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Home>Health Insurance>Health Insurance for Family>

Separate Policy vs. Family Floater for Parents

Separate Policy vs. Family Floater for Parents

The ever-increasing healthcare costs have made maintaining health insurance a necessity for everyone. But when it comes to having a health insurance policy for multiple members of your parents, should you go for a standalone policy or a family floater? The answer to this question lies in your healthcare needs. However, before making a decision, you need to understand the individual health insurance policy and the family floater health insurance policy.

Quick Links

  • Which is Better?
  • Coverage: Separate vs. Family Floater Plans for Parents
  • How Does Adding Members Affect Family Floater Premiums?
  • Benefits
  • Conclusion
  • FAQs

Which is Better: Separate Health Insurance or Family Floater Plan for Parents?

The choice between family floater vs separate health insurance depends on your parents's needs. You can choose individual plans if:

  • Family members have varying health conditions or age groups.
  • You want dedicated coverage for each member.
  • You want comprehensive coverage for your ageing parents.

Family health plans are more suitable if

  • Family members are young and healthy.
  • You're looking for cost-effective coverage with simpler management.

Coverage: Separate vs. Family Floater Plans for Parents

Family floater plans are more affordable than individual policies. However, the cost of family floater plans can increase if you include senior citizens under the same plan. In that case, a separate policy for senior citizens may be more economical.

When it comes to coverage, individual health plans are better as you can customise them based on your specific needs. This lets you get comprehensive coverage. Family floater plans are comparatively more rigid as they offer generic coverage for each family member.

How Does Adding Members Affect Family Floater Premiums?

For family floater plans, the number of family members added to the policy and the age of the oldest policy member play a significant role in determining premiums.

Also, the shared sum insured may become insufficient when you add more family members. For example, a sum insured of ₹10 lakh for two family members offers better financial security than the same sum insured for four members.

Benefits of Separate and Family Floater Health Insurance Plans for Parents

The Benefits of an Separate health insurance policy are:

  • Tailored Coverage: Allows for specific riders and add-ons suited to individual needs.
  • No Shared Risks: One member's high medical expenses don't impact others' coverage.

Some of the advantages of family floater plans are:

  • Economic: Lower premiums compared to multiple individual policies.
  • Flexibility: Any member can utilise the sum insured as needed.
  • Ease of Management: A Single policy simplifies renewals and documentation.

Conclusion

While an individual health insurance policy covers only your healthcare needs, a family floater will cover your family members’ requirements, too. The former is suitable for your senior parents, while the latter is a better choice for young and healthy families.

Assess your requirements and choose between family floater vs individual health insurance based on that.

FAQs

Yes, most insurers allow conversion during renewal, subject to underwriting and age limits.

The biggest risks include quick exhaustion of shared coverage, reduced flexibility, and loss of NCB (No Claim Bonus) if even one member makes a claim.

Yes, new members (like a newborn) can usually be added during policy renewal or within a defined window.

Yes, but premiums will increase significantly, and some insurers may limit maximum age.

Yes. Many families buy a family floater for younger members and individual policies for senior citizens.

No. The sum insured is shared, so the usage depends on who falls ill first or more frequently.

It may be required, especially if you’re adding older members or increasing the sum insured.

The claim cannot be paid beyond the full sum insured, and then the restoration benefit is a requirement.

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ACKO Technology & Services Private Limited
CIN: U74110KA2016PTC120161
The use of images and brands are only for the purpose of indication and illustration.
Products
Car insurance
Bike insurance
Health insurance
Life insurance
Travel insurance
Enterprise solutions
Company
About us
Careers
Contact us
Board of directors
Brand Hub
All resources
Customer stories
Media Kit
Articles
E-books
Guides
Legal
Financials & disclosures
Privacy policy
Terms & conditions
Auto products and services
Car
Car insurance
Third party car insurance
IDV calculator
Comprehensive car insurance
Zero depreciation car insurance
Car insurance calculator
Car insurance check
Pay as you drive car insurance
Bike
Bike insurance
Third party bike insurance
Bike Insurance calculator
Check bike insurance validity
Scooter insurance
Used bike insurance
Comprehensive bike insurance
EV bike insurance
Own damage bike insurance
Vehicle services and more
Check & pay e-challan
Check vehicle details
Check vehicle PUC status
Recharge FASTag
Check RC status
Health, life, and other services
Health
Health insurance
Health insurance plans for family
Health insurance for parents
Best health insurance in India
Health insurance premium calculator
Health insurance for senior citizens
80D Deduction
1 crore health insurance
Super top up health insurance
Mediclaim policy
Cashless health insurance
50 lakh health insurance
Critical illness health insurance
Compare health insurance plans
Waiting period in health insurance
Life
Life insurance
Term insurance
Term insurance tax benefit
1 crore term insurance
Term insurance calculator
Term insurance for single parents
Term insurance for senior citizens
Affordable term insurance
Critical illness rider life insurance
Accidental death benefit rider In life insurance
Disability income rider
Best term insurance in India
Best life insurance
Group health insurance
Employee health insurance
Group health insurance add-ons
Maternity cover in group health insurance
Group personal accident insurance
Group health insurance for startups
Corporate health insurance
Other services
ABHA
HLV calculator
Will creation service
Health card
ABDM
Ayushman card apply
Abha card registration
Rent receipt generator
Travel
Travel insurance
International travel insurance
Schengen travel insurance
Travel insurance for Dubai
Travel insurance for Thailand
Travel insurance for USA
Enterprise
Health insurance for gig workers
Loan protection for fintechs
Group travel insurance
Auto insurance partnership
Electronic device insurance
Health insurance for corporates
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CIN: U74110KA2016PTC120161
The use of images and brands are only for the purpose of indication and illustration.