123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Insurance >> View Article

Why Your Parents Need A Separate Health Insurance Plan

By Author: Willie Gunn
Total Articles: 1

Though this might be a thoughtful decision it’s not always a wise one. Including your parents in the plan could cause you significant financial turbulence later on and this article will explain how.

1. It Could Lead To High Health Insurance Premiums

There is a reason why they say you should buy insurance young. You are healthy and very less susceptible to disease and illness. This makes you a lesser of a risk to the insurance provider and hence they will provide you a medical insurance plan at lowered premiums.

This is applicable to family floater plans too! In fact, the premium of a family floater plan is dependent on the eldest member’s age. If you add your parents, their old age could cause your medical insurance premiums to shoot up.

2. You could lose out on your No Claim Bonus:

No Claim Bonus is the discount your insurer gives you for not making a claim in the preceding year. Therefore every time you go without making a claim on your health insurance plan, you will receive a discounted premium rate when you renew your plan. This discount goes back to zero when you make a claim.

We all know that old age could spell the onset of disease and illness. If your parents suddenly fall ill or an existing ailment comes back, you might be forced to make a claim on your policy. This will cause your NCB to vanish and you will have to pay a higher premium amount to cover your family.

Instead if you opt for a separate plan, you don’t need to worry about NCB every time your elderly parents have to make a claim.

3. Pre-Exiting Illnesses Will Cause The Health Insurance Premium To Go Up.

It’s a well-known fact that the premium of family floater medical insurance policy for a person with a pre-existing disease is much higher in comparison to the premium for a healthy person without any pre-existing illness. Your parents are probably the eldest members of the family and are normally very prone to diseases and this only increases with age.

So, if you opt for a family floater plan that includes your parents and their pre-existing illness, then you could be faced with high premium amounts. You could save money with separate plans for your parents.

You Might Face Coverage Shortfalls When You Need It.

If the coverage amount keeps being utilized by your parents, you might fall short of sum assured when you or the other members of your family need it the most. This is probably one of the largest reasons to opt for a separate policy for your parents.

We all love our parents and we all want to take good care of them. One of the best ways to do this whilst ensuring financial stability for yourself and the rest of your family is to get a separate health insurance plan for your elderly parents.

Total Views: 36Word Count: 485See All articles From Author

Insurance Articles

1. Loan For Plot Purchase And Construction 9642445885 Housing Loan
Author: Loansa Assit

2. What Right Flood Insurance Policy Should Include?
Author: Claim Makers

3. Mortgage Loan Against Property
Author: Loansa Assit

4. Select The Best Health Insurance For Foreigners Based On Available Benefits
Author: Alzbetaberka

5. Choose An Expat Health Insurance Plan Carefully Based On Two Vital Factors
Author: Alzbetaberka

6. Home Loan For Senior Citizen Apply 9642445885
Author: Loansa Assit

7. Self Employed Home Loans 9642445885
Author: Loansa Assit

8. The Seo Service In Delhi
Author: perveen

9. Brief Classification Of Health Insurance Plans Based On Chief Segregating Factors
Author: Alzbetaberka

10. Nri Home Loan Apply 9642445885 How To Apply For A Home Loan
Author: Loansa Assit

11. Why It Is Important For Women To Have A Life Insurance Plan?
Author: Raj

12. Reasons Why Renewal Of A Term Insurance Policy Is Vital
Author: Maheshwari

13. How To Find The Best Insurance Apps For Agents?
Author: payal gandhi

14. Hire The Best Property Insurance Claims Adjuster For Handling Property Insurance Claims In New Jerse
Author: Donna

15. Why Car Insurance Online?
Author: winds lu

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: