A family floater health insurance plan offers health cover for your entire family under one single policy. If there are multiple claims during the policy period, then the sum assured will be split amongst all the family members that are under the plan.
If you are planning to include your parents in your family floater health plan, then we suggest you do some research beforehand. To aid you in this research, we have noted down major pros and cons of making such a decision. Let’s go through them.
Pros:
Convenient Coverage
As mentioned before, opting for one plan can work really well for those with a family. It will save you lots of time and minimize inconvenience involved in choosing and maintaining policies for individual family members. You won’t have to spend your time pondering over which policy is suitable for your parents and which is suitable for your children.
Single Premiums
Since you pay only one premium for the entire family in a family floater health insurance plan, you get a better deal. No more fussing around with multiple premiums for multiple policies. Paying a single premium is actually more affordable.
Flexibility While Adding Members
Family floater health insurance plans usually allow you to customize the number of family members you want under the plan. If you include your parents in your family floater health policy, and later on, if they decide to get their own plans, then you can contact the provider and ask them to remove your parents easily.
Cons:
Premium Dependent on Age of Oldest Policy Member
The premium of a family floater plan is heavily influenced by the age of the oldest member covered. The more the age of the eldest family member, the higher will be the premium. This is because people are more likely to suffer from health problems as they get older, and therefore, may make periodic claims. And so, including your elderly parents under a family floater health insurance could mean a very high premium for you for a single plan. While it is definitely worth paying for, remember that if another family member makes a claim, your senior parents might not receive coverage too in the same year. They would perhaps be better off with their own plan if they are very elderly with pre-existing medical conditions.
Lesser Coverage for Other Members
Elderly parents are more likely to make claims on health insurance than the other members of the family. Frequent tests, hospitalization, etc would mean frequent claims on the family floater policy. While your parents must get the utmost care and help in such situations, this would mean lesser health coverage for the other members of the family. A separate policy for your parents would be a great help here.
Age Criteria
Some insurers have an entry age limit on the family members allowed within a family floater health policy. So, if you have elderly parents that may have crossed the age limit prescribed by the insurer, it is advisable to get a different health insurance plan for them which considers senior citizens’ needs and offers coverage accordingly.
As your parents get older, they are going to frequently require your care and financial help. As their child, you would want only the best for them. Therefore, it is essential you consider these pros and cons before deciding to include your parents in your family floater health insurance plan.
