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Is a Family Health Plan better than an Individual Health Plan?

Difference between Family Floater Policy and Individual Health Plan

Well, it basically depends on your specific requirements. Opting for the best family health insurance plans in India may be a good solution for some households while individual plans may be seen as a better alternative to family medical insurance plans. In case of individual health insurance plans<, you will have to separately purchase policies for all family members which can be costlier than family floater plans where a single premium amount is collected for extensive coverage for all family members. There is a single sum assured which is shared between all family members.

Some feel that individual plans are better since premiums are worked out in case of family floater plans based on the senior most family member. Renewals are also offered up to a particular age. In case a senior citizen crosses the maximum renewal, the other family members cannot take the policy forward. In case children in these family plans shift to individual plans once they attain the age of 18, they can lose out on waiting period credits and other benefits. In case one member claims, the NCB (no claim bonus) will be nullified for the entire year. However, family health plans are mostly cheaper and there is the benefit of a single premium and renewal as opposed to multiple policies and premiums for family members.

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