It is undeniable that good healthcare services are important. 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 entire 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.
When it comes to the premium amount of a family health insurance, it is usually based on two factors. Firstly, it depends on the age and health of the oldest member 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 carefully.
What is Individual Health Insurance?
Individual health insurance covers one person per policy as is understood by its name. Each member of your family has to get separate health insurance if opting for individual plans. Also, when it comes to premiums, this amount depends on several factors for individual health insurance. Firstly, your age and health condition are checked. Then your risk profile is also considered while calculating your premium.
Health insurance plans for individuals 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 have a family insurance plan for your family but a family member is suffering from critical illnesses like cancer, heart issues etc. In this case, an individual cover will provide extra coverage.
Difference between Family and Individual Health Insurance
- Coverage and Flexibility
When it comes to coverage and flexibility, there is a key difference between individual and family insurance plans. You have to share the insured sum among all the members in a family insurance plan. This can be a disadvantage 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 person gets their own separate coverage. Hence, it offers more flexibility in using the insured sum compared to family insurance plans. This way, everyone has 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 member of your family.
However, individual health insurance customises the premium as per your age, health, and risk profile. So, in an individual plan, each family member 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 it will also become hard to manage.
Additionally, you can bag many benefits if you choose Generali Central for your family's health insurance. You can buy FG DIY Health, one of the best family medical insurance plans, where you can customise your insurance as per your needs and preferences. Moreover, FG Health Absolute is also a good health insurance plan for family to cover both the mental and physical health of you and your loved ones.
