So much has changed in the past decade alone. Stock markets touched record highs for the first time, only to tumble down to recession levels, world saw 2 wars, and fuel prices make a high jump record and tumble.
However, there have been some prices which have only seen one direction of movement, and not to mention at a double-digit rate each year. These are your healthcare expenses.
You probably already know the importance of health insurance in tackling these expenses. However, it is likely that you may have questioned your choice of health cover many times, or may be mulling one right now. It is a much-debated topic, whether you should buy a family floater plan or buy individual plans for each family member.
Following are some major factors that’ll make your decision easier:
| Individual Health Plans | Family Floater Plans |
| Coverage | |
| ● If you have a family, individual health plans can be availed for each member separately. | ● This policy covers all the members under a single umbrella cover. |
| ● The renewal and premium dates of multiple policies will be different and you will have to keep track of all at their respective time. | ● There will be only a single policy and one renewal date for this policy which covers all family members. |
| ● If you fail to renew one of the plans for some reason, other members will still retain the cover. | ● Fail to renew and all members lose health cover. |
| Premium Cost | |
| ● Individual plans are considered relatively costly as compared to family floater plans in which multiple members are included on the payment of a single premium amount. | ● Even though family health plans are slightly cheaper, their premiums may rise depending on the age of the oldest person among the members included. |
| ● Individual health premium for a 30-year-old will be approximately Rs. 8,000 for a cover of Rs. 5 Lakh. | ● Family floater policy with a cover of Rs. 10 Lakh will cost approximately Rs. 20 to 25,000 a year for the 30-year-old parent (considering he/she is the eldest member to be covered) with two minor kids. |
| ● Nowadays, it is possible to buy a family floater with individual insurance covers for each member. | ● Include parents in this policy and the premium goes up to Rs. 60,000, if they are around 60 years of age. |
| ● However, the premium cost will be similar to the separate individual covers of same amounts. | ● Some insurers may not allow parents to be included in the same policy as the buyer and his/her spouse. |
| Adding New-Born Child to Health Plan | |
| ● New born child can be added to the policy of either of the parents, with a separate sum insured. | ● In most family plans, new members can be included at any time. |
| ● Child must be at least 3 months old to be added to the cover. | ● The new member shares the same umbrella. |
| ● Child must be at least 3 months old to be added to the cover. | |
| Maximum Age Covered | |
| ● The maturity age limit is not applicable in the individual plan. | ● These plans come with a maturity age limit for insured children. The age limit is generally 25 years. |
| ● These plans have a compulsory lifetime renewability which nullifies the chance of the expiry of the policy. | ● For example, the children included in the family floater plan will need to avail a separate policy once they reach the age of 25. |
| Discount on Premium (No-Claim Bonus) | |
| ● The chance of a claim in any policy year low as only one individual is included in the policy which increases the chance of a no-claim bonus. | ● In a family plan, chances of availing the benefits of a no-claims bonus is low as even if one member falls ill, the claim will be made under the policy. |
Comparing the Health Insurance Plans
Since there are more than 30 general insurers offering health insurance cover in this country, it helps if you can see the cost for at least some at one place. So, here’s a list of the best health insurance plans and their respective features they offer:
| Insurer | Plan Name | Premium for Rs. 500,000 cover | No. of Network Hospitals | Salient Features | Prominent Exclusions | Sum Insured Offered |
|---|---|---|---|---|---|---|
