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Individual and family medical insurance- Who’s the winner

We are a generation of health freaks. Having been exposed to so much information and aware of the repercussion of a wrong diet, no exercise and a sedentary lifestyle. We also know the importance of investing in proper health insurance policies.

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Individual and family medical insurance- Who’s the winner

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  1. Individual and Family Medical Insurance- Who’s the Winner

  2. We are a generation of health freaks. • Having been exposed to so much information and aware of the repercussion of a wrong diet, no exercise and a sedentary lifestyle. • We also know the importance of investing in proper health insurance policies. • But there are a number of types health insurance that you can choose from, there’s critical illness insurance, personal accident insurance, Heart and Cancer Care Insuranceand a lot more. • This can be the most difficult choice as you can’t predict the future and know what kind of insurance cover you will need.

  3. Another choice you need to make is whether to go for personal medical insurance policies or family medical insurance policies. • An individual health insurance policy will provide cover for each member of your family. • So if you choose an individual health insurance plan for 3 lacs, each member will get a medical cover of 3 lacs. • This also means that you will have to pay separate premiums for each members’ health insurance policy.

  4. In a family medical insurance, if you buy a plan for 6 lacs, it extends to each member of your family. • So if one member is to fall ill and incurs a medical cost of 2 lacs, this will be paid from the pool of 6 lacs leaving 4 lacs for the rest of the family. • But a family medical insurance policy means you need to pay only one premium for a policy that covers your entire family.

  5. Here are the advantages of both these Health Insurance Plansthat’ll help you make a better decision.

  6. Individual Medical Insurance- Pros:

  7. Cashless Claim Facility

  8. When you’re hospitalised you need a lot cash for everything, from admission to treatment. • A service like cashless claim comes in handy at such a time.

  9. Daily Hospitalisation Allowance

  10. You can also opt to receive a daily allowance in case hospitalisation. • This means that your insurer will pay you a daily amount to take care of all your medical needs when you’re in the hospital.

  11. Tax Benefits

  12. The premiums you pay for your health insurance plans is tax free.

  13. Family Medical Insurance Pros:

  14. Higher Cover

  15. Since this plan covers your entire family, the amount of insurance is also high.

  16. Add Members

  17. You can easily add more members of your family to this plan.

  18. Tax Deduction

  19. You can also claim a higher tax deduction for a family Medical Insurance Plan.

  20. Thank You!!

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