What is the best option in Health Insurance, Family Floater policy or Individual Health Policy?

[Green_Life]

Recent studies says that health insurance should be considered as on of the basic needs for every citizen in India, there are two types of health insurance policies Individual and family floater.

Under individual health insurance policy, the entire coverage amount have to be spent on the single insured person.
Under Family floater policy, the total sum insured will be dived within the family members insured under the plan.

Tell us you opinion, which one will you be opting for.

[Xbox]

Your poll is not covering all the options in Health Insurance. You missed some options like -
1- Critical Illness
2- Top Up and Super Top Up Health Insurance Plans
3- Special Plans like Bajaj Allianz Surgical Protection Plan and Preventive Healthcare Plans

I have still gone with Individual Health insurance Plan in the poll.

[Manish_Kumar]

You can add more Health insurance plans like - Dibeties Cover and Cancer Plans (Some trust offer not by insurance cos).

[Expert]

It all depends upon the proposer so if the proposer is younger he can opt for Family Floater Health Insurance. Having any disease or old age person should always go for Individual Health Insurance. One can also take help of group policies if available with employer.

[himalayan]

Individual Health Insurance policy is far better than Family Floater Health Insurance because it is the matter of each and every family member's health so choose it wisely. There are many type of health insurance plans which covers the normal and critical health issues.

[RanchiR]

According to me its hard to decide which plan is better because each of them having there own plus points. I think both the plans are good on the bases of comparison. It depends on the insurer what kind of policy he is looking for.

This are some plus point of individual

1.Individual medical insurance Policy is a policy where each of the insured members can use the entire amount separately.
2. The policy exts ends to family members like Parents, in-Laws.
3. The Individual medical insurance Policy is great for older families and when the health risk is more.
4.There are no age restrictions on the maximum age for the members for renewable.
5.You can avail the benefits of Loading and Discounts until the policy lapses.

Advantages of Family Floater Plan

1.In family floater policy which covers more than one family member for a fixed cover and the covered is shared by all the family members.
2.It is less expensive than Individual Policy.
3.It is great for younger families with members having low health risk.
4.You can add your immediate family members like your spouse and kids.
5.Another benefit is that in case of only one claim in a year, the family member gets a greater claim amount compared to what he might have on an individual medical cover.

So I think the one who is looking for health insurance policy must clear with all there needs and then go for the right decision.

[Prasad]

Hi Green_Life,

If any one - then I would suggest 'Family Floater Policy' because it covers the whole family. Now a days we never know when we will fall ill and we'll be charged Rs. 50,000 for a few days of hospitalisation. This policy looks after the whole family. But remember go for higher premium to be sufficiently covered.

[krshma]

Family Floater policy is best if you want to cover the entire family, else Individual if you pick only for you. Simple as that.