Including Parents in Employer’s Insurance: The Pros & Cons

There are several advantages to group medical insurance for employees, and one of them is the ability to include family members in the policy. It also makes sense to include your parents in your work health insurance plan, given the escalating expense of healthcare.

The advantages of incorporating parents in the Employee Group Health Insurance Plan are listed below:

• No Pre-Medical Exam: The Group Health Insurance Plan does not require a pre-policy medical examination. That implies you and your dependents, including your parents, need not have a medical check-up to be insured under the employer’s health insurance system. From the beginning, you and your dependents are covered without fuss. *

• Reduced Premium: When compared to health insurance for individuals, the premium for a group medical insurance policy is lower. Hence, if you enrol your parents in the employer’s GMC plan, your premium will be lower. As opposed to pricey individual health insurance plans, your parents will receive medical coverage at a reasonable cost. *##

• No wait time: There is no waiting time with a group medical insurance plan. Thus, there is no need to wait. The group medical insurance plan covers employees and their dependents, including their parents, starting on the first day of employment. For female employees, some companies additionally provide maternity coverage that has no waiting period. *

• Pre-Existing Disease Coverage: In a Group Medical Cover Insurance, the no waiting time advantage also applies to pre-existing conditions. In case your parents have any pre-existing ailments such as heart sickness, diabetes, etc., such pre-existing conditions are covered from day one. Your parents are eligible to receive treatment under the GMC plan. *

• Top-Up or Super Top-Up Feature: A group health insuranceplan often provides coverage for a minimal fee. This indicates that the entire amount assured is just about sufficient for your medical requirements. But, the top-up feature enables you to pay an additional premium to raise the total insured amount. The top-up or super top-up benefit protects you from the additional claim amount in the event that the claim amount exceeds the total insured amount. *

A health insurance premium calculator is a tool you may use online to determine the amount of coverage required based on your needs.

The following are the drawbacks of including parents in group health insurance:

When enrolling your parents in the group medical insurance plan provided by your employer, keep the following restrictions and drawbacks in mind:

• Protection Offered at Employer’s Discretion:An organisation offers its employees and the dependents of those employees a group medical insurance plan. The continuance of the coverage depends on your employer’s decision. The employer has the option of ending the programme or decreasing the policy’s coverage advantages.

• Termination of Coverage due to Work Change: As soon as you join a company, you become eligible for a group health insurance policy. The Employee Group Medical Insurance Plan’s coverage also expires when you leave the company. Only current employees have access to the GMC plan’s benefits.

• Low Coverage and a High Frequency of Claims: Group medical insurance policy coverage is insufficient given the growing expense of healthcare. Given the health issues that older people face, the claims could be considerable if parents are also included. Unless you pay an additional premium for services like top-up or super top-up, other family members will receive a smaller sum assured if you file multiple claims in a year.

• Raised Premium: The average age of the personnel of a company determines the premium for a group medical insurance plan. You might have to pay a greater premium if the group’s average age is higher. As a result, adding parents raises the overall cost of the Group Health Insurance Plan. *

* Standard T&C Apply

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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