Outlook Money
Individual health policies provide better coverage compared to floater policies. Senior people can choose individual policies as per their health conditions.
The premium on floater policies is determined by the senior member's age, and switching to an individual policy may significantly reduce the premium for the remaining members.
If couples have taken two separate health policies and both need hospitalization at the same time, they can easily get claims under individual health policies without disturbing each other’s coverage.
In a floater policy if any of the members have taken claims then sometimes it becomes difficult to port the policy, so all members in that policy must go through that difficulty.
Health insurance companies give a No Claim Bonus (NCB) for every claim-free year during the next renewal. If senior citizens are part of a floater policy, then it increases the chance of a claim and NCB is not offered in such cases.