Is there a better formula for excel IF nested query

Good Day,

 

I recently wrote a formula to indicate whether an employee was 

 

1) Employee only

2) Employee and spouse only

3) Employee and child only

4) Employee + spouse+ child = family

 

The data is held in a single column

 

eg in column 16 I have:

 

employee

spouse

child

BLANK LINE

employee

spouse

BLANK LINE

employee

child

BLANK LINE

employee

BLANK LINE

 

 

The results of my query is displayed in a separate column.

 

My formula works really well....I would just like to know if there is a simpler formula

 

The formula is:

 

=IF(I16="policyholder",IF(I17<>"spouse","employee only",IF(I16="policyholder",IF(I17="spouse",IF(I18<>"child","policyholder plus spouse only",IF(I16="policyholder",IF(I17="spouse",IF(I18="child","family"),"")))))),"")&IF(I16="spouse",IF(I17<>"child","spouse only",IF(I16="spouse",IF(I17="child","family",""))),"")&IF(I16="child","family","")&IF(I16="policyholder",IF(I17="child","  plus child",""),"")

 

 

Thanks