How To Cover Aged Parents in Family Floater Health Insurance?

The well-being of family members is a priority for all of us, especially as our parents age. Investing in a worthwhile health insurance plan can help cover the expenses involved in providing medical treatment to aged parents.

A family floater health insurance facilitates medical treatment of family members without taking up the burden of financial restraints. Let us learn more about this policy and how you can use it to cover your aged parents.

What is Family Floater Health Insurance?

A family floater health insurance plan covers the medical expenses of different family members, including children, spouse, parents, siblings and in-laws under a single coverage. This policy caters to the financial costs associated with medical treatment of all covered family members.

This cover includes a predetermined sum insured for all covered medical costs such as ambulance fees, hospitalisation (pre and post) and day-care procedures. Some floater health insurance policies cover maternity costs and newborn care.

How to Cover Aged Parents in a Family Floater Policy?

The premium of even the best family floater health insurance is calculated based on the age of the family’s oldest member. Notably, health insurance for senior citizens should match their medical requirements, which may sometimes include specialised medical treatments.

You can consider a family floater health insurance plan to cover the medical requirements of your parents. Additionally, opt for add-ons to your existing family floater mediclaim policy for covering the medical expenses of aged parents as part of a customised policy for your family. This way, you can ensure sufficient coverage for aged parents in your family floater health plan.

Benefits of Opting for Family Floater Health Insurance Policy

While making a decision regarding health insurance for senior citizens in a family, a floater policy is given priority because of the following advantages:

• Trouble-free Process – It saves you the trouble of managing more than one policy for your family.
• Affordability – Instead of investing in different policies, you have the option of an umbrella policy to cover the medical costs of your entire family, including your ageing parents, at a comparatively affordable rate.
• Lower tax – While calculating income tax, you can deduct the family floater health insurance premium from your total income.

Should Your Aged Parents Be Part of Your Family Floater Health Insurance Policy?

Family floater policies generally have an age limit of up to 65 years. If your parents are above that age limit, you cannot include them in this policy. Instead opt for a separate mediclaim for senior citizens to cover their medical bills. However , if they fall under this age criteria, there are other factors to consider:

Moreover, the older the insured’s age, the more the premium amount will be. Consider whether you can afford an increased premium for your floating policy and weigh the cost against the coverage benefits of adding your parents to the plan.

Conclusion

You can cover parents in a family floater plan if it provides sufficient coverage for their unique medical requirements. While a family floater health insurance is a cost-effective way to provide for your family medical requirements, its limitations can prevent you from providing medical care to your aged parents. In such cases, opting for a separate health insurance for senior citizens will help you handle medical expenses more efficiently when your parents fall ill.