Should You Include Your Parents In The Family Health Insurance Plan?

Posted on: Mar 22, 2021 | | Written by:

Should You Include Your Parents In The Family Health Insurance Plan?

Published on March 17, 2021 | Est Read Time: 2 min

There are so many options available today when buying health insurance. So much that it becomes difficult for some people to find the perfect fit for them. While some choose to go with a family health insurance cover for their parents health insurance, some select individual insurance. Taking health insurance is a crucial decision and through this article, we will help you make the right one.

Importance of Parents Health Insurance

According to a report , the number of cases of heart disease in senior citizens across India was forecasted to be about 19.1 million in 2050! With old age, our parents are susceptible to critical illnesses and you can only stay prepared for the inevitable and unprecedented emergencies. It can be emotionally draining when your loved ones get hospitalised, but it will be financially draining too if you are not prepared. This is because healthcare costs increase significantly every year and having a parents health insurance can come as a blessing.

Individual Health Insurance vs Family Health Insurance

Choosing a health insurance cover for your parents can leave you in a dilemma. Typically, you’ll have two options to choose from - family floater insurance and individual health insurance.

The major difference between the two plans is the number of people insured under them.

A health insurance for family will cover all your family members under one plan. The premium will be low as both the premium and the total sum insured are shared among all the covered family members. health insurance for family will cover all your family members under one plan. The premium will be low as both the premium and the total sum insured are shared among all the covered family members.

For instance, if your plan has a sum insured of Rs 5 lakh and any family member gets hospitalised, the entire amount of 5 lakh can be used. If the amount is less than that, the remaining money can be used by other family members during a different medical emergency. However, if the whole sum insured is used by a single member, the others will be left with nothing to use.

The individual health insurance is a dedicated health coverage plan for a single person. The individual health insurance is a dedicated health coverage plan for a single person. In the individual plans, you need to get a separate one for each family member. Some people are more vulnerable to diseases due to their age, or pre-existing ailment or nature of work. So, if your chances of getting sick with a major illness is more, you would get a health insurance with bigger coverage. And since, the sum insured is meant for one person in an individual plan, it could benefit you more than a floater plan.

Which Is Better For Your Parents Health Insurance Cover?

This is a common question in the minds of many when it comes to getting the best possible treatment for your parents. With a family health cover already in place, you might wonder if adding your parents in it is a good idea. Well, practically it is not. Let us tell you why.

The elderly often suffer from a wide range of pre-existing and critical illnesses. They may need frequent medical attention. If you cover them under a family health insurance, the sum insured will get divided among more people that can potentially put other members at risk of low financial help from the insurance plan. Sometimes, there will be nothing left for other family members during an emergency.

That’s where Individual health cover plans come in. You can buy individual health plans for your parents with a higher sum insured. While a floater plan is cost-effective and offers more flexibility in an insurance claim, individual health insurance plan offers more extensive coverage as the whole sum insured is for one person only.

Conclusion

Health insurance can take away a lot of your financial tensions during medical emergencies. It provides a sense of security, allows you to get the best treatment possible, and also gets you a tax rebate. And when it comes to choosing the perfect health insurance for your parents, our individual health insurance plan can help secure medical emergencies financially. Keeping your family’s health insurance plan separate from your parents will benefit your parents and the family, in general. Moreover, you can avail of cashless facilities at any of our network hospitals. You can also claim reimbursements, in case you opt for other hospitals and the approved claim will be settled without any hassles!

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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