Difference Between Family Floater and Individual Health Insurance

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Difference between Family Floater and Individual
Health Insurance
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• Due to rise in medical costs and also the
  lifestyle that people tend to live in, having a
  health insurance policy becomes mandatory.

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Types of Health Insurance Plans

• Individual Health Insurance

• Family Floater Health Insurance

• An Individual health insurance policy provides
  coverage only to one person.
• Under this type of health plan, each individual
  is covered separately and the sum assured can be
  utilized by one person only.

• This type of health insurance plan covers all the
  members of the family.
• The sum assured can be used by all the family
  members as it covers all the members under one
  umbrella.
• The premium for this type of plan doesnt have to
  be paid separately.

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Advantages

• Advantages of Individual health insurance

• Advantages of Family health insurance

• Premium paid is eligible for tax benefits as per
  section 80D of the income tax act. You can avail
  tax benefits of Rs. 25,000 for yourself and Rs.
  30,000 if any senior citizens are a part of the
  plan.
• Usually, a family floater health plan has a high
  sum assured than an individual health plan.
• This type of plan allows you to add your family
  members including your parents and parent
  in-laws.
• This plan ensures you have greater medical
  coverage and provides the same benefits as that
  of an individual health insurance policy.
• Certain parameters or features of family floater
  plan let you enjoy discounts and incentives.

• The entire sum assured is dedicated only to you.
• The policyholder gets to enjoy cashless claim
  service
• The policyholder is eligible to receive tax
  benefits under section 80D of the Income tax act.

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Analysis of Individual Family Floater Health
Plan
Premium
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Renewals
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No Claim Bonus
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Coverage
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Customization
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What Should You Choose?

• If youre a member of a young family, then opt
  for a family floater plan.
• If you or your spouse and kids are prone to
  illnesses, then opt for individual health plans.
• While opting for a family floater plan, make sure
  to opt for a sum assured that would be sufficient
  for covering all the members of the family.
• Purchase individual health plans for your
  parents.

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Conclusion

• While choosing between an individual plan or
  family floater plan would be difficult, you need
  to keep in mind factors such as the age of your
  parents, your age, age of spouse kids, premium
  and other basic benefits provided by the plan of
  your choice.
• This will help you make a better decision.
• Recommended Read Individual vs Family Floater
  Health Insurance Plans Which to choose