Is it better to take an individual health plan or a family floater policy? What are the disadvantages of a family floater policy?
Siddharth Singh, Bhopal
An individual health is the most basic policy where a person takes health insurance for a maximum sum assured value that shall be paid—the actual expenses or the sum assured value; whichever is less—in the event of hospitalisation. The premium for such a policy depends on various factors like age, health conditions, previous medical history, profession and others. The advantage of such a policy is that the sum assured of a person is not affected by the health conditions or reimbursements by other family members. In a family floater plan all the members of a family are insured under one policy and a blanket overall insurance cover is available.
