• November 24, 2022
• by Admin

Health Insurance and the difference between Individual and Family Health Insurance plans

Medical emergencies can come any day, any time and if you are not well prepared to handle those situations, you can suffer a major financial blow. Health Insurance is a type of insurance that covers the whole or a part of the medical expenses that you or your loved ones are bearing. The benefit of health insurance are many

• It provides coverage against costly  medical expenses
• Helps to cope with rising medical inflation
• It helps you to save money
• You can get income tax benefits

The top life insurance company in Kolkata has experts who can help you choose the best health insurance policy to lead a stress-free and secure life with your loved ones.

Types of Health Insurance

There are different types of health insurance in India. Let us have a close look at some of  them

Individual Health InsuranceThis plan is meant for a single person. The person who gets insured with this plan is compensated for the expenses he/she incurred for medical expenses. Individual Health Insurance plan covers all the hospitalization expenses, and pre and post-medication costs until the insured limit is reached. The premium of the plan is based on the Person’s age and his/her medical history. The insured person can also cover his/her spouse under this plan.

Family Health Insurance

Family Health Insurance covers all the members of your family including your spouse, children, and seniors under a single plan. Only one member needs to pay the premium for the entire family. The premium is decided based on the age of the most senior member to be covered up in the plan.  You should avoid adding members who are above 60 years of age as they are more prone to illness and your premium may get impacted.

Critical Illness Insurance

This plan covers critical diseases such as:

• Cancer
• Kidney Failure
• Stroke
• Major Organ Transplant
• Paralysis
• Bypass Surgery
• Aorta Graft Surgery etc

At the time of buying this insurance plan chosen health problems are included, and if you are affected by any pre-selected conditions, you can get compensation. The amount you need to pay for this insurance is pre-decided 

Senior Citizen Health Insurance

This insurance plan provides coverage to people who are 65 years and above. If you are planning to buy a health insurance policy for your senior loved ones who are above 65 years of age, this will be the best insurance policy for them.

Now, let us highlight the difference between an individual and a family health insurance plans

Though both serve the same purpose of providing financial assistance during some medical emergencies, their nature is different.

• The individual health insurance plan provides coverage to only an individual or single person whereas a family health insurance plan covers each member of your household.
• Individual health insurance is expensive compared to family health insurance plans 
• In the event of only one claim a year the family plan member gets a larger claim amount than the person who has opted for an individual health insurance plan

In conclusion, we can say that a family health insurance plan is a complete plan that protects the whole family whereas the individual health insurance plan covers only a single member of the family. 

This is all you need to know about health insurance and the main differences between individual health insurance and a family health insurance plan. The top life insurance company in Kolkata has experts who will leave no stone unturned to help you choose the best for you and your loved ones.