Should You Include Your Parents in Corporate Health Plan
Updated On Dec 04, 2020
Employee health insurance or corporate health insurance is one of the perks that every employee receives for offering his services to the company. While, in some cases, it might only cover your health insurance, but in most of them, there is a provision to cover your parents as well. Some health insurance companies pay the entire premium for their employees while others demand employee contribution share. If you are in a dilemma whether to include your parents in the group health insurance policy or not, read the blog till the end.
Meaning of Employees Group Health Insurance Policy
As the name itself suggests, the Employees Group Health Insurance Policy is an insurance policy reserved for covering the employees. In this policy, every single member covered under the Employee Group Health Insurance Policy enjoys the same benefits. This is a gift that every organization provides to its employees unanimously. While the coverage provided by the individual health insurance plans is better than this one, the group policy will help you save a lot on the premium amounts.
Benefits of Including Your Parents in Employees Group Health Insurance
Here are some benefits of including your parents in your Employees Group Health
- Insurance Benefits for Parents At Low Premium - Most of you might have dependent parents. Thus, covering your parent’s health under your employee group health insurance policy brings you plenty of lucrative opportunities. Some of these are low premiums, no waiting periods, super top-up features, protection for pre-existing medical conditions, etc.
- Easy Claim Settlement - Instead of all the way running to your health insurance service provider, you directly approach your employer with all the relevant documents and bills. This makes it easier for you to place your insurance claim. As your employer expects you to perform at your best, he ensures that all your claim dues are cleared in time.
As every single thing has got its pros and cons, this Employee Group Health Insurance Policy has got its own set of limitations. Most of the time, such group health insurance plan premiums are calculated by determining the average age of the entire pool of people covered under this insurance policy. When you include your parents under this insurance coverage, you will likely increase the calculated average age, which might turn out to be burdensome to you while paying premiums.
The inclusion of your parents in employees group health insurance has some benefits and some drawbacks. It all depends upon you whether you wish to go ahead with the pros or rely on the cons!
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.