corporate health

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If the increasing age of your parents is a health concern, and you have the option to get your parents covered under your employer’s/group health insurance then you should definitely get them covered. This might charge you an extra premium as your spouse and children are covered for free. But those extra bucks that you spend will be worth the effort.

Being concerned about their health issues and their health treatment is normal. The choice is yours, do you want to stay anxious or provide them protection in the form of an adequate health insurance policy? There are health insurance policies available for anyone and everyone, starting from a newborn baby to an elderly person who is above 60 years and aging.

Do not forget that your parents gave you this life, nurtured you and gave you the best of life, and now it’s your turn to show some gratitude. Help them buy or buy for them the best health insurance plan that covers health issues of your elderly parents and senior citizens.

There are various benefits that your parents can avail if they are insured along with you under the same plan. Depending upon their health issues you can also get them insured separately under a senior citizen health insurance policy.

If not done yet and you have the option then you should without a doubt get them insured under your employers/group health insurance plan. This way you can ensure your loved ones the best of health treatment.

Why Health Insurance is on a Rise in India?

While medical inflation is on a rise, the cost of hospitalization proves to be nerve-wracking for middle-income groups in our country. While we are already juggling with daily expenses, any health emergency can prove to be both emotionally and financially devastating. With the increasing medical costs, it is important to assure your parents with good health insurance? And keep all the worries and apprehensions at bay!

It is important to get your parents also insured. Either you can get them covered in your corporate health plan or buy a top-up plan or a separate senior citizen health insurance plan if the sum insured is not enough. Health insurance policies for senior citizens/parents would provide critical illness cover, cashless hospitalization facility, coverage for specified diseases like kidney failure, paralysis, cancer, organ transplant and so on.

What is a Group/Corporate/Employers Health Insurance?

Corporate houses offer medical insurance coverage to their employees, and also their families including their spouses, and children. The idea is to create a loyal and motivated workforce for the company. The employer pays the cost of the medical insurance premium for their employees and that is why it is called as a group or corporate health insurance policy. However, there are some companies that extend coverage to the employee’s parents for free or for some additional premiums.

Advantages of Getting Your Parents Covered Under Group Health Insurance

  • Children can get their elderly parents covered without any pre-medical check-ups in most of the cases
  • Senior citizens/elderly people who are more vulnerable to health risks. Therefore, it offers the necessary protection against the health risks
  • Individuals, who are above 45 years and approaching 60 years of age, should definitely have a health insurance handy due to increasing health issues and retiring age with no regular source of incomes.

Some of the important features that are available are enumerated below:

  1. 1.      Pre-medical Check-ups: No medical screening required before purchasing health insurance – this is subjective to the insurance provider and the plan you choose.
  2. 2.      Cashless Hospitalization:  It eases the claim settlement process, as you can avail quick treatment in the listed hospitals.
  3. 3.      Coverage for Day Care Expenses: There are some group health insurance policies that cover daycare expense also; this can help you save a lot of money.
  4. 4.      Coverage for Pre-existing Diseases:  Some policies provide cover after 48 months, some provide it after 24 months, and look for the policy that covers pre-existing diseases after a short span of policy purchase.
  5. 5.      Ambulance Cover:  Some policies do not cover ambulance expenses, its better you choose the one that reimbursed ambulance charges also.
  6. 6.      Sum Assured Limit: Choose a plan with a higher sum assured to avail compensation for maximum medical expenses.
  7. 7.      Claim Process: Usually, group health insurance plans offer quick and hassle-free claim settlement process.
  8. 8.      Waiting period: This may delay your coverage on certain specified diseases, but there are certain policies with a minimum waiting period clause.
  9. 9.      Age Criteria: This one is quite important, as some policies do not provide cover after 70 years and so. So, go for a policy with maximum age cover.
  10. 10.  Policy Documents: Do not forget to have a look at policy inclusion and exclusions, along with other terms and conditions, to make an informed purchase.

Drawbacks

There are certain limitations of getting your parents covered under the same group health insurance or corporate health insurance plan:

1. Interruption Due to Change of Job

One of the major setbacks is the policy termination on changing the job. The policy is only valid till the time you are employed with the organization. Once you have left your job and are no longer a part of the organization, your insurance policy will also come to an end.

If the new company provides a group policy with the same benefits then you should definitely get it. However, during your transition period, you and your parents would be left without any health insurance cover until you get coverage under another group health insurance plan.

2. Suspension of Scheme by the Employer

What if your employer chooses to discontinue the group health insurance scheme? It is quite possible with private organizations in our country. If not discontinuation the employer can reduce the coverage benefits anytime they want. In some cases, it can also stop the benefit provided to your parents. It can have a serious impact on you and your loved one's medical coverage.

Therefore, it is imperative to have an independent senior citizen health insurance for your parents. Group health insurance is only good as a backup. The corporate health insurance plan can be used until the completion of the waiting period on pre-existing illness. After that you can simply use your corporate health insurance plan shall only be used as a backup plan.

In a Nutshell

Whatever, the downsides maybe, a group health insurance policy offers the necessary coverage during your entire professional life.

Thus, a health insurance scheme is a win-win situation for all working professionals. You can get your loved ones insured under one plan without paying any health insurance premium. You can also get your parents insured in a group health plan by paying a small amount of premium. The additional is certainly lesser than an individual health plan or a senior citizen health plan. The convenience and cost-effectiveness that Group health plan offer is definitely hard to ignore.

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