Can I Add My Parents After Buying Policy?

Yes, you can add your parents after buying a health insurance policy. However, it will be better to purchase an alternative plan for them. Let us understand the main drawbacks of adding your parents to your plan, and what else you can do instead.

What are the Drawbacks of Adding Parents to Your Health Insurance Plan?

Adding your parents to your existing policy can raise your premium and may not provide adequate coverage. Let us break down the drawbacks of adding parents to your policy:

1. Effect on Premium

Adding parents to a family floater plan would significantly raise your premium if you already have one or are looking for one. The reason is that these plans depend on the age of the family's oldest member. The coverage would expire as soon as the policyholder reaches the maximum age covered by the policy.

Therefore, each member will unavoidably need to purchase a different health insurance plan, each at a different price and without the prior policy's coverage for pre-existing conditions or claim history.

2. Pre-Existing Diseases

Individuals with pre-existing medical conditions pay a somewhat higher premium. Senior family members are more likely to have pre-existing medical conditions. Therefore, the premium increases if you or your spouse decides to enrol your own parents in the family floater plan.

Therefore, it has an impact on the coverage that your complete family may obtain. If you do not enrol your parents in family health insurance policies, the premiums will rise if one of your parents is diagnosed with a pre-existing condition.

3. Change in Coverage Amount

When parents are included, the coverage you receive for a family of 3 to 4 may not be adequate. The coverage may decrease when more family members are added to the plan.

When you add parents to your family health insurance plan who have pre-existing conditions or need frequent hospital stays, the remaining coverage may not be enough for others in an emergency. Therefore, if you want to add parents to your health insurance coverage, do not forget to boost the sum insured.

What Can You Do as an Alternative?

The best alternative is to buy a family health insurance plan to get several benefits, which are:

• You and your parents may avoid medical inflation and yet get the best care available if you have a strong family health insurance plan.

• For the elderly, having family health insurance can reduce their financial burden and expedite their medical care.

• It is an excellent method to protect their health and improve their current financial coverage.

Final Thought

Adding our parents to our health insurance plan is usually possible and can provide them with valuable coverage. However, it is advisable to think about purchasing a different plan for them from an insurance company.

A specialised plan designed to meet their unique healthcare needs and age-related restrictions can give more comprehensive coverage and peace of mind.