1. Owing to exorbitant premiums charged while extending covers to senior citizens, the employer’s group health insurance covers are treated as a godsend.
2. However, some insurers have now decided to impose ceilings on the benefits, in order to control mounting losses in their portfolios, by introducing the co-pay clause.
3. Moreover, many organizations have completely excluded the cover for parents, others have transferred the cost (premium for parents’ covers) to employees, some have capped the benefits provided to employees in terms of parental coverage, while others have offered employees the option of paying an additional premium for extending the cover to their families or increasing the cover amount.
4. Therefore, even if the employee is offered a group cover, investing in an independent personal policy for parents during their early age makes sense as he would not have to be dependent on his employers all the time.
5. Also, it would act as a top-up in case of a claim exceeding the sum assured under the group policy, always opting for the largest possible cover.
6. Buying benefit policies for parents, which hand out a pre-fixed sum once the claim is made, even if reimbursed under the group policy, is also another option.
7. Tax deduction under Sec 80D for the mediclaim premium is also allowable to an individual for his parents.
8. An independent policy also helps if the employee separates from his employer, as he will not be able to carry forward special group benefits to an independent policy that he may wish to buy at that stage.
2. However, some insurers have now decided to impose ceilings on the benefits, in order to control mounting losses in their portfolios, by introducing the co-pay clause.
3. Moreover, many organizations have completely excluded the cover for parents, others have transferred the cost (premium for parents’ covers) to employees, some have capped the benefits provided to employees in terms of parental coverage, while others have offered employees the option of paying an additional premium for extending the cover to their families or increasing the cover amount.
4. Therefore, even if the employee is offered a group cover, investing in an independent personal policy for parents during their early age makes sense as he would not have to be dependent on his employers all the time.
5. Also, it would act as a top-up in case of a claim exceeding the sum assured under the group policy, always opting for the largest possible cover.
6. Buying benefit policies for parents, which hand out a pre-fixed sum once the claim is made, even if reimbursed under the group policy, is also another option.
7. Tax deduction under Sec 80D for the mediclaim premium is also allowable to an individual for his parents.
8. An independent policy also helps if the employee separates from his employer, as he will not be able to carry forward special group benefits to an independent policy that he may wish to buy at that stage.