In today’s time, health insurance has become a necessity for every family. But when it comes to buying a policy, the biggest question is whether it would be better to buy a family floater policy for the entire family or should one buy a separate health insurance policy for each member?
The answer to this question may be different for every family. It depends on how many members there are in the family, what is their age and what are their health needs.
What is a family floater plan?
In a family floater policy, there is a fixed insurance cover for the entire family, which is used jointly by all the members. For example, if you have taken a family floater plan of Rs 10 lakh and Rs 7 lakh is spent on the treatment of one family member, then only Rs 3 lakh is left as cover for the rest of the family that year.
When is a family floater beneficial?
If the family consists of husband, wife and small children, who are healthy, then a family floater can be a good option. Its premium cost is also lower than taking separate policies and it is also easier to manage.
Why is a separate policy better for elderly parents?
If the family also includes elderly parents, then it is considered better to take separate health insurance for them. The chances of hospitalization increase with increasing age. In such a situation, if a large part of the entire insurance amount is spent on the treatment of parents, then there will not be enough cover left for the rest of the family. This is why many experts recommend that a family floater for spouse and children, while a separate health policy for parents can be a safer option.
Don’t decide just by looking at the premium
While buying health insurance, do not focus only on low premium or policy covering more members. Also see the waiting period, co-payment, room rent limit, illness related rules and how much is the sum insured in the policy.
Another advantage of separate policy
If in future your children start working, get married or live separately, having a separate policy can easily manage their insurance needs. There is no need to make changes in the entire family policy again and again.
Super top-up plan can also be a good option
If you feel that medical expenses may be high, then super top-up can also be taken along with family floater. It provides additional protection against major hospital expenses and provides more cover at a lower premium.
Do not depend only on the company’s health insurance
Many people get health insurance from the company along with their job. But this cover may end after change of job or retirement. Therefore, keep personal health insurance for yourself and your family, so that you do not have to face financial problems at any time during treatment.
What is the right option?
There cannot be the same rules for every family. If the family is small and all the members are young, a family floater may be sufficient. But if there are elderly parents in the family or any member is at high risk of serious illness, then it would be better to take a separate health policy.
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