Why including parents in your GHI policy is a win-win?

Learn about the the pros and cons of including parents in your Group health insurance policy before buying | Pazcare

“To win in the marketplace you must first win in the workplace.”  - Doug Conant, CEO of Campbell’s Soup

A company’s quality and function are intensely determined by its in-house talent. Bringing together highly talented individuals with a positive mindset is always a cherry on top of a company’s goals and success. The post-pandemic workspaces have seen a rising demand for health-related benefits. And one of the common healthcare employee benefits offered in India is Group Health Insurance. But when it comes to choosing the right Group Health Insurance policy for a company, the decision-making can become challenging. One of the mind-boggling doubts is whether to include parents in the policy or not. So we decided to address this in this blog to help HRs and founders understand the pros and cons of including parents in your GHI policy.

First things, first!

There are three types of GHI Policies in the market, namely, 

  • Employee only 
  • Employee, Spouse and children
  • Employee, Spouse, Children and parents/parents in law

Also read: 7 Questions HRs should ask before buying Group Health Insurance for their team

Why include parents in your group health insurance in 2022?  

Most companies these days are employing millennials as a part of their workforce. When a bigger chunk of your workforce is millennials who aren’t married, then the best policy to opt for is the employee and parents policy. With the onset of the Covid-19 pandemic, the upcoming generation has started considering health benefits as an essential element along with their career growth. As a result, from the employee perspective, they are more likely to consider joining a company providing a comprehensive group mediclaim insurance policy for employees.

Here are some facts about why you should consider adding parents to your GHI policy.

Competitive environment

The job market today is very competitive. To stay on top of your talent acquisition and employer branding, providing a group health insurance policy to employees and their parents will be a deal-breaker for candidates. 

Susceptibility to diseases

Parents are more susceptible to diseases or already have some pre-existing diseases. Owing to an emotional point of view, it is more likely for employees to prefer a sustainable and promising plan that covers their parents too.

Retention

Yes, employee benefits are not the sole contributor to the retention of employees. However, it is one of the significant ways to reduce attrition when clubbed with a good organizational culture.

Low cost in comparison to a retail Policy

Getting fresh insurance for parents will be very costly as premiums increase with age. GHI is the best bet as the premiums are much lesser comparatively and pre-existing diseases are covered, unlike retail policy. With GHI, the risk is spread across all lives and hence you can get the best pricing.

What if you can't afford?

The inclusion of parents increases the premium to be paid by the company. If you have a tighter budget and can’t afford the employees + parents policy, there are two ways around it.

Super top-up

Pazcare provides an option called super top-up where the employees can choose to include their parents by contributing a minimal sum from their side. Using super top-up, employees can increase the overall coverage and also include more members (like parents, spouses or children). This needs no intervention or money from the company’s side. 

Co-pay

GHI policies are very flexible and the company can decide if they want to opt for copay for including parents. Copay is an approach where the company and employee split the premium required for adding parents. It can be 50-50 or 40-60 or anything that the company decides.

Choosing Pazcare for your company’s healthcare benefits

Pazcare offers group health insurance for enterprises of as low as 7 employees, with the best prices in the market. Providing additional benefits like employee mental wellness, unlimited doctor consultations, super-top, health check-ups, laboratory allowance, and more, employers get a sophisticated dashboard to easily manage and track the group health insurance policies and all other employee benefits. Employees can also manage their benefits with the Pazcare app.

Here is a look at the features of Pazcare, which provide employee healthcare benefits, built for the modern Indian workforce. 

  • 24*7 customer support claims.
  • Dedicated POC 
  • Super top-up
  • Access and manage policy easily with our dashboard
  • Add on benefits like doctor consultations for employees and their dependents.
  • Medicine delivery with up to 25% off. 
  • Free Wellness activities.
Pazcare

Conclusion

There is no predefined recipe to convey this but there is no perfect GHI plan. What can be of one’s use might not work out for the other. All one needs to do is put the numbers right on the table and not forget to empathize with the beneficiaries.  But one thing is pretty clear! Who wouldn’t want their parents to be included in their GHI policy, right?  

Pazcare Team

Content Team

Get the best lessons, observations and stories on B2B Insurance and HR tech, delivered to your inbox.

20,000 HRs have!
Subscribe here.

What you will receive in your inbox?
  • Guides on employee insurance and wellness
  • Surveys and reports
  • Updates on free wellness webinars
  • Features from Champions of HR - A Thought Leadership Initiative