It is said that you are the richest person in the world if you have a healthy family. the statement is valid not for one, but for all members of the family, including parents, so you can proudly say that everyone is healthy. To ensure good health, you can feed them healthy food, motivate them to follow a healthy lifestyle, etc. But most importantly, you need to get them adequate health insurance coverage that will protect them in their golden period of life. but the question is: should you cover them with your family floating health insurance policy or buy a separate individual health insurance policy for them?
Is it a good idea to buy a floating family health insurance policy for parents?
As a responsible child, you must provide your parents with adequate health insurance coverage. And adequate coverage means nothing more than an individual health insurance policy. And if you are already looking for a floating family health insurance policy and are about to buy a policy that covers you, your spouse, your dependent children and dependent parents, then you need to wait and understand why it may not be the best choice. . the reason for it is explained below.
The premium for the family floating health insurance policy is subject to the age of the oldest member of the family. This is because as people age, they are more prone to disease and may also have pre-existing conditions, which increases the liability of the insurance company. therefore, it is said to buy health insurance when you are young. Therefore, if you buy health insurance at age 25, your health insurance premium will be much lower than if you buy it at age 45. Therefore, if you are thinking of including her parents in the family floating policy when so far she is the oldest member covered by the policy, then she is about to make a wrong decision.
Secondly, since you know that the premium for a person with pre-existing conditions is high, opting for a separate health insurance plan for parents would be a better option, since older people usually have a pre-existing condition. therefore, including parents on your current family float policy will affect the no-claim bonus, as they will be more likely to be hospitalized.
Third, if you also cover your parents on the same family float policy, then the coverage might be scant for you when you need it. This is because, in the event that a family member is hospitalized due to recurring medical conditions, they may not be covered when they really need it. therefore, be sure to obtain an individual health insurance policy for the parents if they are no longer doing well and may be hospitalized frequently.
what can you do then?
You should look into separate health insurance plans for the parents. below are the reasons for the same:
If you opt for a senior health insurance plan instead of a family floating health insurance plan, you can benefit from personalized coverage as these plans are specially designed for seniors.
Health insurance plans for seniors come with a shorter waiting period. And since parents may have pre-existing conditions, they should opt for senior plans so they can take full advantage of the policy.
If you buy a separate health insurance plan for the parents, then it would be cheaper than adding them under the family float policy.
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Considering the above facts, it is self-evident that you should purchase a separate health insurance policy for your parents as including them in the family floating health insurance policy will only increase your health insurance premium.
also, since there is a big difference between the age of you and your parents, you could charge the premium in case they have any pre-existing conditions.
In order to timely purchase a parent health insurance plan, you can contact the customer service executives at insurancedekho and share your requirements. You can also complete a quote on the website and pre-select to buy the most suitable health insurance plan for parents.
Disclaimer: This article is published in the interest of the general public and is for general information purposes only. Readers are advised not to rely on the content of the article as conclusive and to do more research or consult an expert on the matter.