| Apollo Munich | Optima restore | - Rs. 7144 (Rs. 8216 incl. taxes) for individuals aged 18-34 yrs. - Rs. 16948 (incl. taxes) for a family of 4 (including 2 kids) when the eldest member is aged 18-34 yrs. | 4000+ | - Stay Active Discount benefit- No Co-pay is applicable- No Loading on Renewal Premium after a claim- No Sublimit on: > Room & ICU Expenses > 180 Day Care Procedures > Domiciliary Treatment > Organ Donor Expenses- Health Check-up Exp. every 2 years. | - Pre Existing diseases for a period of 3 policy years - 2 Years exclusion for disease like cataract, hernia, joint replacement etc. - Psychiatric/Mental Disorders - Cosmetic surgeries - Pregnancy, - Dental treatment, - External aid and appliances | Rs. 3,00,000; 5,00,000; 10,00,000; 15,00,000; 20,00,000; 25,00,000; 50,00,000 |
| Bharti AXA | Smart Health Insurance | 3000+ | - Medical not required until 45 years - Day care treatment like dialysis, chemotherapy covered - Domiciliary hospitalisation expenses & Home Nursing - Hospital cash allowance - Transplantation - 20+ Critical illnesses covered - Unlimited room rent in customized plans | - Pre existing diseases - Pregnancy and childbirth complications - Routine medical, eye and ear examinations, cost of spectacles - Dental treatment - Circumcision - Birth control procedures, hormone replacement therapy, caesarean section, fertility or conception operation - AIDS and related illness | Rs. 200,000 3,00,000 5,00,000 | |
| Cigna TTK | ProHealth Insurance Protect | 4500+ | - 48 month waiting period for pre existing illnesses - Genetic disorder - Mental Disorders - Drug abuse - HIV | Rs. 2.5 lakhs, 3.5 lakhs, 4.5 lakhs, 5.5 lakhs, 7.5 lakhs, 10 lakhs | ||
| HDFC ERGO | Health Suraksha Plan | - 4,968 (exclusive of taxes) for individuals aged 18-35 years - 12,110 (exclusive taxes) for a family of 4 (including 2 children) when the eldest member is 35 years old | 5000+ | - Day care treatment like dialysis, chemotherapy covered | - 2 years waiting period for tonsils, cysts - Pre-existing illnesses not covered in annual plan - Cosmetic surgery - HIV/AIDS - Injuries due to self-harm - War/armed conflicts | Rs. 3,00,000, 4,00,000 5,00,000 7,50,000 10,00,000. |
| IFFCO TOKIO | Health Protector Policy | 4168 | - Pre existing diseases till 48 months completed - Diabetes or any related illness existing before taking the policy - Hypertension - External durables like Nebulizing machine, Oxygen cylinder, etc. - Correction of vision through laser and related treatment - Diagnostic procedures, examinations and x-rays - Maternity expenses - Naturopathy - Genetic disorders - Stem cell Implantation - HIV - Physiotherapy - Rehabilitation expenses | Rs. 1,50,000 to 5,00,000 | ||
| L&T Insurance | Medisure Classic Insurance | - For policy period of 1 year: Rs. 1,994 to Rs. 82,642 - For policy period of 2 years: Rs. 3,789 to Rs. 157,020. (subject to S.I., age of members etc.) | 1600+ major ones | - Domiciliary hospitalisation expenses & Home Nursing | - Claims made within the 30 days immediately following policy inception. - Domiciliary treatment - 2 year waiting period for: > Cataract, Benign Prostatic > Hypertrophy, > Congenital Internal Diseases, > Anal Fistula, Piles, Hysterectomy, > Hernia, Sinusitis and associated ailments - Suicide attempts, self-harm, mental disorders, use of intoxicants - HIV/AIDS and related illnesses | Rs. 2,00,000 3,00,000 4,00,000 5,00,000 |
| Max Bupa | Health Companion Plan | 3500 | - Nature cures, wellness clinics - HIV and AIDS - Obesity - Genetic Disorder - Alternative Treatment - OPD Treatment - Sexually transmitted diseases - Sleep disorders - Speech disorders - Treatment for developmental problems - Treatment received outside India | Rs. 5 lakhs, Rs. 7.5 lakhs, Rs. 10 lakhs Rs. 12.5 lakh. | ||
| Reliance General | Health gain policy | Base Price: Rs. 4,235 | 4000+ | - Hospital cash allowance | - Co-payment of 20% per claim - Waiting period of 4 years for pre existing diseases - Alternative treatments - Maternity expenses, new-born care - Daily cash allowance - OPD Dental care - Cosmetic surgery - Injuries due to alcohol - War/armed conflict | Rs. 3,00,000, 6,00,000, 9,00,000, 12,00,000, 15,00,000, 18,00,000 |
| Religare Health | Care Health Insurance | 4758 | - Pregnancy, childbirth - AIDS - Drug abuse - Congenital disease | Rs. 5,00,000 7,00,000 10,00,000 15,00,000 20,00,000 25,00,000 30,,00,000 40,00,000 | ||
| Royal Sundaram | Lifeline Supreme Health insurance | - Transplantation | - Maternity and baby care - International treatments - Cosmetic surgeries - Exclusions subject to waiting periods | Rs. 5,00,000, 10,00,000, 15,00,000, 20,00000 25,00,000 50,00,000 | ||
