Group Mediclaim for Parents – Pros & Cons
Most employers in India offer Group medical insurance policies to their employees as an additional perk. These policies offer sufficient support to employees and their families. Sometimes they offer to cover your senior citizen parents also. These policies are called Group Mediclaim for Parents or GMC for Parents.
The cost or premium of Group Mediclaim for Parents could be shared between you or your employer or you can pay it fully.
Normally premiums associated with these office group mediclaim insurance policies for parents are much less compared to policies purchased from the market. But are these sufficient?
Group Mediclaim for Parents offered by employers can be very helpful, but they might not provide enough coverage for your senior citizen parents. Do you think this arrangement is enough for them? Let’s check this is today’s post.
Why Group Mediclaim for Parents – Alone Might Fall Short?
Limited Coverage Amount:
GMC policies often come with a fixed sum insured that might not be sufficient for the higher medical expenses that seniors often incur.
Employment Dependency:
The coverage is tied to your job. If you change jobs or take a break, the GMC policy ends, leaving your parents without coverage.
Higher Medical Costs for Seniors:
Seniors typically face higher medical expenses. Multiple claims within a year could quickly use up the coverage, affecting the whole family.
Employer Policy Changes:
Employers can change or discontinue the policy, making GMC less reliable for long-term health insurance needs.
Cost of Adding Parents:
Including parents in a GMC policy can be costly and might still not provide adequate coverage.
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No Pre-Medical Check-Ups:
No need for pre-medical exams, allowing for quick and easy inclusion.
Immediate Coverage:
Most GMC policies have no waiting period, so coverage starts immediately.
Coverage for Pre-Existing Conditions:
Pre-existing conditions are often covered from the start, which is helpful for managing chronic illnesses.
Recommendations for GMC:
Combine GMC with a Separate Health Insurance Policy:
Including your parents in a GMC policy is useful, but it’s wise to also get a separate health insurance policy. This ensures continuous and possibly higher coverage.
Assess Their Healthcare Needs:
Look at your parents’ specific healthcare needs and choose a sum insured that matches those needs. Retail policies can be tailored to provide higher coverage.
Choose Comprehensive Plans:
Opt for health insurance plans that offer extensive benefits, including hospitalization, pre- and post-hospitalization, and critical illness cover.
Plan for Job Changes:
Ensure there’s no gap in coverage during job transitions by maintaining an independent health insurance policy.
Compare and Choose Wisely:
Compare various insurance plans based on premiums, coverage, exclusions, and the insurer’s claim settlement ratio to find the best plan for your parents.
By combining the benefits of both GMC and a separate health insurance policy, you can provide more comprehensive and reliable healthcare coverage for your senior citizen parents.
Having said that, if buying a retail policy is not an option due to age or health-related concerns, including them in the GMC plan is the best you can move further.
