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An individual health insurance is a type of health insurance plan wherein only a single person can be covered under the plan. Therefore, both the health insurance premium and sum insured is allocated for one person only and cannot be shared.
A family floater health insurance is a type of health insurance plan wherein both you and your family members can share the same plan. Therefore both your health insurance premium and sum insured would be shared with all members in the plan.
Basis of comparison
Individual health insurance
Family floater health insurance
This plan only offers coverage to an individual insured in this plan. For example; If you’ve taken a plan of Rs. 15 Lakhs, you solely will have up to Rs. 15 Lakhs to benefit from, for the entire policy period.
This plan offers coverage to all family members included in the plan. For example; if your plan is Rs. 15 Lakhs, then your entire family will have to share this amount for the policy period.
The biggest advantage of an individual health insurance plan is that the coverage is more since every individual has their own sum insured.
The key benefit of a family floater plan is that the health insurance premium is cost effective. That is because the premium is a one-time premium for all family members.
The only disadvantage of an Individual Health Insurance is that one will have enough to cover for them in one policy year. However, note that if you haven’t made any claims during the year, they can benefit from a No Claim Bonus.
One of the main disadvantages of a family floater plan is that sometimes the sum insured may not be enough for all family members.
A 35-year-old working woman chooses to opt for an Individual Health Insurance plan for herself, and her parents. She takes an individual plan each of up to Rs. 5 Lakhs. This means, she and her parents both will have Rs. 5 Lakhs each to cover for their health needs throughout the year.
A couple chooses to go for a family floater health insurance plan; under this all both of them will have to share the total sum insured amongst themselves. For instance; if they’ve taken a plan of Rs. 5 Lakhs, then they can only use up to Rs. 5 Lakhs for their medical claims during the year.
Individual health insurance is a great option for bigger families, or those with elders to look after as a family floater may not be sufficient.
A family floater health insurance is recommended for a young couple or a small and nuclear family.
Tips and recommendation
If you’re going for an Individual Health Insurance plan, make sure you reach for relevant add-ons for your every family member too. For example; if you’re taking an individual plan for your parents then the AYUSH add-on is a very good choice to include in your plan.
If you’re going to choose for a family floater plan, then choose for a higher sum insured since you’ll need to make sure that the total sum insured is enough for all family members.
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