want to buy a whole family medical cover.
You need to know the difference between an individual health insurance policy and a family floater plan to purchase a health insurance policy that matches your financial objectives along with lifestyle needs.
Difference between the Floater Plan Multi-Individual and Family
As the name suggests, an individual insurance plan provides benefits only to you when the policy is obtained under your name. A single amount insured, however, offers coverage for all the members of your family, including you, your spouse and two children, with a family floater plan. Again, advanced insurance plans for family floaters also include cover for dependent parents and parents-in – law.
Now if you want to get separate health insurance policies for each member of your family, as opposed to the family floater plan rates, the premium amount will certainly surpass. The advantages that you will enjoy are almost the same. This is where versatility comes into the picture, enabling a single pool to support your entire family.
Many explanations point out why the family’s medicine coverage is safer than private medical benefits, such as:
- Collective sum insured amid all family members. As the name implies, a single amount insured floats among all the members of your family in a family floater health insurance policy. At the same time, the possibility of all your family members needing the advantage is scarce. Therefore, for anyone from the family who becomes ill, the package will be completely used to cover the medical costs.
- It’s cost-efficient.When choosing a mediclaim policy for the family over a single cover, you save money. It would be an expensive business to purchase personal health coverage for each family member. Under a family medicine policy, you benefit from the same benefits as a single insured sum.
- A simpler and more convenient process. When you have a single family mediclaim policy, you do not have to bother about premiums and renewals of several policies. The renewal and premium deposit of one single policy will easily be taken care of. Your paperwork, again, would be more open and quicker.
A co-payment provision is provided by a few family medicine policies. You, as a policyholder, pay a certain amount under this provision and the insurer pays the remainder. In particular, when you are searching for lower premiums, this clause is advantageous. Greater the co-pay, lower the policy premium and vice-versa.
Now that you know a lot about family medicine policies, take the next step and buy your family an effective medicine policy. Provide them with a great health cover and get all of the benefits wrapped in one contract.