Why your parents need a separate health insurance

1. Why Your Parents Need A Separate Health Insurance Plan

2. We love our parents and we want to give them best health care possible, sometimes we think adding them into our family floater medical insurance plans is one way to show them how much we care. Though this might be a thoughtful decision it’s not always a wise one. Including your parents in the plan could cause you significant financial turbulence later on and this article will explain how.

3. 1. It Could Lead To High Health Insurance Premiums

4. There is a reason why they say you should buy insurance young. You are healthy and very less susceptible to disease and illness. This makes you a lesser of a risk to the insurance provider and hence they will provide you a medical insurance plan at lowered premiums. This is applicable to family floater plans too! In fact, the premium of a family floater plan is dependent on the eldest member’s age. If you add your parents, their old age could cause your medical insurance premiums to shoot up.

5. 2. You Could Lose Out On Your No Claim Bonus

6. No Claim Bonus is the discount your insurer gives you for not making a claim in the preceding year. Therefore every time you go without making a claim on your health insurance plan, you will receive a discounted premium rate when you renew your plan. This discount goes back to zero when you make a claim. We all know that old age could spell the onset of disease and illness. If your parents suddenly fall ill or an existing ailment comes back, you might be forced to make a claim on your policy. This will cause your NCB to vanish and you will have to pay a higher premium amount to cover your family. Instead if you opt for a separate plan, you don’t need to worry about NCB every time your elderly parents have to make a claim.

7. 3. Pre-Exiting Illnesses Will Cause The Health Insurance Premium To Go Up

8. It’s a well-known fact that the premium of family floater medical insurance policy for a person with a pre-existing disease is much higher in comparison to the premium for a healthy person without any pre-existing illness. Your parents are probably the eldest members of the family and are normally very prone to diseases and this only increases with age. So, if you opt for a family floater planthat includes your parents and their pre-existing illness, then you could be faced with high premium amounts. You could save money with separate plans for your parents.

9. You Might Face Coverage Shortfalls When You Need It

10. If the coverage amount keeps being utilized by your parents, you might fall short of sum assured when you or the other members of your family need it the most. This is probably one of the largest reasons to opt for a separate policy for your parents. We all love our parents and we all want to take good care of them. One of the best ways to do this whilst ensuring financial stabilityfor yourself and the rest of your family is to get a separate health insurance plan for your elderly parents.

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