Family Floater Mediclaim Vs Individual Health Insurance

Health insurance is essential to get your medical expenses covered for a lifetime. All you need to do is pay a premium amount in exchange for your individual or family floater policy. However, buying the right kind of health plan is essential to get the desired coverage at a pocket-friendly price. Therefore, you must know the key differences between family floater and individual health insurance plans.

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      Difference between Family Floater and Individual Mediclaim or Health Plan

      Health insurance is an uphill task without performing homework. Most of the times we are not sure of what kind of policy and coverage is required. There are a large number of public and private sector enterprises providing health insurance in the country and it is offered in two variants. It can be taken to insure a single person as well as group of persons. An individual health insurance policy can be taken by an individual to insure them while family floater mediclaim can be used to provide health insurance to whole family. The family health plan is an extended version of the individual plan as an individual can cover their spouse, children and parents as well.

      Policy can be bought very easily but real dilemma arises at the time of selection of the policy. There are two ways to buy health insurance in India. Individual health insurance and mediclaim family floater can be online via insurance aggregators and preferred provider website. They can also be bought via the offline method through direct agents as well as from direct health insurance companies. But the online method has emerged as the most convenient and easier mode of buying insurance as it is economical and with a shorter turnaround time.

      The real question at the time of selection of policy arises whether to buy an individual health insurance policy or to buy a mediclaim family floater. Both these policies serve the basic motive of insurance to provide health insurance coverage to an individual and to provide financial assistance at the time of medical emergencies but they differ in their nature. Individual health insurance provides cover to one individual while mediclaim policy for family covers the whole family. Individual health insurance is relatively expensive as compared to family floater mediclaim. Mediclaim policy for the family can be taken by people with low budgets. Another benefit provided by family floater for a family is the coverage provided by it. In the event of only one claim in a year, the family member gets a greater claim amount compared to what he might get on an individual cover. Thus, family floater mediclaim is a complete insurance plan for the entire family providing insurance cover to the whole family whereas individual health insurance caters to just one individual.

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