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Family Health Insurance VS Family Floater Plan

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Difference between a Family Health Insurance Vs Family Floater Plan

A family health insurance plan is like buying a pack of ice-cream which consists of individually wrapped ice creams while a family floater plan is similar to purchasing an ice-cream pack for the whole family.

Understand the Difference

The family health insurance includes one insurance policy for every member of the family. For example, if there are four members of a family and let’s assume that the sum assured is INR 2 lakhs per policy. The total sum assured is INR 8 lakhs, like paying four individual plans together. While in the family floater plan all members are covered by a single insurance.  For instance, a family pays a floater amount of INR 3 lakhs. The insurance company will reimburse up to INR 3 lakhs irrespective of which member falls ill.

The Key Difference

The vital difference between the two policies lie in the sum assured by the policy. Let’s say you buy a family health insurance policy that guarantees a sum of INR 3 lakh, individually.  When the need arises, each member is entitled to receive a reimbursement of a maximum of INR 3 lakh. For family health insurance, each member’s risk rate is taken into consideration individually while calculating the premium and it provides higher insurance coverage as every member needs to pay a premium separately.

There is less coverage for members who have opted for family floater plan due to a lower premium. In an unfortunate incident involving more than one family member, a family floater plan may not be sufficient to meet the expenses. Under this plan, premium typically depends on the age of the eldest member of the family. If any one of the members in your family are senior citizens, it is recommended to opt for an individual plan because senior citizen are referred as high-risk individuals therefore the premium for them are high.

If you want to get adequate coverage for the members of your family then it is recommended to opt for a family health plan. Or if you want to go easier on the pocket along with no hassles of managing multiple policies and renewal dates then a family floater plan would be perfect. While making a choice between these two plans consider the young and older members as this will help you make a wise decision.

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