Individual vs Family Health Insurance Plans

It is indeed true that there is nothing more sacred than the well-being of our loved ones. During the pandemic, amid a health crisis, many of us realized the need for health insurance. The need to run around arranging for funds in a critical situation adds incrementally to the tension one already has. Our loved ones would have been spared the financial stress if a prudent investment in one’s own well-being had been made. Health insurance is indeed a crucial financial investment. With an affordable policy, you can protect your family’s savings and investments as well as provide for your medical needs. Today, we will demystify Individual and Family Health Insurance Plans for you. Read on to make the best decision for yourself and your family!

Covering costs during an emergency:

Both Individual and Family Health Insurance Plans come with assured benefits. Look at these plans carefully to know which one caters the best to your needs. While we will describe the salient features of these plans, the importance of Health Insurance Plans cannot be underlined enough in today’s fast-paced world with high health risks and a growing set of health-related problems. From obesity to diabetes to hypertension – these have become familiar names and precursors to even more dreadful illnesses. A quick online search can help you find appropriate health insurance plans. With the best health insurance plans, all allied costs of the treatment are covered. These costs may include:

  1. Ambulance costs,
  2. Blood Tests,
  3. Other variety of tests,
  4. Surgery or treatment,
  5. Medicines,
  6. Loss of Income due to illness.

Securing your future and that of your loved ones:

An illness can crush the entire family, and the prohibitive costs can bring your loved ones to their knees. To avoid these crises, invest diligently and get a good health insurance plan. One must invest in a good health insurance plan to ensure a hassle-free and comfortable future even after undergoing major health upheaval. Modern medical science has indeed reached its pinnacle, as some may say, but the costs involved are prohibitive. In the absence of the best health insurance policy, one may be compelled to look for alternate resources through:

  1. Personal Loans,
  2. Borrowing Money From Friends or Family,
  3. Selling of Assets.

To avoid these grim situations in urgent times, we recommend that you choose the best health insurance in India. These plans ensure your financial stability even in the case of the most unfortunate health circumstances.

Who should opt for an individual health plan?

Individuals with an excellent premium-paying capacity can go for an individual or family plan as they can benefit from the entire sum insured. Some of the best health insurance plans have excellent options to cover you during your illness. Research thoroughly before committing yourself to any health insurance plan, even if the same is offered by the best health insurance company in India. Read the details carefully and compare a variety of plans before deciding on one. To summarize, an individual health insurance plan must be taken by someone who has:

  1. Nil or negligent financial responsibilities,
  2. Has premium paying capacity.

Understanding family health plans:

Imagine a piece of cake being shared between two people. Each individual can reasonably enjoy the dessert. However, imagine that the same cake has to be shared by ten members of a family. In this case, either one person gets a significant share, or everyone gets a small and insufficient share. Family plans are similar to the analogy of a cake being shared between 10 members. The premium amount, as well as the insured amount, is shared by the family on an as-required basis. Suppose, in an emergency, one member has to be hospitalized, and the medical bills surpass the insurance amount; the others will have to invest in one of the other best health insurance plans in India all over again. 

Intricacies of family health plans:

It is important to note that the premium limit is decided based on the family’s oldest member. Therefore, there is a prevalent notion that the premiums for family plans are slightly higher. Moreover, there is a renewal limit on age. Even if one person uses the insurance facility for a relatively small amount, the No Claim Bonus (NCB) will be terminated for the entire year. That said, these plans work out to be cheaper, given the big picture. Family health insurance plans are typically advised for small or nuclear families. In a nutshell, the following are the key points of the Family Health Insurance Policy:

  1. Premium shared among the policyholders,
  2. Insurance amount shared between policyholders,
  3. Ideal for small or nuclear families,
  4. Renewal limit of age,
  5. Termination of No Claim Bonus on use of Policy by any member.

A necessity, not a choice:

In today’s age, where diseases are prying on unsuspecting victims, it is imperative to safeguard ourselves in all the necessary ways that we can by getting the best health insurance. Who is unaware of the plight of those who fail to seek medical health insurance in time and are caught in the claws of a destiny of serious illness? Therefore, it is most important to set your priorities right. Opting for mediclaim is but a humble beginning. Invest in your health and preempt future troubles. It is prudent to choose a health insurance plan at the earliest.

In Conclusion:

Personal requirements and preferences are why people buy health insurance. Health insurance companies provide different plans based on age, gender, income, medical history, and more. There are many various plans accessible online or offline today, and many companies in India offer excellent healthcare services at inexpensive pricing. While Individual Plans are suitable for those with good premium-paying facilities and less financial responsibilities, Family Plans are ideal for small families. Some companies also allow the addition of more members to the list for health insurance. We hope we have succinctly answered your doubts about what plan you should choose. Now the choice is yours!

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