Who does not know about the fascinating profits of having health insurances? Health insurances give us some economic support during the medical emergencies and crises. But very few people know about the difference between individual vs family health insurance and its mesmerizing paybacks in our life. There are a lot of differences between these two types of health insurances.
In India, several numbers of health insurances exist. Most of us only know about individual health insurance. There are only a very few numbers of people who know about family floater health insurance and thus its benefits are entirely unknown to people.
Today let’s talk about the difference between an individual vs family health insurance and the benefits these two kinds of insurances provide to their policyholders. This will help you to choose your insurance policy wisely. So, let’s have a look.
What is health insurance?
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Health insurance is also known as medical insurance. Such insurance is a kind of strategy that comes with a hand full number of mesmerizing mediclaim facilities. For instance, such insurance policies provide its policyholders a great extent of surgical expenditure coverage, free ambulance service, hospital expenses, medicine expenditure, specialist’s expenses, and many more. Almost all of us are aware of the existence of such policies in the market. But there only a few people who know about family floater health insurance in India and the difference between an individual vs family health insurance in India. Let’s know more about the difference between the individual vs family health insurance to choose our policy wisely.
What is an individual health insurance?
There are several types of health insurance policies are available in the market. An individual health insurance policy is one of them. Unlike health insurance policies an individual health insurance gives one the medical coverage. It covers for only the person who purchased it for own self.
What is a family health insurance?
A family health insurance is a kind of insurance strategy to cover all the family members under a single insurance policy. It is a plan that is made explicitly for a family person, as the name itself suggests the fact clearly.
It is also a kind of health insurance, but the sole difference is that health insurances are generally meant to be only for an individual but a family health insurance is for all the members of a specific family. In this policy, the policyholder gets covered as well as his or her spouse and child or children and many more, only if he or she wishes to add more members to it.
For each addition of a member, the policyholder is bound to a little extra money as the premium amount.
Difference between an individual vs family health insurance:
Now we know what an individual health insurance is and what a family health insurance is. From the definition of both the policies, it is crystal clear that both are basically health insurance. Thus the coverage for both the policies must be the same. Besides these similarities, there are a few numbers of dissimilarities between an individual vs family health insurance. Let’s know it details about these dissimilarities
- An individual health insurance policy only covers for an individual whereas a family health insurance covers for every member under the policy.
- An individual health insurance premium is comparatively higher than that of family health insurance. Though apparently, one has to pay more for the family health insurance than individual health insurance. But one will count it all total then he or she will realize that the family health insurances are way less costly as compared to individual health insurance.
- It covers the family’s medical expenses under this single policy which makes it a hassle-free method.
- Family health insurances are hassle-free as compared to an individual health insurance as you do not have to pay for every individual’s premium separately.
- Family health insurance saves both your money and time. As you do not have to go for each individual’s premium.
- One of the most attractive features of family health insurance policies is that you can include family member under this policy whenever needed. But under an individual health insurance adding an extra member is nothing less than a headache.
- Under the family health insurance policy, one can add even his or her in-law. One can never get this facility under an individual health policy.
And many more dissimilarities are there between an individual vs family health insurance.
So, next time instead of purchasing individual health insurance, simply buy the family health insurance if you are a family person. But if are a single person, then just grab the individual health insurance over family health insurance.
Therefore, choose your policy according to your need.
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