Hospital bills may become a major burden as healthcare costs continue to rise. As a result, obtaining health insurance is necessary for all family members, as it covers the hospital expenses. However, when purchasing policies for multiple members of your family, you may be unsure whether to purchase individual health plans for each or a floater policy that covers the entire family. Which of the two options is the most advantageous? 

Many people find it difficult to choose a suitable medical insurance policy because of the numerous options available. Let us make it a little easier for you. Let's take a quick look at individual and floater health insurance policies, as well as their benefits.

Individual health insurance policy:

As the name implies this type of health insurance is acquired for a specific person. For example, if you purchase this policy, you will be the only one who will be able to reap the benefits that come with this policy. The cost of the annual premium is determined by the person's age and the level of coverage.

Family Floater Health Insurance:

In a family floater plan, everyone in the family is covered by a single health insurance policy. For example, if you purchase a floater health insurance plan, you, your spouse, childrens, and parents will all be covered. The plan's premium will be determined by the age of the eldest individual covered under the floater health plan as well as the coverage amount that you require. 

Let us now look at the benefits of purchasing a floater policy over purchasing individual health plans and vice versa.

  • If you get individual policies for each member of your family, you'll have to keep track of them separately. This will require you to read and comprehend the terms and conditions for each policy, remember distinct premium due dates, and then compute the total premium amount for all of the policies. A floater health insurance policy, on the other hand, can cover your complete family under a single policy. It relieves you of the burden of managing too many policies.

  • Individual health insurance coverage typically does not cover children under a specific age. You can include your minor childrens in your health plan and get reimbursed for health-related expenses if you have a family floater policy.

  • When compared to the cost of individual health insurance plans, the per person policy premium under a family floater plan proves to be relatively affordable.

  • Because the premium amount is decided by the age of the oldest member covered under the policy, you must consider whether you should buy a floater policy or an individual health plan depending on the age gap between the oldest person covered under the policy and the other individuals in it.

  • If you are single and your parents have their own health insurance, purchasing an individual policy makes sense.

Bottom Line: 
You must decide whether individual health insurance plans or floater health insurance plans will best suit your needs based on your circumstances. However, regardless of which plan you select, you must have health insurance. To make the procedure easier for you, you can purchase health insurance after talking with our specialists. We will thoroughly explain the various policies and assist you in selecting the best plan for you and your family.