Family Floater or Senior Citizen Health Insurance, Which is Better?


With rising medical costs, it has become essential to invest in quality health insurance policies.Senior citizen health insurance plans are policies that are designed to cater to individuals who are above 60. With the increasing age, medical complications arise, and it is wise to invest in senior citizen health insurance. Alternatively, there is a family floater plan, which covers all the members of the familyunder one plan. Hence, there is no requirement to invest in different plans for every member of the family. Both the plans have their own set of benefits and differences.

Differences between a family floater and senior citizen health insurance 

First of all, it is important to understand the difference between a family floater and senior citizen health insurance plan. In case of a senior citizen plan, only individuals above the age of 60 will be covered and in case of a family floater plan, every member in the family, irrespective of the age will be covered. In addition, the premium amount payable or both the health insurance plans will vary. The cost of a family floater plan will depend on the age of the eldest member of the family.In the case of a senior citizen plan, it will be based on the age, pre-existing conditions, and the current health of the individual. 

Advantages of a family floater plan 

The biggest advantage of a family floater plan is the higher coverage. The sum insured in the plan is comparatively higher than that of an individual plan. You enjoy maximum medical coverage under the plan and can easily add new members to the plan. You can also enjoy the tax benefit under Section 80D on the amount of premium paid.

 Advantages of a senior citizen health insurance 

A senior citizen health insurance plan will give youa higher sum insured with the tax benefit under Section 80D. You will be able to avail of check-ups annually. Moreover, if you have any pre-existing conditions, you will be covered for the same after the waiting period is over. In order to get maximum benefits from the cover, it is advisable to invest in riders that provide for critical illnesses. When you buy critical health insurance,you can ensure that when a critical illness strikes you, the insurance company will provide you with a lump sum benefit. Additionally, you can avail ofcashless hospitalization if you are admitted to the hospital for more than 24 hours.

Both the insurance plans are beneficial in their own ways and ultimately, you need to consider your requirement and health conditions when you invest in one. Compare different health insurance quotes and make a decision for yourself. You need to identify your needs before making the purchase. Always remember to renew the health insurance policy on time in order to remain covered from any illnesses. Whether you opt for a family floater plan or a senior citizen health insurance, always make the premium payment on time and enjoy tax benefits.