4 reasons why to get your parents covered under group health insurance?


Most people after retiring from their job start worrying about their health and start investing in their health policies, insurance starting at the age of 60 is no longer covered by their company under group health insurance policy. Though companies do insurance of the health of the employee from the starting of the employment and health insurance plans have restrictions on the entry at 60yrs or above 65years of age. Hence, while opting for an insurance policy after that age, the senior citizens have become ineligible to get any benefit. Senior citizens’ policy ranges in between from 65-74 or up to 85 years of age. Insurance companies charge a higher premium for these policies as there is the probability of getting affected by disease increases at that age.

Alternatively, for senior citizen parents, experts advise employees could opt for group health insurance covering their parents also provided by the employer.

Here are some reasons why to consider their senior citizen parents under the group health insurance provided by their employer:

1.     No medical examination No medical checkups or examinations are required for the group insurance plan provided by an employer. The whole family is automatically insured from day one without any interruption of unnecessary documentation.

2.     Low premiums – The premiums paid in a group health policy are generally lower than the amount payable for individual health policies providing more opportunities to invest and save in other places or instruments

3.     No waiting period –There is no waiting period required for any illness covered under the health insurance, parents are covered right from day one. But in cataract treatment, one has to wait for a minimum of 1 or 2 years. It is the same for any pre-existing disease. But before claiming the insurance. You have to provide details for the treatment of the disease 

4.     Adding top-up or super top-up – When employers provide the option for a higher sum insured under the base health policies, many employers opt for group top-up or super top-up policies. In group top-up employees gets to benefit from group insurance plans while super top-up with less premium and higher amount.

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