Family Floater vs Individual Health Insurance

How each one works

An individual policy gives each insured person their own sum insured. A family floater gives one sum insured shared by all covered members during the policy year.

Where a floater tends to suit

• Younger families where claims are less likely to happen simultaneously.
• Households that want a higher single limit at a lower combined premium.

Where individual cover tends to suit

• Elderly parents, who often affect floater pricing significantly.
• A member with a known health condition, so one claim does not exhaust the family's cover.
• Adult children who will eventually need their own policy anyway.

A common combined approach

Many families keep a floater for the immediate family and a separate policy for senior parents. Whether that suits you depends on ages, medical history, budget and the terms offered by the insurer.