Should parents be a part of family floater insurance policy?


Whether parents should get a separate health insurance policy or should they be insured in the same floater policy, along with other family members, is an ongoing debate. Many insurance companies offer family floater insurance policies, where they allow you to add parents under the same family floater policy. But, Kapil Mehta, co-founder & CEO, SecureNow believes it is not a good idea to club parents in the family floater health insurance policy. 

Mehta gives five basic reasons for buying a separate health insurance policy for your parents. "The pricing of the policy is based on the age of the eldest policy member. Hence if you have your parents as one of the policy members, you will end up paying much higher premiums," says Mehta. It is always better to compare the premiums of including your parents in the family floater policy vs buying a separate policy for parents. 

Also, it might happen that one member has consumed the sum assured, and if during the same year, your parent needs insurance coverage, the sum assured may be already exhausted, and vice-versa may also happen. Kapil Mehta explains a better way to cover your parents against medical expenses. Watch the video for more details.

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