New Delhi, May 2 -- Rajdeep, 35, is planning to buy a health insurance policy for his family of five-himself, his wife, their child, and his elderly parents. While he already has a family floater policy that covers him and his wife, he is unsure whether to include his parents in a family floater plan or purchase a separate policy for them. Here are the key factors to consider to take an informed decicion.

A family floater health insurance plan is a single policy that covers multiple family members (typically self, spouse, and children) under one umbrella sum insured. It offers a shared pool of coverage, meaning any member can use the total sum insured for medical expenses.

It is generally more cost-effective than buying separate policie...