Which is beneficial for family – floater insurance or an individual insurance?

Today, the markets are overloaded with many insurance plans and the problem is, you may wonder in the amazement which plan is the best suitable for you and your family. The future is unknown as nobody knows what is in store for them. But let us be a little more positive and move towards the realistic, assuming that “All is Well” in the world.

Investing in the costlier plans does not really guarantee the best returns; Hence, it is advised not to get carried away by any market news or experiences. The market stability is not fixed, nor does the circumstances of your relative suit yours. Make the best use of your knowledge and research well before you take the leap.

There is a high probability that you may sum up something that is known in the market but at least, you would be satisfied that it was your decision to take up a certain policy. The individual health insurance plan for the family can cover the entire family giving you freedom from any unfortunate events or medical expenses. These are commonly known by the name “Floater plans” – they are just an extension of the individual plans. The individual plans can work out cheaper if they are bought alongside for children too. The health insurance plans for family give higher cover at a lower price, which speaks volumes about its popularity and significance.

Shop for the right cover keeping in mind the following points –

It is not only important to choose the plan based solely on the premium but also to understand the needs of the family. You need to well prepare points that will allow you to select the plan with no benefit of the doubt in the mind.

The following are the factors that should influence your decision in buying a particular policy –

• Testing the needs of your family– The number of family members will help you determine the need for medical expenses in the family. The older family member may require an altogether separate policy for themselves.
• Total cover you need– The living style, location, and lifestyle strongly determines what is the probability of you needing the plan with a certain value. The medical expenses are shooting high with the growing inflation rate; hence, it is the best idea to take a top-up cover plan for extra benefit.
• Excluded ailments– Most health insurance plans sometimes do not cover the entire medical cover. There are certain lifestyle diseases may or may not be covered in the plan. These are typically the critical ailments that do not cover medical expenses. The top-up plan is the best bet that will ensure, you have independence from the entire medical expense at any stage of life.

Choosing your perfect plan!

The comparative analysis may prove that a Floater plan, i.e., health insurance plans for a family, is cheaper than the individual plans. However, there are certain aspects that need your attention before completing your purchase plans –

• Analyze the product features
• Buy the cover based on your lifestyle. (Factors in deciding the plan include your health, the number of family members, etc.)
• Buy a separate cover for parents to cover their entire health.