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Posted by Royal Sundaram on 12 Oct 2017
A mediclaim policy is an important element of any robust financial plan. After all, health is and should always be a priority. However, for most people, the real dilemma lies between what kinds of mediclaim plan to choose. At the time of selection of the policy, before looking at other elements , you need to set the foundation of your choices by deciding if you want an Individual mediclaim policy or a family floater plan.
In case of individual health insurance plan, the policy issued in the name of one person only. However, under a family floater plan, all family members can be covered in a single policy. Let’s see what are the benefits of each plan and what basis should you choose one.
As far as premium costs go, individual health plans are more expensive than family plans. Depending on the type of policy you choose, your premium may vary. However, in a family plan, the premium cover and the benefits extend to you, your spouse and the remaining members of your policy. It is considerably cheaper to pay premium once a year for a family floater plan than to pay separate premiums for individual policies.
When taking any health insurance policy, your age is a deciding factor of the SI and the premium. In individual plans, all individuals above 18 years of age can avail their own insurance policy. A good health insurance policy will have no maximum entry age. Individual plans can be customized to the insurer’s needs and health conditions. These plans are particularly advised for older citizens with a long-standing disease, or a critical illness. For a family floater, dependent children aged between 91 days to 25 years can be covered under one policy. This is particularly beneficial for middle-income groups and young families who want to ensure financial security for everyone on a limited budget and since an individual plan cannot be opted for minors, a family floater plan is a way for parents to get their children insured too.
Under Section 80D of the Income Tax Act, health insurance plans allow you to get tax exemptions depending on the premium you pay. There is an amount of rs25,000 available for the premium that you pay for self , spouse and children. There is an additional Rs 25,000 available for the premium paid by you for your dependent parents. And if any of them are over 60 years, then an additional Rs 5,000 is available for them.
Newer regulations and more additional benefits have narrowed the gap between an individual policy and a family floater plan. However, it is advisable for younger families with minors to be covered under the big umbrella of a family floater plan. It is a hassle-free way to safeguard the health of your loved ones.
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