Health plans these days are imperative for you and your loved ones. Life does not come with any guarantees whatsoever. Therefore it is essential that you be prepared for the best and the worst at all times. Juggling with health issues can be a real pain, undoubtedly. However, it is vital to save your family and yourself from the unforeseeable circumstances that life throws at you.
This is where health insurance plans come to your rescue. Health insurance plans for families come in various forms and types. At the same time, if you’re someone who is new to the world of health insurance plans and confused between family Vs. Individual health insurance plans and which one to choose.
You need not worry. In this blog, we will draw the comparisons and let you know which would be better for you.
Let’s move and look at these two types of health insurance plans.
Individual Health Insurance Plan
These health plans are a little costlier than mediclaim policy for family plans wherein, with a single premium amount gives extensive coverage. Moreover, some people find individual health insurance better as the premiums are solely based on the individual purchasing the health insurance plan.
Another benefit of this plan is that the no-claim bonus is nullified for the entire year. Make sure that you choose the most relevant add-ons. For instance, adding AYUSH to your parent’s individual health insurance plans can prove to be beneficial. Also, individual plans for health insurance can make routine healthcare more affordable and cover critical illness expenses.
No doubt, family health insurance plans are any day better than personal health insurance. However, it depends on your needs and requirements.
Advantages: More personalized, fit to custom-made needs, no sharing, and great for senior parents with severe illness.
Disadvantage: Not very cost-effective and customized to particular individuals.
Best suited for: This plan is highly recommended for people with blogger families or ones with senior citizens as parents. This is because a family insurance plan may not be sufficient for everyone in the family.
Now, let’s move and look at the health insurance plans for family.
Health Insurance Plans for Family
A family health insurance plan comes with a no size fits all approach. This insurance plan is all about securing the family’s complete or collective health and future. The benefit? A single plan covers all the members of your family. Moreover, a mediclaim policy for a family is primarily generic and does not require any customizations based on each member of the family.
In a family health insurance plan, there is a fixed sum that is assured by the respective policy. This amount is then spread over all the members of the family. For example, if health insurance offers an assured sum of Rs.5 lakhs, it can be used for any family member, and the maximum liability is on that amount.
Furthermore, if you opt for this plan, ensure that you choose a higher sum insured, as you would want to make sure the amount is sufficient to cover the entire family.
Generally speaking, a family health insurance plan is limited to kids, spouses, and dependent parents; in a few cases, it can also be used for family members.
Advantage: Extremely cost-effective, comprehensive, one-time payment of premium, covers the entire family.
Disadvantage: one family member might use the entire amount, leaving no coverage for others.
Best suited for: A family health insurance plan works best for young couples or nuclear families since this plan would work best for a few members of the family, such as a small family.
Since we’ve discussed both insurance plans in detail, let’s see which one you should choose.
Which Health Insurance Plan to Choose?
There are a few things to remember when choosing between the two plans. These include
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Requirement
Buying health insurance depends on the requirements of the family members. Based on the medical conditions, lifestyle, and currency condition, individual vs. family health plans can be compared, and you can reach a decision. Various policyholders have family plans that are not customized and do not cater to their needs. Also, a few families require extra attention and medical care. Therefore choosing a family health insurance would be wise.
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Marital Status
Your marital status determines the type of health insurance policy you should take. In multiple cases, married people choose a comprehensive family insurance plan for overall benefits. Again, it depends on your needs and requirements.
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Age
Another crucial factor is age. In case you want to choose a family health insurance plan, the premium for which is based on the senior citizen(senior most) in the family. The amount is capped, and if senior members require money for treatment using the policy, the other members won’t be able to use it for their treatment.
On the other hand, individual plans are more flexible, wherein each member has their own plan. Also, the senior members have their own personal customized plans. The young people in the family are subjected to other plans at low premium rates.
Conclusion
When you want to choose between an individual health insurance plan and an individual insurance plan the next time, it does not have to be a daunting task anymore. You can buy the best and most incredible health insurance plans from Future Generali at great offers.
Also, when choosing between the two, the premium is one of many things to consider, not the only thing. There are various other things, as mentioned above.
Simply put, family health insurance plans cover the entire family, and individual insurance covers just a single individual. Moreover, with the right approach, you are sure to choose the right and most suitable health insurance plan for yourself and your family.
