Whenever you join a new company as an employee, there are various benefits extended to you. One of these benefits is also an employer’s group health insurance policy. In simple words, it is a necessary insurance policy provided by the employer that covers you as well as your family.
In general, a group health insurance covers you along with your spouse and kids. But when it comes to Indian families, you even have a chance to make your parents a member.
However, in this case, you might have to pay a premium to buy group health insurance for your parents under the same policy.
If you still have doubts about why you should include your parents in your employer’s group health insurance plan, then here are a few points that you must read.
1. No waiting period
Investing in group health insurance might not be as tricky as availing its benefit after a treatment. Most policy providers have a tedious process of verifying claims before they make the payment. Sometimes, it can even be stretched for months, before you can reap the benefit of your medical insurance.
But, in the case of group health insurance provided by your employers, there is no waiting time whatsoever. As soon as you submit the medical treatment bills, you can receive coverage amount immediately. It may not sound like a critical advantage but could be very useful, especially when you are trying to manage your parent’s health expenses.
2. No medical checkups
The entire process of being able to invest in a group medical insurance policy is not that straightforward. It requires medical checkups to be conducted on elderly individuals, which in this case are your parents. This might prove to be a time-consuming task that will make you go back and forth between different institutions.
By extending your employer’s group health insurance plan towards your parents, you would eliminate the need for medical checkups. It will save you a lot of precious time and money as well.
3. Pre-existing conditions
Medical insurance policies have a lot of terms and conditions. One such condition of availing health insurance for your parents is that they should not have any pre-existing illnesses. However, with age, there are specific ailments that come naturally to an individual.
Keeping this point in mind, an employer’s group health insurance has been designed. It makes sure that your parents can enjoy medical coverage even if they have certain pre-existing conditions. This gives them the opportunity to be treated for those illnesses, and later claim benefits with the help of a group health insurance.
4. Top-up feature
Even though the amount offered by your employer under a group health insurance is not that large, there are ways of getting it extended. This particular feature is called top-up which is provided by companies offering health to their employees.
In case, the medical treatment bill for your parents are significant than the amount covered by the insurance; you will be able to claim additional benefits.
5. Affordable premium
Everyone needs to pay the premium for health policies. But when you opt for an individual health insurance policy for your parents, there are chances that you would end up paying 30% to 40% more premium than usual group insurance coverage.
This amount can be quickly lowered by adding your parents to the existing employer’s group health policy. It is an ideal way to receive maximum benefits while saving money.
The Bottom Line
We are sure that after going through this post, many of your doubts might be cleared already. However, another thing that you should know is that group health benefits vary according to your employer and their offerings.