How to choose the best health insurance for your family: a floater or individual policy, which is the best option for you?

Nowadays, every family wants to avoid financial worries during a medical emergency. But when it comes to health insurance, the biggest question is: should they buy separate policies for each member or a single family floater plan for everyone? Both aim to protect medical expenses, but their methodology and benefits differ slightly.

What is a family floater plan?
A floater plan, also known as a family floater, offers a single sum insured that is shared among all family members. It typically covers spouses, children, and sometimes parents or siblings.

For example, if a family has four members, instead of purchasing separate ₹5 lakh coverage for each, the same family can opt for a single ₹10 lakh family floater plan that applies to all.

What do buyers look for today?
In the past, people used to choose a policy based solely on the premium. But thinking has changed. According to experts, it's no longer just about premiums. Families want flexible plans, offer wellness benefits, and are digitally accessible. People are now looking for coverage that includes preventive health checkups, mental wellness, and OPD (Outpatient Department) benefits. They're also considering factors like room rent limits, co-payments, and hospital networks.

Simply put, families are now looking for real value over low-cost plans.

When is a family floater plan right?
When is it appropriate, and when should it not be?
Young nuclear families with a low claim probability
Families with elderly or those who frequently undergo medical treatment
Couples planning to add children in the future
Where a member already has a chronic illness
Those who want to manage with a single policy and renewals
Those who want separate protection for each member

If one family member (such as an elderly or sick person) incurs a major medical expense, the remaining insurance coverage is less. Therefore, in such cases, a combination of top-up cover with separate policies or a floater is considered preferable.

Disclaimer: This content has been sourced and edited from Dainik Jagran. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.