Amir got ready to drive his son to school. They were already late, and both scurried to the car. When both were seated, instinctively Amir bent sideways to fix his son’s seatbelt even before the car alarm started buzzing. Amir suddenly realised that his priorities in life had changed completely. It struck him that if he were hospitalised, a health insurance policy would be in place to take care of him, but there is nothing to ensure that his son gets the best medical care if required. Strange but true, there is no financial seatbelt that protects his son from a sudden, God-forbidden health hazard. But he got even more confused. Should he opt for an individual plan or a family floater plan for adequate coverage? Not quite easy to decide. Especially when you think with your heart. Given the fact that both have their perks and benefits, which is the one that best suits your needs, budget and lifestyle? Moreover, they are designed differently, and a deeper understanding is required to decide which one is the best choice for you. One wraps your entire family under a cosy blanket, and the other offers customised benefits. Put your worries aside. This quick, yet comprehensive comparison will aptly show you the way to the right choice.
Simply listing the benefits and drawbacks can give clarity to your thought process. Why not begin with it?
Advantages
Disadvantages
Advantages
Disadvantages
But the confusion remains. When is it good to choose a separate plan, and when to opt for the family plan?
Considering age, medical history, and pre-existing illnesses, if your family members' health requirements are significantly different, separate plans may be a better option to satisfy their needs.
Family floater plans are aptly curated for nuclear family sizes with younger generations living together. If you have a bigger family with diverse medical needs, opting for a floater plan may not be justified financially and medically.
Check out websites like Jio Insurance Broking, where you can compare premiums and features of individual plans and family floaters, along with respective coverage, all under one roof. Evaluate your expenses and choose a plan that does not strain your yearly budget for investments.
Like life, medical requirements are dynamic. Ensure you choose a plan that is flexible enough to accommodate your changing health requirements with age, addition and deletion of family members, and medical advancements.
Did you think there could be a winner? Any choice of health insurance plan depends solely on the needs and preferences of the policy buyer. For a small family coverage, a floater may be the best, but for diverse needs, an individual plan works in favour. So the key is to judge your financial status, examine medical needs and compare plans before locking in on one health insurance plan.