Should I include my parents in my family floater health insurance policy?

 
Growing up, our parents did so much for us. They took care of all our needs and tried their best to ensure nothing ever happened to us. And now, the time has come for us to return the favour by looking after them during their golden years.
One way to do this is to protect them with a good health insurance policy. It will provide complete peace of mind from medical contingencies and ensure that your parents can enjoy life without worrying about healthcare expenses.
Now, when it comes to getting medical coverage for your elderly parents, you have two options – you can either get them individual plans or opt to include them in your family floater health insurance policy. This article will go over a few points to help you decide whether the latter is a viable option for you or not.
How old are your parents?
In most cases, the premium of a family floater health insurance policy will depend on the eldest member covered under the policy. Keeping this in mind, if your parents have crossed the 60-year milestone, then it makes sense to get them individual plans. This might work out to be more cost-effective than paying a higher premium on your family health insurance policy.

 

Do your parents have any pre-existing illnesses?
If they do, chances are it will cost you even more to add them to your family health insurance policy. Again, in this case, it would be better to get your parents each their own health insurance policy – this will help prevent the premium of your family floater plan from increasing and, at the same time, it will also provide your parents with the coverage they need.
You might have to increase the sum insured.
The chances of a medical condition increase with age. Therefore, if you are considering adding your parents to your family health insurance policy, you should consider increasing the sum insured of the plan as well. This will ensure that you do not run out of coverage in case your parents end up making frequent claims against your family floater policy.

Have you accumulated a substantial NCB?
If you do have a good amount of NCB racked up on your family health insurance policy, adding your parents to the same plan is not the best option. Your parents might end-up making a claim against the policy, and you will lose out on your NCB discount.
Adding your parents to your family floater health insurance policy can be a good option provided that your parents aren’t too old and they do not have any pre-existing diseases. However, if this is not the case, then it is better to get them each an individual senior citizen health insurance policy instead.
This will ensure they get all-round coverage against medical contingencies without hindering the coverage of your existing family health insurance policy. We hope this has been helpful, good luck and all the best!