Health Insurance: The premium paid in a group health policy is less than the amount payable for individual health policies, leaving room for more investment and savings.
Health Insurance: Most of the people start worrying about their health insurance plan after retirement, as they are not covered under their company group health insurance policy after attaining the age of 60 years. Generally, a health insurance policy is not available at the age of 60 or 65 years. Therefore, while choosing an insurance policy after this age, there are many people who do not get cover. In today’s time, many insurers offer special health policies for senior citizens.
Premium gets expensive for senior citizens
As soon as the parents reach the age of 60, they go to the stage of life where they need a stress free life without any worries. Older parents require frequent visits to the doctor and hospitalization at times. In today’s time, many insurers offer special health policies for senior citizens. Keep in mind that these health plans can be bought for a person up to the age of 65-74 years, sometimes even for a person of 85 years of age. Unlike normal health insurance policies, these policies are a bit expensive. Insurers charge higher premiums for these policies as the chances of people getting a disease increases at that age.
What do experts say
Alternatively, one can also opt for coverage under a group health policy for one’s parents, experts believe. This policy is provided by the company where you work. Sriraj Deshpande, Chief Operating Officer, Future Generali India Insurance says, “People should opt for a group health insurance policy provided by the employer for their senior citizen parents.
Here we are explaining why you should opt for a group health insurance policy for your parents provided by the employer.
- No Medical Checkup – No medical checkup is required for the plans provided by one’s employer. The entire family is automatically insured from day one without the hassle of paperwork.
- Lower premium – The premium paid in a group health policy is less than the amount payable for individual health policies, leaving room for more investment and savings.
- Diseases come under the purview of cover from day one – this is seen as the most important benefit. No need to wait for coverage of any disease. Deshpande says, “Parents are covered under the policy from day one. In a standard policy, the minimum waiting period for cataract treatment is 1 or 2 years. But, under the group health policy, there is cover from day one. Such diseases which are already there, they are also covered from day one.”
- Top-up or Super Top-up – Employers offer the option for higher sum insured under the base group health policy, while many employers also offer the option of a group top-up or super top-up policy. Deshpande says, “If the employer does not provide such option, you can cover your parents under retail super top-up policies.
