Should You Include Your Parents in Group Health Insurance?

While joining a company, every new employee gets an employer's group health insurance as an extra benefit. Group health insurance is provided for free by default to every employee of the organization and thus, all the benefits provided are the same for everyone in the company. However, including your parents in the group health insurance is a good idea or not, to understand this let us tell you a few advantages and disadvantages to make it easier for you to understand and have the clarity on whether you should include your parents in the group health insurance plan or not.

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Characteristics of a Good Health Insurance for your Parents

Before moving any further and compare the benefits of a group medical insurance to the needs of a senior citizen, it would be better off, if we take a sneak peek into what actually does make a health insurance plan suitable for senior citizens.

  1. Entry Age and Renewability

    When looking into health insurance for seniors, you'll find many options at first, but as they get older, choices become fewer. This happens because seniors are more likely to have health problems. Therefore, the available plans usually have more conditions attached to them. A good health plan for seniors should allow them to enroll at a later age and should be renewable, providing coverage for their entire life.

  2. Medical Check-Up

    Continuing right from where the last point left, each time you apply for a health plan, you must undergo a medical check-up at a specified center by the insurer. The results of this check-up influence the complexity of the plan's terms. It not only assesses current medical conditions but also predicts potential future health issues. You can see why this medical check-up poses a challenge for your parent's health insurance.

  3. Regular Check-ups

    Many health insurance plans provide regular health checkups at network hospitals, often free of charge. However, specific terms and conditions apply depending on the plan type. Choose a health insurance plan with a straightforward process for accessing these benefits.

  4. Critical Illnesses Covered

    Quality group health insurance should cover major critical illnesses like cancer, heart attacks, organ transplants, and kidney failure. A comprehensive policy should encompass more life-threatening diseases. Moreover, it should feature straightforward terms and conditions for accessing Critical Illness coverage and filing related claims.

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Benefits of a Group Health Insurance for your Parents

Okay, now we have a pretty good idea for what to check to make sure if your employers' group health insurance is right for your parents or not and is it really the best health insurance they can get. Let us check out the benefits that make the group health insurance suitable for your parents;

  1. No Waiting Period

    One of the best upsides of an employers' group health insurance is that the coverage for any medical illness is provided right from the inception of the policy. It might not be a big deal for the employees but when it comes to their parents, it becomes a great deal and proves to be very beneficial for them. 

    This zero waiting period policy is even applicable for the maternity coverage for the female employees. And to give you a spoiler alert for the conclusion, this particular benefit stands on top to make a GHI the best health insurance for your parents.

  2. No Requirement for a Medical Check-up

    Neither the employees nor the dependents including parents are required to go for a pre-medical check-up to be insured under the group health insurance and thus, the terms and conditions tend to simpler with least string attached for the parents.

  3. Coverage for Pre-Existing conditions

    The zero waiting period policy even extends to the pre-Existing conditions and coverage any previously existing illness is also provided right from day 1. For parents suffering from some disease already, this particular feature is a good gift because of which they can undergo the treatment for these diseases right away and avail the claim for it.

  4. Lower Premiums

    Let us assume that you are convinced enough to include your parents in your employers' group health insurance, then the next best option you would have is to go for an individual plan for your parents. The premiums you would be paying for the individual plan is about 30%-40% more expensive as compared to the case if you just include your parents in the GHI. So, this benefit is actually for you and not for your parents as you get to save some more money.

  5. Super top-up Feature

    The sum assured for a group health insurance is not very large but it comes with a feature of super top-up which allows you to avail benefits for a larger sum assured by paying the extra amount for it. Now, when your claim amount exceeds the sum assured provided by the group health insurance, then the super top-up benefit kicks in and provides you additional claim.

