Should I opt for deductibles to reduce insurance premium?
—Name withheld on request One can consider buying a family floater insurance for the parents. It is usually more affordable than buying two individual policies. These plans often offer more convenience too, considering ageing parents.
When selecting a policy, one should prioritize those that provide coverage for pre-existing conditions promptly, ensuring comprehensive protection. While it might be tempting to reduce premiums by adding a deductible, one should exercise caution. Deductibles typically start at ₹50,000, requiring one to cover costs up to this amount from your own pocket.
In many cases, the potential savings from lower premiums may not outweigh the financial strain of higher out of pocket expenses. One should consider the specific health needs of the family members. If your father has diabetes, explore insurance plans tailored for diabetic patients.
Specialized coverage can offer targeted benefits and support that align with your father’s health requirements. Assess the budget carefully to strike a balance between affordability and comprehensive coverage, tailoring the insurance plan to suit the unique health considerations of parents. —Name withheld on request The flexibility of most policies will allow you to include your spouse or children during the policy period or at renewal, enhancing the coverage for your entire family.
It is also important to note that when adding family members, you will be required to pay the differential premium to account for the extended coverage. It is advisable to thoroughly compare options. In particular, consider plans that provide maternity coverage, although the options might be somewhat limited.
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