Why Should Not You Include Parents In Your Family’s Health Insurance Policy
We all love our families Yes! This is the most obvious truth that we can still speak today. However, do you take care of your family members? Well, this is a big part and we have to face it. If you take care of your family members, then it means that you are facing reality that your loved ones are worthy of care and not only love, how do you show your love and take care of them ? Buy only by saying this on your face or by ensuring safety of their health?
“Health is wealth” – he says.
This means that if you are a healthy family you are the richest person on this planet. In fact, this statement is valid for every member of your family because they can all proudly say that they are healthy. This can be because you have ensured their health. What are you doing? Feeding them healthy food? Actually!! We are told by giving gifts to all family health insurance schemes with adequate coverage in all types of scenarios. On that, can you guess why do we insist on not including our parents in our family health plan? We do not mean that you do not buy health insurance for them. Not necessarily!
Do not include your parents in your family’s health insurance policy! Why?
You should ensure them the health of your health and tell them that you have got their back. In fact, they have the responsibility to provide your adequate health coverage. However, we meant that you should buy them a different health insurance policy. We’ll tell it below.
If you are already looking for a family floater health insurance policy to ensure the health of your spouse, children and parents, then you may have heard of some insurance companies who allow you to do this. . Well, this is a trap and nothing else. seriously! The insurer tells you about various health insurance policies, in which your parents include the benefits of incorporating their current or a new health insurance plan, if you do not already have one, stay away from such insurance policy.
You better buy a different policy for your parents. Here are some important reasons why you should not include your parents in your health insurance policy.
- The premium for the family floater health insurance plan is under the age of the eldest member of your family.
Your current health status is one of the key aspects that you need to pay the lowest premium to take advantage of coverage. It is clear that at the age of 40 you are less prone to illnesses or early medical conditions at the age of 25 at the age of 40.
That is why they say, “Buy health insurance at an early age.”
Apart from this, the amount of premium will be less than 40 years of age to take advantage of health insurance at the age of 25.
Therefore, if you think that you should include your parents in your family’s health insurance plan, you are going to make the wrong decision when you are by far the biggest member of the policy
Let’s take an example.
You have a family floater health insurance plan in which Rs. Has been assured. 01 Million Rupees, where the insured person is – you (30 years), life partner (28 years) and your daughter (2 years), while you parents (father 60 years and mother’s 60 years). As mentioned above, the premium paid for your current policy will be substantially increased. Also, the policy will end with the reach of the maximum age covered by your father (family’s largest member) policy.
In this case, all other family members must purchase a separate health insurance policy at different costs. Along with this, the claim history and coverage for the diseases already present disappear, which was automatically renewed each year. The same goes for children who can be covered under the family floater scheme, unless they become 25 (mostly), once the policy ends, they compromise on the benefits of their previous claim history. The time to buy personal health insurance plan also. In the case of the survival of family members and the death of a senior member of the family, there are policies that do not have any special provision.
Therefore, it is better that you buy different health insurance policies for your parents.
- Any pre-existing illness will load the premium for the coverage taken by the whole family.
As you probably know that the person with pre-existing illness has a higher premium of health insurance policy, it would be better for such a person to buy a separate health insurance policy for his family. If you are involved in a family (your parents or your spouse) in your family floater plan, then it will load the premium for your entire family’s expected coverage.
Parents are the largest members of the family and they suffer from one or more illnesses with increasing age. Therefore, if you are thinking of adding your parents to your existing family floater health insurance plan, then it is most likely that your parents have already found the disease present.
- A claim bonus or NCB may be affected.
In the case of a health insurance policy, if you do not make a claim in the policy year, you are not entitled to receive a claim bonus in case of premium rebate on renewal or add-on benefit. However, in case of family floater health insurance policy, the NCB disappears there and then if a family member makes claims
It is obvious that you become more prone to illness due to deteriorating health conditions. Therefore, your chances of hospitalization are quite high
Now, if you include your parents in your current family floater plan and they are admitted in a pre-existing medical condition or hospital, then the NCB is affected. If currently they are using a different health insurance plan, then NCB will only affect their policy.
- Coverage can be a little bit less when you need this
You have Rs. Coverage can be 1 Million under your family floater policy, which is sufficient for families of 4. However, the same coverage can not be enough for family of 6 (after adding your parents). If one or more family members of your family recruit in the hospital due to recurring medical condition, then this coverage may not be enough for you when you need it
Therefore, if you still want to include your parents in your existing family health plan, make sure that you increase the sum insured by the policy.
Source: Best Car Insurance UK