Health insurance has never been more important than now. Rising healthcare costs and a global pandemic, can lead to unforeseen expenses for you.
Availing a medical insurance can safeguard your finances by covering all the hospitalization charges. This way you can make cashless claims and save yourself from out-of-the-pocket payments. When you choose healthcare insurance, the terms individual and family floater insurance often gets tossed around.
Know the differences between these policies, to make an informed decision.
Individual Health Insurance
Individual policies mean that each of your family members will have a dedicated plan for themselves and receive extensive health benefits. This plan is ideal especially if you have senior parents. Certain diseases like arthritis and diabetes crop up with age. So, having a customised plan for each individual can help in getting an appropriate assured sum.
With individual health insurance, there would be no shortage when you require a cover. The premiums will also be less for a young person with no pre-existing illness. In fact, you also do not have to share the sum insured amongst all. Instead, you can make the best of the ‘No Claim Bonus’ in case you have not made a claim against the policy for long.
Family Floater Health Insurance
All the family members are protected under one plan. This is ideal for anyone with financial strain. However, old parents might frequently need treatment due to diseases. This way the entire amount can be used up. Others might not be left with enough when they require coverage. This plan is only suitable for young couples. A floater is not suitable for bigger families with senior members.
Evaluate your insurance needs before you make a decision. Research your options carefully and get in touch with a reputed insurance brand.