How A Salaried Person Can Go About Buying Health Insurance For Parents

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By Anshul   Aug 11, 2022, 07:42 PM IST (Published)

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There are particular benefits for covering your parents in the company group medical insurance policy, corresponding to higher advantages at a lower premium, including coverage against pre-existing diseases. But there could also be some challenges on the best way. Listed below are possible solutions.

When you are a salaried person working for a corporation, you could be eligible for corporate group medical insurance, which comes with a number of advantages. There’s also the availability so as to add your members of the family to the policy, including your spouse, children and even parents.

While some corporations offer coverage for folks which is inclusive within the group medical insurance plan, others employers offer the coverage at an extra premium which could be borne by the worker.

Since aging parents are more vulnerable to illnesses, and with the rising healthcare costs, it is smart so as to add your parents to your worker medical insurance plan, said Sanchit Malik, Co-Founder and CEO at Pazcare while talking to CNBC-TV18.com.

What’s the good thing about covering parents in group medical insurance?

There are particular benefits for covering your parents in the company group medical insurance policy, corresponding to higher advantages at a lower premium, including coverage against pre-existing diseases etc, Malik said.

There are some challenges and possible solutions to be kept in mind while enrolling your parents in group medical insurance. These are listed below:

Generally, the insurance coverage taken by the corporates are within the range of Rs 3-5 lakh for the complete family, which may not be adequate with respect to vulnerability to illness and rising medical costs with respect to oldsters.

You need to consider buying an excellent top-up, specially in your parents, which might get the next limit coverage at an inexpensive premium. The premium paid by you against this policy could be taken as exemption under Section 80D (as much as Rs 25,000 per 12 months for folks lower than 60 years), Malik told CNBC-TV18.com.

Health coverage for the parents, which is being taken by the corporate under their group medical insurance, isn’t a guaranteed profit. There are various reasons for that, corresponding to:

  • If your organization decides that as a consequence of some financial issue, they may not be taking the coverage for folks within the policy going forward.
  • When you are changing jobs and recent company policy doesn’t have coverage for folks.
  • In case your job is terminated as a consequence of any reason.
  • You need to buy a person medical insurance policy specially in your parents which might get you a continuity within the coverage, with none dependence on the continuity of the company policy or any job-related scenarios, Malik quoted.

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