Individual health insurance is policy that a person buys on his own, and not that he avails because of his employer taking policy for all employees of the organization or as part of a group. Individual health insurance policy can be bought by a person for himself as per his requirements. A health insurance cover for a single insured person. The insured (only) can avail the benefits up to the pre-determined sum insured.

Advantage:

• The sum insured remains solely for the insured members. Even though the total claims raised by any member exceeds his own sum insured, he cannot dig into any additional sum insured and hence every insured has a guaranteed coverage amount at their disposal whenever required
• Even parents and in-laws can be a part of this coverage at additional premium
• Suitable for older families as they are prone to greater health risks
• If any insured member has a pre-existing condition as per policy guidelines, the rest of the members need not wait to claim until the waiting period ends
• Discounts on premiums if more than two members
• There is no maximum age for renewal

Disadvantage:

• The individual insurance for the families works out to be costlier than the family
• Floater The individual coverage is not suitable for younger families

What is the difference between Individual Health Insurance/Family Health Insurance?

INDIVIDUAL HEALTH INSURANCE

• It is available for an individual
• Covers a single policyholder
• It is a comprehensive health plan
• The sum insured is for a single policyholder
• Covers pre/post hospitalization expenses

FAMILY HEALTH INSURANCE

• It is taken on a family floater basis
• Self, spouse, parents, children, parents-in-law
• It is a comprehensive health plan
• The sum insured covers all members of the family
• Covers pre/post hospitalization expenses