Taking care of one’s parents is everybody’s primary responsibility. With old age comes medical complications that every person should anticipate on behalf of their ageing parents and work for companies that provide group medical insurance for employees.
Many companies 🏭 provide corporate health plans that offer medical protection and free health check-ups for employees and their families, including the spouse 👩, children 👨👩👧👦 and parents 👴👵. This inspires productivity and assures security to employees in times of need.
The group medical health insurance covers medical emergencies 🏥 such as personal accidents, hospitalisation charges, free health check-ups, and maternity benefits. The insurance is given to employees where these benefits can be reaped cumulatively.
Many popular medical insurance schemes also cover parents but an additional premium needs to be paid sometimes. A standalone insurance plan for parents is handy in these circumstances.
There are certain restrictions for corporate health plans for elderly parents of employees, such as the insurance company may not provide total compensation for hospitalisation charges. Sometimes, the treatment has to be co-paid by the insured person, as the insurance does not cover pre-existing medical conditions.
Group medical insurance for employees provides them with many perks, including tax breaks 💰. There are cons too, which make it crucial to make the type of mediclaim choice carefully. Both the employer and the employee should balance the coverage and benefits for the employees and premiums paid by the employer. Find the perfect plan that is suitable for everyone. Companies can take the help of websites, such as Plum Insurance, that advise on insurance schemes that will benefit both companies and their employees.
The pandemic caused by COVID-19 affected the revenue of many businesses. Low turnover and profits became a hard reality due to inflation. These problems made it difficult for companies to extend individual insurance benefits to every employee. Many websites can rescue companies from this problem by analysing their needs and providing customised insurance plans that will save money for the companies while not compromising on employee benefits.
The pros ➕ of having group medical insurance through the company overpowers the pros of standalone insurance in the case of senior citizens.
The advantages of having a group policy are:
- The insurance policy doesn’t mandate any pre-medical health checkups. It covers all pre-existing diseases which otherwise wouldn’t be included in other policies.
- Insurance premiums depend on the age and health of the insured, and in the case of senior citizens, the premiums are expensive. But under corporate medical plans, the premium payments are minimum or nil.
- Since the whole family is insured, claims on the policy don’t have a waiting period. This is something that standard policies do not offer.
- Group medical insurance for employees also covers hospitalisation under COVID-19, which has become a necessity for people as infection from the virus is severe and can be fatal.
One needs to ascertain both the pros and cons of the policy.
The cons ➖ of group medical insurance depend on the type of plans.
Some cons are:
- The group employees’ medical insurance can become invalid if the employee decides to change jobs. This presents its own set of limitations if one wants to make a career or a company change.
- All the employees in a company can be insured under a single coverage in a corporate health plan. This means that the chances of claiming insurance are higher, which ultimately reduces the sum assured by the company.
Keeping all these points in mind, one should decide wisely if they want to depend on corporate insurance to ensure the safety of the parents in crucial times. As we have mentioned above, the pros and cons of the insurance policy should help one decide the best option for the parents.
One should always check the type of group medical insurance policy and the company’s terms and conditions for its employees. If the terms cover the medical needs of parents, then opting for the plan will be beneficial.
One can also first get their parents tested, analyse the requirement of the standalone policy and then make a decision. The other factors which should be considered are the pre-existing medical conditions of parents, their age and daily routine, and the rest of their financial setup.