Family Health Plans Covers 5 Generations Then Why Opt Individual Plans

Health is indeed very crucial aspect for an individual. Keeping good health leads our path to success and helps us to live tension free life. But road to glory as they say is not very easy. Gaining fitness and keeping good health always walk parallel and keeping good health for longer durations is very difficult as life is uncertain and unpredictable. Health insurance helps us to mitigate this uncertainty up to some extent but not fully.

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    Health insurance can be bought in form of individual health insurance and family health plans. The basic difference between individual health insurance and family health plans is the coverage provided. Individual health plans covers only one individual while family health insurance policy covers entire family including parents and in laws under one umbrella policy. Below are some of the reasons for why family health plans must be opted over individual health plans:

    You may also like to Read: What is Section 80C?

     Features for Family Health Plans

    • Cost effective: Family health plans are cost effective as compared to individual health plans. You just have to pay premium for a single policy that covers your five generations in case you opt for family plan while for individual health insurance plans, you pay premium to buy health insurance policy for every member which is also not cost-effective. Thus, it is ideally suited for an individual having lower budgets to provide insurance to every member of the family.
    • Record of policies: The task of maintaining records and physical documents is very difficult. It is more difficult if you separate individual policies for every member of the family as your documents increase with increase in number of policies. While it is easier when you buy family health plans as there is just one policy which can be maintained at supreme ease.
    • Coverage: Family health insurance plans enables an individual to cover their spouse and children. But an individual can also cover their dependent parents, siblings and parents-in-law under family health insurance plans as option provided by insurance providers. You cannot add more members to individual policies which is the reason why family health plans must be preferred over individual health insurance policy.
    You may also like to Read: Section 80D of Income Tax Act AY 2016-17

    The other advantage an individual can derive from a family health insurance plan is that in occurrence, one of the family member gets sick and has to be hospitalised, the full sum insured of the policy can be used by the un-well member of the family for treatment.

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