Individual Health Insurance Vs Family Health Insurance
Individual Health Insurance Vs Family Health Insurance: Today’s times have forced us to become better aware of our health and rightfully so. The repercussions of not looking after our health can be fatal. Thinking about ours and our family’s well being makes us think about prompt and proper medical assistance and the expenses that come with it. Mediclaim/health policies that provide adequate help and lessen the burden of these medical expenses prove to be a savior.
If you are confused whether to opt for family health insurance or an Individual one, here are a few advantages of both so you can choose wisely. Here is some information on Individual Vs Family Health Insurance.
Family Floater Plan – Family Floater Mediclaim Vs Individual Health Insurance
In a family floater plan, the insurance policy limit can be used by any member of the family. It offers you discounts and better flexibility as anyone in the family can use the entire limit. You can even add another family member to the plan without any trouble.
Avail Better Tax Benefits:
Gaining tax benefits for family floater policies are easy. This is because, under the Income Tax Act, Section 80, you are eligible for tax deduction. So also, if you are paying for your parent’s policy, you can avail double the tax benefits.
Higher Sum Insured:
When compared to individual policies, family floater policies come with a higher sum insured while the coverage is generally bigger. While a standard family cover serves your spouse, children and you, there are some covers that also include dependant parents, parents-in-law and siblings.
Broader Medical Coverage:
In situations of accidents and disease, these plans take into account doctor consultations, hospitalization fees, hospital staff care, the expenses incurred from various medical procedures and ambulance cover including other major and minor expenses. There are some polices that provide you and your family with annual medical checkups too.
Individual Insurance Plans – Individual Vs Family Floater Insurance
Tax Benefits Offered:
Health insurance for individual people basically implies separate insurance for each and every member with a defined medical cover. Under Section 80D of the Income Tax Act, investing in a health insurance policy makes you eligible for tax deduction on the premium that is paid for that policy.
The Cashless Benefit:
The cashless claim service include in most of the health insurance policies. In case of an unexpected event, where hospitalization is necessary, you can take advantage of this cashless claim service. In this way, you do not have to pay anything to the hospital while you can benefit from the medical facilities or treatment offered.
The Hospitalization Allowance for the Day:
There are many insurance companies that offer individuals a daily amount as allowance. That is for every day they spend in the hospital. Only when the insured has spent a minimum amount of days in the hospital (particularly the one that is talked about in the insurance policy), this facility stands valid.
Individual Health Insurance Vs Family Health Insurance: Before taking a final decision, you need to measure the advantages of both these types of polices. Get to know the limitations it can have for you and/or your family. Only then go in for the one thats most suitable to you. This helps you get a fair idea about the type of policy to choose.