Should You Include Your Parents in Employer’s Group Health Insurance

Jun 29, 2018 | 5 months ago | Read Time: 3 minutes | By iKnowledge Team

We all wish to see our parents hale and hearty as they age. It is ultimately the responsibility of children to ensure they remain in good health and are well taken care of as they have done for us. The easiest way to start securing their health is by buying them a health insurance policy so that they do not face any financial burden if they fall ill. The good news is that most employers, especially private companies offer you an option to include your family members in their group health insurance scheme.

A group health insurance is essentially an insurance scheme that companies offer to cover the health of their employees, their spouses and children for free. This benefit is extended to parents as well. Sometimes the employee might have to bear the additional premium of including their parents. The main intention of companies to provide such benefits is to build employees’ loyalty and motivation towards their organisation. If you are hesitating because of the additional premium you might have to pay to include your parents, here are a few convincing reasons to include them in your employer’s group health insurance plan 

No medical examination required

When you apply for a health care cover as an individual, your insurer makes you undergo extensive medical examinations to determine your premium. However, this is not a requirement under a group health insurance plan that saves the hassle of the formalities and paperwork.

Affordable premiums

The premium under group health insurance plan is relatively cheaper than individual health insurance. So if you include your parents in the plan, you end up saving almost 30-35% on premium charges, as against a separate health cover for them.

No waiting period

Individual health insurance plans have a waiting period before an illness can be covered. However, there is no concept of a waiting period in a group health insurance plan. This is a huge benefit especially since illnesses are unpredictable and can strike anytime. In such a plan, you don’t need to wait for insurance to cover the expenses of any treatment. All ailments, as mentioned in the group plan, are covered from the day you sign up.

Pre-existing health conditions covered too

A group health insurance also covers any pre-existing health conditions unlike an individual health insurance where there is a waiting period. This is a definite advantage. If your parents are experiencing heart-related conditions or diabetes, etc. they could easily get cover from the first day of the policy.

Top up facility to increase cover available

Under a group health insurance scheme, the coverage is generally restricted to a small amount. But, this in no means is a demerit as you can increase this coverage by attaching a top-up or super top-up plan to the plan provided by the employer. This will take care of any hospitalisation expenses over and above the coverage provided by the employer.

Even if your parents already have a separate health insurance plan, you should consider including them in your employer’s group health insurance and use it as a back-up. It can come in handy to cover any medical expenses related to treatment or pre-existing health conditions during the waiting period until their individual health insurance comes into effect.

Conclusion

The advantages of including your parents in the employer’s group health insurance plan far outweigh the additional minimal amount you must pay for their wellbeing. It is a cost-effective way of providing your parents with health cover even if you must pay a little extra premium. Including them is recommended as you don’t have to worry about bearing any medical expenses during your working life. However, you must note that the ultimate decision to include your parents rests solely with your employer.

Employer’s Group health insurance plan is a cost-effective way of providing your parents with health cover. Here are few convincing reasons to include your parents in this plan.

Advt. no.: IA/Jun 2018/4144


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