| Star Health Insurance | Optima Insurance Plan | - Eldest member of 35 years: For a family of 4 (2 children), Rs. 14,460 - For 2 adults (self and spouse), Rs. 9,895 (EXCLUDING SERVICE TAX) | - Dental treatment - Injury due to nuclear weapons - Hospital registration, admission charges, record and telephone charges | Rs. 1,00,000 2,00,000, 3,00,000, 4,00,000, 5,00,000, 10,00,000, 15,00,000, 20,00,000 | ||
| Universal Sompo | Family Health Insurance Plan | - 20+ Critical illnesses covered | - Pre existing diseases - Circumcision - During first year: Cataract, Benign Prostatic - Hypertrophy, Hysterectomy, - Piles, Sinusitis and related disorders - Dental treatment - Pregnancy, childbirth - Naturopathy - Cosmetic surgery - AIDS | Maximum coverage up to Rs. 5 lakh | ||
| National Health Insurance | Parivaar Health | - Rs. 5,151 for individual aged 35 years - For a family of 4 (with 2 dependent children): Rs. 8,499 | 6000+ | - Diseases due to war - Circumcision unless required medically - Exclusions on diseases subject to waiting period - Dental treatment - Cosmetic surgery - Congenital disease - Nursing or X-ray incidental to diagnosis - Treatment of miscarriage or any pregnancy complication - Non-allopathic treatments | Rs. 2,00,000 Rs. 5.00.000 (in multiples of Rs. 50,000) | |
| Bajaj Allianz | Health Guard | 3700+ | - Unlimited room rent in customized plans | - Waiting period of 3 years for pre-existing diseases and joint replacement - 6 year waiting period for maternity and baby care - 2 year waiting period for cataract, hernia etc. - Misuse of alcohol leading to disease - Cosmetic surgery | Ranging from 1.5 lakh to 10 lakh | |
| SBI General | General health | - Rs. 5,753 for individual aged 25 years | 3000+ | - 142 day care procedures - Emergency ambulance charges up to Rs. 1500 - No medical up to 45 years if age - Medical screening required after 65 years - Lifelong renewability - Domiciliary treatment covered - Free health check-up up to Rs. 2500 for 4 continuous claim-free years | - 4 Year Waiting Period for Existing Disease - Non-allopathic treatments - Pregnancy and prenatal expenses Congenital diseases - Joint replacement for first 3 years - Cataract and hysterectomy for first 2 years | Rs. 50,000 1,00,000 2,00,000 3,00,000 4,00,000 5,00,000 |
| ICICI Lombard | Complete health insurance | 4000+ | - Minimum entry age is 6 years for individual plan and 3 months for floater policy - Discount of 10% on 2-year policy (others have ~ 6%) - Co-pay not applicable - No sublimit on 7 and 10 lakh cover - Day-care expenses covered - Value added services like health coupon, diet advice, online chat available - No medical till 45 years of age - 30 day prior and 60 day post hospitalisation cover | - Non-allopathy treatments - Pregnancy and childbirth complications - Pre-existing diseases subject to conditions - Obesity, alcohol consumption, Cosmetic surgery, HIV - Naturopathy treatment - Treatment taken abroad - Domiciliary treatment | Rs. 2,00,000 Rs. 3,00,000 Rs. 4,00,000 5.00.000 7.00.000 10.00.000 | |
| Kotak General Insurance | - Rs. 5851 (Rs. 6729 incl. taxes) for individuals aged 30 yrs. - Rs. 17,443 (incl. taxes) for a family of 4 (including 2 kids) when the eldest member is aged 30 yrs. | 4000+ | - No Medical up to 45 years of age for joining - No Co-pay is applicable - No Loading on Renewal Premium after a claim - No Sublimit on: > Room & ICU Expenses > 150 Day Care Procedures > Domiciliary Treatment > Organ Donor Expenses - AYUSH Treatments Covered - Health Check-up Exp. every 4 claim free years. - Maternity cover available as an extension | - Pre Existing diseases for a period of 4 policy years - 2 Years exclusion for disease like, hernia, fissures/fistula, arthritis, gout etc. - Psychiatric/Mental Disorders | Rs. 200,000; 300,000; 400,000; 500,000; 10,00,000; 15,00,000; 20,00,000; 25,00,000; 50,00,000; 75,00,000; 1,00,00,000 | |
| Tata AIG Health | Medi Prime | - Rs. 5532 (Rs. 6362 incl. taxes) for individuals aged between 18-35 yrs. - Rs. 15,624 (incl. taxes) for a family of 4 (including 2 kids) when the eldest member is aged between 18-35 yrs. | 3000+ | - No Medical up to 50 years of age for joining - No Co-pay is applicable - No Loading on Renewal Premium after a claim - No Sublimit on: > Room & ICU Expenses > 140 Day Care Procedures > Domiciliary Treatment > Organ Donor Expenses - AYUSH Treatments Covered - Health Check-up Exp. every 4 claim free years. | - Psychiatric/Mental Disorders - Maternity/ Pregnancy Related exp. - Preventive Care exp. | Rs. 200,000; 300,000; 400,000; 500,000; 750,000; 10,00,000 |
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