Health insurance - family floater plan individual plan--how to select right plan?. matters to be considered.

When choosing the right health insurance coverage for your family, consideration of number of family members and their age are significant and crucial. Health and related needs of your parents and teens have to be properly considered while choosing the right insurance policy.

When your family consists of more ageing parents and teens same policy for all may not be ideal because parents may typically require medical treatment more frequently. In such circumstances a family floater plan may not be a right choice. In such scenarios individual plans are more appropriate.

 

For instance if your family consists of 5 ageing parents and a child with you/ you and your spouse the parents may require more frequent medical treatment thus they may use the vast chunk of the insurance cover and will cut your family's (You, spouse and children)cover.

In case your parents are over 60 or 70 or they suffer from critical medical conditions individual plans separate their medical needs from your teens and yours. Moreover more number of ageing parents under floater plan will increase the amount of premium because premium of family floater is determined by the age of the oldest member. In such a circumstances it is better to purchase an individual plan for your ageing parents and a floater plan for your spouse and children.

In the above mentioned circumstances you have to make a decision on whether to opt for a family floater or separate individual policies.

The major benefit of selecting a floater plan is saving your money because it ensures coverage for all members of the family under one premium or when you pay for renewal of a floater plan. Paying for floater plan is cheaper than buying separate insurance plans, is another feature of floater plan. It is very easier to manage floater plans when compared to individual plans since you pay one premium or renew one plan.You can include senior citizen parents in your existing family floater plan.You can also transfer your parents to individual senior citizen plans at renewal.