How to choose between individual and family medical insurance

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How to Choose Between Individual and Family
Medical Insurance
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• We are a generation of health freaks.
• Having been exposed to so much information and
  aware of the repercussion of a wrong diet, no
  exercise and a sedentary lifestyle.
• We also know the importance of investing in
  proper health insurance policies.
• But there are a number of types health insurance
  that you can choose from, theres critical
  illness insurance, personal accident insurance,
  Heart and Cancer Care Insurance and a lot more.
• This can be the most difficult choice as you
  cant predict the future and know what kind of
  insurance cover you will need.

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• Another choice you need to make is whether to go
  for personal medical insurance policies or family
  medical insurance policies.
• An individual health insurance policy will
  provide cover for each member of your family.
• So if you choose an individual health insurance
  plan for 3 lacs, each member will get a medical
  cover of 3 lacs.
• This also means that you will have to pay
  separate premiums for each members health
  insurance policy.

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• In a family medical insurance, if you buy a plan
  for 6 lacs, it extends to each member of your
  family.
• So if one member is to fall ill and incurs a
  medical cost of 2 lacs, this will be paid from
  the pool of 6 lacs leaving 4 lacs for the rest of
  the family.
• But a family medical insurance policy means you
  need to pay only one premium for a policy that
  covers your entire family.

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• Here are the advantages of both these Health
  Insurance Plans thatll help you make a better
  decision.

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Individual Medical Insurance- Pros
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Cashless Claim Facility
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• When youre hospitalised you need a lot cash for
  everything, from admission to treatment.
• A service like cashless claim comes in handy at
  such a time.

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Daily Hospitalisation Allowance
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• You can also opt to receive a daily allowance in
  case hospitalisation.
• This means that your insurer will pay you a daily
  amount to take care of all your medical needs
  when youre in the hospital.

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Tax Benefits
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• The premiums you pay for your health insurance
  plans is tax free.

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Family Medical Insurance Pros
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Higher Cover
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• Since this plan covers your entire family, the
  amount of insurance is also high.

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Add Members
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• You can easily add more members of your family to
  this plan.

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Tax Deduction
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• You can also claim a higher tax deduction for a
  family Medical Insurance Plan.

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Thank You!!