Family health insurance
Family health insurance offers coverage to a whole family under a single insurance plan. This is one of the most common types of health insurance plans available in the Indian insurance market, that can be further customized as per your family's needs. Under a family, floaterone can include themselves, his/her spouse, dependent children, parents, parents-in-law, among others. With a family floater health insurance, you can be rest assured that expenses related to accidental injuries or illnesses (including COVID-19) are covered.
How to Buy a New Health Insurance Plan for Family?
If you currently have a health insurance plan and you want to include your family members in it, ask your insurer about the same. However, if you're new to insurance and want to buy an insurance plan to cover your family members, you have various insurers to buy it from.
For your own convenience, you can go online and compare multiple family health insurance plans to buy the best one within your budget. It is advisable not to look for the policy with the least premium, as you cannot compromise on the coverage.
There is no point in buying a health plan with insufficient coverage just because you don't want to pay less, as you might still have to pay for your healthcare expenses from your own pocket. Therefore, make your decision wisely.
Is a Family Health Insurance Plan better than an Individual Health Plan?
It's quite difficult to say which type of health insurance plan is better out of a family health plan and an individual health plan unless we compare the coverage provided by both the plans in different practical scenarios.
Health insurance plans for family cover the entire family for a single sum insured and a single premium needs to be paid to the insurance company. In other words, there is only one policy for the entire family, and the premium payment is also a single in a year.
On the flip side, an individual health plan covers only one person and therefore, there has to be a separate health plan for each family member. Since there are multiple policies, the premium payable for each policy will also be different.
If we compare the premiums payable for both these type of health insurance plans, the combined premium payable for multiple individual health plans is significantly higher than that for a family health plan.
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