health insurance: family floater Vs Individual

POSTED BY abhijeet modi ON January 3, 2012 6:37 pm COMMENTS (9)

i am 34 yrs male and my wife is 29 – we are looking for Mediclaim policy.
i am confused about whether to go for individual or family floaters.
we have separate policy for parents. some broker are telling me individual are good than family one.

9 replies on this article “health insurance: family floater Vs Individual”

  1. Sumit says:

    Hi Abhijeet,

    There are many insurance providers who provide various health plans with multiple features no matter it is individual or family. I have insured myself and my entire family with Hearbeat Family First, a health plan offered by Max Bupa Health Insurance. Just to give a brief, this health plan insures upto 13 relationships in the family. Apart from this there is no age restriction for the enrollment, cashless facility, pre-post hospitalization expenses, in-patient treatment, emergency ambulance expenses, etc. is covered. Here check the plan in detail: http://www.maxbupa.com/ForYouYourFamily/Heartbeat/FamilyFirst.aspx

    In my opinion there is no harm in opting for family health plans.

  2. Narayan says:

    Buy individual plans. You can buy online than going through an agent or directly from the health insurer.
    Regards
    Narayan

  3. Dear Abhijeet, it’s a matter of personal comfort. In which situation you are comfortable? Purchasing online directly from the co. or using an agent or broker or online broker, ‘ll be a personal call.

    Thanks

    Ashal

  4. abhijeet modi says:

    hello,
    i think it is good to go for individual plan for me. and when kids convert wife’s plan in floater.
    now another query is to buy from company directly or through agent – i mean a firm which has licences from IBAI, so in future due to portability we may come to know other good option also.
    i am in talk with appollo munich person, they are coming with new policy “Restore” where premium is 25% higher than other. they are giving 10% discount if 2 family member enroll in this policy.

  5. Dear Ram, That’s why the individual plans looks better. Apollo is assuring life time renewal. Please do not go with the words of agent & check directly with the customer care of Apollo itself.

    Thanks

    Ashal

  6. Dear Abhijeet Modi, is your wife working or not?

    In case She is also a working lady, My take – Opt a Family floater you as a proposer. Opt an Individual plan, wife as a proposer. In this case, total cover ‘ll be higher with the future renewal is secure if either of you is no more.

    Of course having 2 plans, means tax benefit for both of you. But take it as an icing on the cake & not the cake itself.

    Thanks

    Ashal

    1. Ram says:

      Dear Ashal/Justgrowmymoney,

      I’m actually in a similar boat as Abhijeet. However, I’m planning to buy health insurance (family floater) for my parents. My father is 60 years old and my mother is 57 years old.

      After reading the threads here, I confirmed with my insurance agent and he said that in family floater (Apollo Munich), if the proposer dies then the insurance will be carried on by the other surviving member. I’m really confused now.

      How is he telling that this can continue? Also, let’s take a case where (god forbid!) my father is no more at 70. My mother would then be 67 years old. Are you guys saying that she will continue the plan only till the end of that particular year and that after that she will have to buy a new individual policy? Why will anyone then give her that policy at age 67?

      Thanks,
      Ram.

    2. Raj says:

      Good advice. Thank you.

  7. Definitely individual plans are better.

    If you are proposer for the plan and you are no more (say when you are 70 and your wife is 65) then the coverage ceases after the current premium period. Your wife will have to go through a separate plan all over and you know how expensive it will be at that age.

    Again, may be one of you may genetically be more prone to health problems. In that case just one insurance premium will go up as you age, if you have separate plans. In a family floater even when there is a claim from one person the premium goes up higher.

    Indeed the individual plans will cost more but I would recommend an individual plan.

    Well when you have kids even then have 1 floater and 1 individual and if there are 2 kids or more then use 2 floater – each spouse being the proposer. Both spouses not in the same plan. The likelihood of entire family falling sick, except in an accident, in the same year is minimal (this is reason to push floaters). Check out http://wp.me/p1Y418-1M

    Check if your broker explains these and more to you as why you should be buying an individual policy else they must just be pushing this just for more premiums/commissions If so ===> Do not take any other financial advice from them beyond these insurance plans.

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