Check if Separate Health Insurance for Parents Is Worth it
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It is said that you are the richest person in the world if you have a healthy family. The statement holds for not one, but all the family members, including parents, so that you can proudly say they are all healthy. To ensure good health, you can feed them healthy food, motivate them to pursue a healthy lifestyle, etc. But most importantly, you must get them adequate health insurance policy coverage that protects them in their golden period of life. But the question is-should you cover them under your family floater health insurance policy, or buy a separate individual health insurance policy for them?
Buying a Family Floater Health Insurance Policy For Parents a Good Idea?
As a responsible child, you must provide your parents with adequate health insurance coverage. Adequate coverage means nothing but an individual health insurance policy. And if you are already looking for a family floater health insurance policy, and are about to purchase a policy that covers you, your spouse, your dependent children, and your dependent parents, then you must wait and understand why it may not be the best option. The reason for the same is explained below.
The premium under the family floater health insurance policy is subject to the age of the eldest family member. This is because as people age, they are more prone to diseases and may also have pre-existing illnesses, which increases the liability of the insurance company. It is, therefore, said to buy health insurance when young. So, if you buy health insurance at the age of 25, then your health insurance premium will be way less than if you purchase it at the age of 45. Therefore, if you are thinking of including your parents under the family floater policy when until now you are the eldest member covered under the policy, then you are about to make the wrong decision.
Secondly, as you know the premium for a person with pre-existing illnesses is high, so going for a separate health insurance plan for parents would be a better option as people in old age generally have a pre-existing disease. So, including parents under your current family floater policy will affect the No Claim Bonus as there will be higher chances of them getting hospitalized.
Thirdly, if you cover your parents also in the same family floater policy, then the coverage might be little for you when you need it. This is because in case a family member gets hospitalized due to recurring medical conditions, then you may fall short of the coverage when you need it. So, make sure to get an individual health insurance policy for parents if they already are not keeping well and might get hospitalized frequently.
What Can You Do Then?
You should look for separate health insurance plans for parents. Below are the reasons for the same:
If you opt for a senior citizen health insurance plan instead of a family floater health insurance plan, then you can avail of customized coverage as these plans are specially designed for older people.
Senior citizen health insurance plans come with a lesser waiting period. As parents may have pre-existing illnesses, they should go for senior citizen plans so that they can avail the maximum policy benefits.
If you buy a separate health insurance plan for parents, then it would be more affordable than adding them under the family floater policy.
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Conclusion
Considering the aforementioned facts, it is evident that you should buy a separate health insurance policy for your parents as including them under the family floater health insurance policy will only increase your health insurance premium.
Also, as there is a big gap between you and your parents' age, it could load the premium in case they have any pre-existing illness.
To timely buy a health insurance plan for parents, you can get in touch with the customer care executives at InsuranceDekho and share your requirements. You can also fill out a quote on the website and shortlist to buy the most suitable health insurance plan for parents.
Disclaimer: This article is issued in the general public interest and is meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive and should research further or consult an expert in this regard.
