What Is The Difference Between Individual And Family Medical Insurance?

By Author: Radhika Adsule
Total Articles: 3
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It is essential to take care of your health at all stages of life. As you grow older, you encounter different illnesses and require medical treatment for the same. You store savings to meet future expenses and prefer not to spend them. Since healthcare costs increase, you need to monitor your diet and other aspects to avoid suffering from severe health conditions.

When you buy Medical Insurance, the provider takes care of all the medical expenses in return for an annual fee or premium paid in monthly instalments. It protects your wallet by covering treatment expenses, hospitalisation charges, ambulance costs, laboratory fees, and other related fares. Some even cover compensation for lost income.

Variants
There are numerous General Insurance companies providing the plan in two variants. Individual Policies are suitable for individuals to insure themselves. Family Insurance Policies give cover to the whole family, including your spouse, children, and parents.

How to buy?
There are two ways ...
... to buy a Medical Insurance policy in India. You can buy it online through aggregators and provider websites. You can also buy it offline through direct agents and Insurance companies. The online method is convenient and preferable with a shorter turnaround time.

Purpose
Both Health Insurance Policies serve the same purpose. They provide financial assistance at the time of medical emergencies but differ from each other. Individual Insurance provides cover to one individual, while Family Mediclaim Policy covers the whole family. Individual Health Policy is relatively expensive as compared to Family Plans.

Another benefit provided is the coverage. In only one claim in a year, the family member gets a greater claim than an individual cover.

Choosing the provider
It is essential to read all the terms and compare plans before finalising the Medical Insurance company. You should check the premium, No Claim Bonus, renewal procedure, payment methods, and online availability. They should have a prompt customer care team to resolve your queries and provide other access benefits.

Benefits
When you buy Insurance, you save lots of money on medical treatment expenses and receive compensation for the spent amount. You have a sum insured quoted by the insurance provider and other charges for treatment. Read the offerings and analyse your requirements before buying the policy. Though it is not mandatory to buy, you should do so since medical costs are soaring.

When you file the claim, you receive the compensation of the sum insured in your Bank Account.

Conclusion
Always compare other plans offered by different providers to get an idea of the market rates and offerings. If you find the premium costs higher in one plan with the same coverage provided by another at a lesser premium, you can evaluate accordingly.