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Insurance Article

Employer’s Group Health Insurance: Should You Include Your Parents?

March 12 2018
Group Health Insurance Plan

Group health insurance plan along with individual health insurance provides adequate health coverage to your parents

The depth of love your parents have for you can never be measured. They have always been your backbone but at a ripe age, health is probably the first companion that starts deserting them and may take away their hard-earned savings along with it. The exponential rise in treatment and medicine costs compounded with limited scope of income can ruin their ‘golden days’.

The best gift you can provide to your aging parents is securing their healthcare expenses through a health insurance plan. You can buy a separate health insurance policy for your parents or you can include them in the Group Health Insurance (GHI) plan provided by your employer.

What is a Group Health Insurance?

Companies often provide group health insurance coverage to its employees and their family. The premium for this scheme is borne by the employer to create a loyal and motivated workforce. The employee may add his/her spouse, children and parents to this group health insurance plan.

Since the risk is spread across the group, the premium for group health insurance plan are less than individual plans. The organization may design a self-insured plan or may select a pre-planned group insurance policy provided by general insurance companies.

How is it Beneficial for My Parents?

Separate health insurance plans for your parents at a ripe age may cost you much more since they are highly prone to illnesses. The best way is to include them in the group health insurance (GHI) plan provided by your employer. Here’s how it can benefit your parents:

  • They cannot be denied the health coverage on the basis of their medical history. No medical examination is required under GHI plan and the claim settlement is also smoother.
  • There is no waiting period for any disease and you can claim the health cover for your parents right from the first day.
  • Pre-existing diseases are not excluded from the health cover. So, if your parents are already diagnosed with certain ailments, they are also covered under the GHI plan.
  • You can even customize the GHI plan provided by the employer by adding a top-up to increase the coverage amount for your parents.

However, a group health insurances plan ceases when you decide to switch your job since it is provided by the employer. You should also purchase an individual health insurance plan for your parents and use the group health insurance by your employer as a back-up plan or an additional cover to ensure adequate healthcare facility and financial security for your parents.

Related Article:

How To Avoid Losing Health Insurance Cover Due To Pre-Existing Medical Conditions
Should Health Insurance Be a Part of Financial Planning?

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