Should you Include Your Parents in Employer’s Group Health Insurance?

Most companies offer their employees the benefits of group health insurance plans. Group health insurance plans, as opposed to individual health insurance plans, include a group of people, either related or non-related. They can be part of a group health insurance scheme. Under this group health insurance scheme, all the members of the group can enjoy the same set of benefits, inclusions and even exclusions related to the health insurance plan.

While your spouse and your children are naturally included in the employer group health insurance scheme, you can choose to include your elderly parents as well. It can be by speaking to your employer. You would have to pay a little extra on the premium; however, your parents would be included in your health insurance plan which would be extremely beneficial.

Benefits of including your parents in Employers Group Health Insurance

  1. No medical check-up is required

Under the terms of the group health insurance plans, the members who are a part of the plan are not required to go for any kind of medical checkups. Likewise, they are not required to submit any medical reports in order to qualify for the group health insurance. This is a huge advantage, as this would mean that your parents could easily be included in your employer group health insurance plan without them having to go through any extra hassle of medical checkups. Your parents would be able to get the benefits of the group health insurance scheme from the day they are included in the plan. Opting for an individual health insurance plan would not give this benefit to your parents.

  1. It is a more economical plan

While you can always choose to opt for an individual health insurance plan for both your parents, one of the biggest benefits you would get by opting for the group health insurance plan is that it is far more economical. You would have to pay only a slightly extra amount for the premium when you add your parents to the group health insurance scheme. However, it still turns out to be 20 to 30 per cent cheaper as compared to individual health insurance schemes.

  1. Zero waiting period

One of the biggest drawbacks of individual health insurance plans is that many illnesses or conditions require a certain waiting period before the insurance plan will cover it. Certain pre-existing conditions or illnesses come under the waiting period. The waiting period remains between 12 and 36 months. However, with the group health insurance plans, there is a zero waiting period. This means that the individual who is part of the group health insurance plan can opt for coverage from day one itself. No doubt, it is a huge advantage; hence, many people tend to opt for group health insurance plans over individual health insurance plans.

  1. Pre-existing illnesses and conditions are also covered

Another major drawback that most people face with individual health insurance plans is the fact that pre-existing medical conditions and illnesses are typically not covered under the health insurance plans. This can be quite a disadvantage, especially for people who are suffering from long-term or terminal illnesses and require some extra medical care or attention. However, when it comes to group health insurance schemes, several kinds of pre-existing medical conditions and critical illnesses are also covered under the scheme. This is definitely a huge benefit, especially for elderly parents, as they usually from some kind of long-term illness. For this reason, they can really benefit from the extra medical aid offered by the group health insurance schemes.

  1. Easy top-ups for your health insurance plan

Typically, a small amount of about INR 5 lac (depending on various factors and the health insurance plan chosen by the employer) is offered to the employee. However, this is not a cause of worry. Under the group health insurance plan, it is easy to opt for a top-up or even a super top-up plan to your existing group health insurance plan offered by your employer.

Many companies allow their employees to add their parents to their group health insurance plans for free. However, there are also situations where you would have to pay a slightly extra charge on the premium to add your parents to the plan. Going for it is a great idea; so, add your elderly parents to your group health insurance plan due to the immense benefits that you can avail from the policy. The advantage of no medical check-ups and no waiting period, especially the benefit of pre-existing conditions being covered are some of the biggest reasons why you should include your parents into the group health insurance policy offered by your employer.