Why Include Parents in GHI is a Win-win?

A company's success hinges on its internal talent. Building a team of skilled, positive-minded individuals is crucial. The post-pandemic workplace emphasizes health benefits, including Group Health Insurance (GHI). Choosing the right GHI policy, especially regarding including parents, can be complex. This blog helps HR and founders weigh the pros and cons of parental inclusion in GHI.

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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.

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Written By: PolicyBazaar - Updated: 19 September 2023
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Policybazaar for Business - Group Health Insurance - Customer Reviews
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Based on 189 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.
Pune
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