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Family Floater Health Insurance or Individual Health Insurance: Things to consider while buying a Health Cover

Family Floater Health Insurance or Individual Health Insurance_ Things to consider while buying a Health Cover

Most of the time, people think they don’t need health insurance if they don’t have a family history of illness. However, given the increasing cost of medical treatment, it’s best to start early and have coverage that will save you on a rainy day.

Mr. Mayank Bathwal, CEO of Aditya Birla Health Insurance, said: “With medical inflation on the rise and the high cost of health care, health insurance is essential today. adequate health insurance. In the event of unforeseen medical emergencies, low coverage medical insurance would only be a supplement. However, when you have adequate and comprehensive health insurance, it is easier to deal with exorbitant medical bills.

Family benefits or individual health insurance

Bathyal added: “The cost of one person’s health insurance is reduced and included in the total coverage of a floating plan when two or more people are covered by the same plan. Floating family coverage generally provides coverage for a single premium family. consisting of you, your spouse, dependent children, and parents. In addition, the insured sum is jointly available to all family members covered by this single contract. This allows you to save money on the premium. A family member can do an individual insurance policy that is over 50 years old. “”

The most important disadvantage is that the premium generally depends on the age of the oldest insured family member. So if you have a family car for you and your parents. In this case, the premium will depend on your father, taking into account her age and medical complications. The premium is higher.

Another thing to consider when deciding on a floating family policy is that the policy will expire when the primary insured dies. In such a scenario, others are uninsured and have to purchase new health insurance.

How do you choose what is best for you?

When choosing a policy, you should consider insuring older members or a member who may already have an illness with individual health policies so that they are adequately covered for their particular needs. For others who are young and healthy, they may opt for a family float policy. Therefore, when choosing health insurance, you should not only consider costs.


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