Why Include Parents in GHI is a Win-win?

Let's start with the basics. There are three types of GHI Policies available in the market:

• Employee only
• Employee, Spouse, and children
• Employee, Spouse, Children, and parents/parents-in-law

Why should You Consider Including Parents in Your Group Health Insurance in 2022?

Most companies today have a significant number of millennials in their workforce. When a substantial portion of your workforce consists of unmarried millennials, the employee and parents policy is often the best choice.

The COVID-19 pandemic has prompted the younger generation to prioritize health benefits alongside their career growth. Consequently, employees are more likely to consider joining a company that provides a comprehensive group mediclaim insurance policy for both employees and their parents.

Here are Some Compelling Reasons Why You should Contemplate Adding Parents to Your GHI Policy:

• Competitive Edge: In today's highly competitive job market, offering a group health insurance policy that covers employees and their parents can make a significant difference in talent acquisition and employer branding.
• Susceptibility to Health Issues: Parents are generally more susceptible to illnesses or may already have pre-existing conditions. From an emotional standpoint, employees are inclined to prefer a sustainable and promising plan that extends coverage to their parents.
• Employee Retention: While employee benefits are not the sole factor influencing employee retention, they play a substantial role when combined with a positive organizational culture.
• Cost-Efficiency Compared to Retail Policies: Acquiring separate insurance for parents can be expensive, especially as premiums rise with age. GHI offers a more cost-effective solution, with lower premiums and coverage for pre-existing conditions, unlike retail policies. With GHI, the risk is spread across all policyholders, leading to more competitive pricing.

Conclusion

Including parents in your Group Health Insurance (GHI) policy is a win-win in the post-pandemic workplace. It caters to the preferences of millennials in the workforce, enhancing talent acquisition and employer branding. This approach also addresses employees' emotional well-being and is cost-effective compared to separate insurance. For HR professionals and founders, considering parental inclusion in GHI is a smart choice in today's evolving work environment.