Often I am asked by young professionals if they can include
their parents in their health policies. They often are specifically looking for
Floater policies that allow parents to be included in the policy. My short
answer to them is don’t do it. Let me explain why.
Your health needs are very different
from your parents.
Parents who are approaching retirement age have a much
higher propensity to need medical intervention compared to a thirty or forty
year old. They are better off having a dedicated amount for their own treatment
rather than share it with the rest of the family members. Conversely your other
family members run the risk of not having enough money left for their
treatment. The ideal policy for a family with the eldest member in the forties
is a family floater while for people above the age of 50, the best option is an
individual policy.
Not financially prudent
In floater policies, the premium depends upon the age of the
oldest member. All members attract a rate that is based on the age of the
oldest member. When a member is above fifty year of age then this inflates the
premium of everyone in the policy. You
are also likely to need a much higher sum insured if you include your parents
in your policy. The best option is to buy a separate individual policy for
them. The amount of premium that you would pay by separating your needs into
two policies would in most cases be less than one single policy.
In conclusion I would say that the most important thing is
to ensure proper medical cover for your near and dear ones. A single policy may
often not fit the needs of both. The best course of action is to look for a
floater policy for you, your spouse and children. For your parents look for
individual policy where each parent has their own sum insured.
This article is written by https://www.policylitmus.com.
PolicyLitmus provides a comparison of over 1000 insurance plans from 51 insurers
and helps you protect your life, health and property.
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