There are multiple types of health insurance policies available in the market out of which you can buy one to meet your requirements. By mentioning ‘requirements’ we mean your healthcare needs that are quite obvious. However, there are times when you experience the need for a family health plan, especially in the event of hospitalization due to an accident or some other event that had led to bodily injuries. When it comes to coverage offered by a health plan, we can say these plans have a pretty vast cover for both individual and family floater customers. Health Insurance Policies – Types Based on the coverage offered by a health plan and its corresponding need, we can classify the health insurance plans in two categories:
Family floater plans are not always recommended Experts say that individual health plans are recommended for people who are above 45 years of age, whereas family floater plans are best fit for younger members in the family. A mediclaim policy for family covers individuals keeping their current lifestyle in view. Today, youngsters are prone to diseases followed by hospitalization, which is also because of their existing lifestyle that includes eating street food instead of homemade. It is true that increasing age of a human being makes him more prone to diseases, and therefore, everyone is the family should have appropriate cover against events that may cause medical emergencies. However, after certain, the family plans stop offering the coverage to all, which is because the eldest member(s) of the family reaches the maximum age after which no coverage is offered. In such a scenario, the coverage is expired for the whole family and the same cannot be renewed. Family Floater Insurance vs. Individual Insurance A family floater plan assures coverage for each member of the family, which however affects the coverage available for others. For example, if one member falls sick and is hospitalized in an emergency where the mediclaim insurance is of Rs. 5 lakh. Now, if the hospitalization lasts for a long time and results in medical expenses of 2 lakh or plus in a year, then the coverage for the others decreases considerably. Read More- Understanding Pre Policy Medical Checkups In contrast, an individual health plan assures equal coverage to each member of the family, which actually means that the coverage for an individual has nothing to do with the others. One can avail claim or reimbursement for medical expenses arising from hospitalization or any other event that causes medical expenses or like that. The Verdict Both family and individual health insurance plans offer definite coverage to insured, based on the policy norms as documented at policy inception. Even the best mediclaim policy offers coverage as per the insurer’s norms, which can be customized, though. Thus, be honest with your insurer to avail maximum coverage out of the insurance policy issued by your insurer.
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