Indeed, India is a family-oriented country having deep roots connected with ancestors, parents, and upcoming generations. We, as Indians, always believe in ensuring the safety, protection, and well-being of every family despite their age and health conditions, which undoubtedly is the best thing to do as a responsible family member. However, there are times when the person in charge of the family must take some calculative steps to provided added and fool-proof security net to the family.
Family floater health insurance plan has always been quoted as the best health care plan option when there is a single breadwinner and the person has the responsibility of the entire family. It always makes sense to have a packaged deal of a health insurance plan i.e. cost-effective, easy to manage and offers greater benefits for the entire family. But, wait, since our parents have a much higher age and different health conditions vis-a-vis you, your partner, and your children, should you have them in the same family floater plan?
Technically, it is never a good idea to include your parents in the family floater plans with your family as it can infuse various disadvantages in your family floater health care plan. Primarily, the biggest factor that affects the health insurance plan is the wide difference of age between your parents, you, and your kids. As per the insurance, the premium for the family floater plan is decided on account of the eldest member of the plan as they carry the highest risk due to their age and will incur more hospitalization hence the premium would be higher.
Another factor that refrains including old age parents from a family floater insurance plan is their health conditions. Parents are likely to have sensitive health conditions along with medical history which makes their medical requirements unique and excessive in number in comparison to you and your kids. You can get the tailored made services for your parents in a separate plan for them. But having parents in the same plan would consume the maximum coverage amount and might not be spare for other family members at the time of medical emergency.
Parents certainly carry some or other pre-existing diseases such as BP, Diabetics, Thyroid, etc. In the condition of pre-existing disease, the insurance companies charge an additional premium to incur the diseases that the policyholder is already suffering from. Thus, it makes the premium for the entire quite expensive.
The insurance companies benefit their customer with certain perks such as a non-claim bonus in the scenario when there is no claim taken during the entire policy tenure and some percentage of discount is given to the customer at the time of renewal. Since old people incur regular medical facilities therefore there are slim chances for no claim bonus benefits.
What Would Be The Best solution?
It is always vital to plan your health care policies in the best possible way which can benefit all policyholders effectively without compromising on anyone's health and safety. Therefore, parents must always be insured under a separate plan i.e. Senior Citizens Insurance to provide parents and the rest of the family the best and comprehensive health insurance plan.
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