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Individual Or Floater Mediclaim ?????




Which one to chose Individual or Floater Mediclaim?
Many of us wish to have a Mediclaim / Health Plan but are not sure which one to take. As such let me elaborate on the two types of plans
Individual Mediclaim as the name suggests is a plan where in each member of the family is covered up to the individual specified sum insured limit.
Illustration if a family of four take a policy of 3 Lakhs each then every person under the policy will be covered for Rs. 3 Lakhs. In case of a claim, the hospitalization expenses will be settled to the maximum of 3 lakhs. In case an amount of Rs. 3, 50,000 lakhs the policy holder will have to pay Rs.50,000 from his own pocket, as his sum insured liability is restricted to Rs. 3,00,000.
Advantages of Individual Mediclaim :-
¨      No claim bonus is given under most of the individual plans ranging from 5% to 10 % varying from Company to Company.
¨      Family Discount is given for more than 2 people to the extent of 10 % on the premium.
¨      Most Important is that in event of Claim the other member’s Sum Insured doesn’t get affected.
Family Floater : As the name suggest it’s a composite plan for the Entire Family. Where by a Single Sum Insured is available for the Entire Family. Where in the Age of an Eldest Member of the family is taken into consideration for calculation of premium.
Illustration: - Say a family of four take a Family Floater of Rs. 5 Lakhs In case of a claim, the hospitalization expenses for an amount of Rs. 3, 50,000 lakhs the policy holder will have not have to pay Rs.50, 000 from his own pocket, as in case of Individual Mediclaim, as here in Floater his sum insured liability is Rs. 5, 00,000.
COST COMAPARSION AN ILLUSTRATION FOR INDIVIDUAL & FAMILY FLOATER.
SUM INSURED
INDIVIDUAL MEDICLAIM
FOR A FAMILY OF FOUR
FAMILY FLOATER
FOR A FAMILY OF FOUR
3,00,000
Rs.14643
Rs.8135



5,00,000
Rs.21,884
Rs. 12158
From the above Illustration it can be noted that paying a Lesser Premium of Rs. 12,158 you get HIGHER COVERAGE for Rs. 5,00,000 for the entire family.
Disadvantages Under Family Floater:-
¨      No Cumulative Bonus as like in individual Mediclaim
¨      No family discount on premiums as age of the eldest member of the family is taken into account for premium calculation.
¨      Most of the companies do not allow life long renewal, they discontinue the policy after the eldest member has reached a certain age. At that time the other family members have to go for fresh policy where in the policy holder’s loose the benefit of no claim & continuous coverage.
Looking to the above it is important in my personal view to go in for Individual Mediclaim policy.

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