Keeping good health is the top priority of any individual. As they say, ‘health is wealth’, and this phrase cannot ring any truer. Many people take their health very seriously as they try to maintain an active lifestyle and a good diet plan. However, health insurance is something very important which should be invested in at the earliest. Opting for a good health insurance plan ensures that your health is taken care of for a lifetime.
When it comes to choosing a good health insurance plan, there are several options you can explore. Like we know, in the market there are various health insurance companies with different plans. Finding the right plan for you and your family is what is required. So how do you choose a good health insurance plan?
There are two types of health insurance plans. A family floater health insurance plan and an individual health insurance plan. So, what is the main difference between these two? Well, the individual health insurance plan is taken by a single person just for themselves. But, a family floater health insurance plan is taken to cover each and every member of the family.
What is an individual health insurance plan?
In case of an individual health insurance plan, a policy is assured in the name of one person only. If you want to assure all the members of your family, you will have to opt for individual plans for every single family member. This turns out to be a more expensive plan. Each member of the family has a dedicated sum of money assured under their name. In the event of one claim per year, a family member will get a lesser amount in the form of a claim, as compared to what one might get for a family floater health insurance plan.
What is a family floater health insurance plan?
In case of a family floater health insurance plan, all the members of the family (the spouse, the parents and the children) are all covered under one plan or one policy. So, what is the difference between an individual health insurance plan and a family floater health insurance plan? Well, in an individual health insurance plan, a dedicated sum of money is assured. However, in the case of a family floater plan, a single ‘floater’ sum is dedicated to all the members of the family. The family floater health insurance plan takes care of all the individuals in the family together. But, the individual health insurance plan takes care of only one member of the family at a time.
What are the advantages of the family floater health insurance plan?
Opting for a family floater health insurance plan is a better option as compared to the individual health insurance plan. Here are some of the biggest advantages of the family floater health insurance plan that you can enjoy:
- Tax benefits: By opting for the family floater health insurance plan, you can enjoy a tax deduction under the Section 80D of the Income Tax Act of India. In case you are also paying for the benefit of your parents, you can enjoy a double tax benefit.
- Greater medical coverage: Under the family floater health insurance plan, your entire family can enjoy a much greater medical coverage. Well, it includes hospitalization fees, doctor consultation, ambulance cover, hospital staff care, and expenses for any kind of medical procedures undertaken. It also encompasses other types of expenses in case of accidents or diseases.
- Flexibility: One of the biggest advantages of the family floater health insurance plan is its flexibility; you can easily add new members to your pre-existing floater plan.
- Higher sum insured: With the family floater health insurance plan, you can enjoy a higher sum insured as compared to an individual health insurance plan.
- Discounts: Under the family floater health insurance plan, there are several discounts that you can avail of which would help you save even more money in the long run.
Which plan should you opt for?
There are several advantages of both the plans. However, there is a major benefit which would drive you towards a family floater health insurance plan. Yes, in the floater policy your entire family is covered within one plan itself. You can also enjoy the benefits of having greater medical coverage accompanied with higher sum insured. This is something you would not be able to enjoy under the individual health insurance plan. The individual health insurance plan also turns out to be much more expensive when compared to the family floater health insurance plan.
If you have a large family and would like to protect the health of all your family members without having to pay an exorbitant amount, opting for the family floater health insurance plan is the best option.