5 Reasons Why Seniors Should Have A Separate Insurance Policy

Outlook Money

Better Coverage

Individual health policies provide better coverage compared to floater policies. Senior people can choose individual policies as per their health conditions. 

Save Premium

The premium on floater policies is determined by the senior member's age, and switching to an individual policy may significantly reduce the premium for the remaining members.

Separate Claims At The Same Time

If couples have taken two separate health policies and both need hospitalization at the same time, they can easily get claims under individual health policies without disturbing each other’s coverage.

Portability Becomes Easier

In a floater policy if any of the members have taken claims then sometimes it becomes difficult to port the policy, so all members in that policy must go through that difficulty. 

No Claim Bonus Is Not Disturbed

Health insurance companies give a No Claim Bonus (NCB) for every claim-free year during the next renewal. If senior citizens are part of a floater policy, then it increases the chance of a claim and NCB is not offered in such cases. 

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