Disadvantages of an Employers' Group Health Insurance

It would not be wise if we straight away come to the conclusion without giving any thought to the disadvantages of an employers' insurance. So below are the disadvantages that you have to bear in mind if you decide to include your parents in your employers' group health insurance. Let's have a look:

    1. Employer's Discretion is Necessary

      The group health insurance is provided by the organizations to their employees and their dependents only because they want their employees to worry free of the medical expenses of them and their family and this helps the company to gain the trust and loyalty of their employees and it also increases the retention ratio of the company. 

      But it should not be overlooked that there is no compulsion for the company to provide the group health insurance and they can pull this service anytime if they want. Therefore, the employees should not be fully dependent on their employers' provided health insurances.

    2. Coverage Until You Change the Job

      Just like you get insured under the group health insurance as soon as you join the organization, the policy coverage ceases as soon as you leave the organization. The coverage is valid only for the current employees of the company and not for the ones who have left the company.

    3. Coverage is Not Sufficient

      This particular disadvantage might sound contradictory to the whole point of discussion but when you compare a group health insurance to an individual health insurance plan, the coverage provided from the former one is not similar to latter one where the individual plans always stack above the group health insurance. So, if you can afford to have an individual health insurance besides the group health insurance from your company, then it is always better.

    4. Higher Frequency of Claims & Limited Coverage

      The coverage provided by a Group Medical Cover Policy often falls short due to rising healthcare expenses. When parents are included, claims can escalate due to their health complexities. Multiple claims within a year can deplete the sum assured for other family members unless you opt for additional features like top-up or super top-up coverage by paying extra premiums.

Conclusion

Deciding whether to include your parents in your employer's group health insurance involves weighing advantages like immediate coverage and lower premiums against drawbacks such as dependence on employment and potential coverage limitations. While group insurance offers benefits, including coverage for pre-existing conditions, it may necessitate additional coverage options due to the higher frequency of claims and limited coverage. Thus, careful consideration of your family's healthcare needs and financial situation is crucial in making this decision.

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Written By: PolicyBazaar - Updated: 15 March 2024

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Policybazaar for Business - Group Health Insurance - Customer Reviews
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3.8 April 09, 2023
Mansi
Excellent Support
It was easy to buy insurance from PolicyBazaar website and customer support was also amazing to clear all the doubts.Thankyou. Highly worth it.
Dehradun
4.3 April 01, 2023
Mahesh
Necessary Investment
It is a good and necessary investment. Thanks PB.
Lucknow
4.3 March 24, 2023
Surya
Provides Satisfactory Results
I purchased Group health insurance at policybazaar recently and i am so much satisfied with the plan. The application process was smooth and efficient, making the typically tedious task of getting insurance surprisingly hassle-free.Thanks PB.
Bareilly
3.8 March 16, 2023
Naveen
Helpful In Making Decisions
When it came to selcting the right Group Health Insurance, Policybazaar offered an impressive range of options from reputable insurers. I appreciated the comprehensive details avalable for each policy which helped me to take the better decisions. Thankyou.
Delhi
4.3 March 15, 2023
Rajesh
Increases Clients Expectations
I recently had the pleasure of securing a Group Health Insurance policy throug PolicyBazaar and I must say the Entire process exceeded my expectations! From start to finish, their service werw great. Thankyou.
Delhi
3.8 March 02, 2023
Ravi
Great Experience
I got great deals on PolicyBazaar website. Highly recommend.
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4.3 February 17, 2023
Diljeet
Excellent Purchase
It was a excellent purchase at PolicyBazaaar. Thankyou team.
Coimbatore
4.3 February 04, 2023
Satya
Prompt Services
Policybazaar's efficient claims process was impressive. In case of any medical emergencies, my employees were able to get their claims settled swiftly, allowing them to focus on their health and recovery without worrying about financial aspects.Thankyou
Chennai
4.3 January 22, 2023
Abhishek
Budget Friendly Purchase
Thankyou PolicyBazaar for providing such a great plan at affordable premium rates. It was a budget-freindly purchase.
Delhi
4.3 January 09, 2023
Abhash
Multiple Range Of Benefits
I purchased Group health Insurance which offered me plans with affordable rates Thankyou PB.
Pune