The majority of firms in India provide group medical insurance plans as an extra benefit to their staff. While these policies offer support for employees and their families, relying solely on group medical insurance for family in a medical emergency could be problematic.
Why Do You Think The GMC Does Not Go Far Enough In Providing Parental Coverage?*
A Group Medical Plan (GMC) covers the employee as well as their dependents, including their spouse, children, and, in some circumstances, parents. The employee has the option of including or excluding their parents from the insurance.
GMC has a predetermined sum covered that may be less than what you would choose for a retail health insurance plan. Additionally, the GMC protection would cease if you wanted to change employment or take a break, leaving you and your parents without a safety net. While it is true having GMC coverage for your parents may not necessitate any medical exams, the premium itself may be expensive if you decide to include them in the policy.
What Benefits Do Parents Having Access To GMC Offer?*
You and your dependents are not needed to go through a pre-medical examination if you have family floater health insurance. As a result, you and your family members receive coverage right away, hassle-free.
Most GMC policies feature no waiting period, in contrast to retail health insurance, giving you and your dependents immediate coverage from the start of the policy.
With the GMC plan covering treatments for illnesses from day one, parents with pre-existing conditions like asthma, diabetes, or non-urgent ailments can receive treatment and make claims.
What Drawbacks Come With Only Having GMC As Parents?
Although obtaining GMC coverage for you and your family is simple, the continuation of that coverage is contingent upon your employer’s preferences. Your medical coverage could be affected if your employer reduces benefits, terminates the policy, or removes parental enrollment perks. As a result, GMC is less trustworthy in terms of meeting your and your parent’s health insurance needs.
Get Benefits For Living A Healthy Lifestyle From Health Insurance
The GMC plan provided by your employer will stop when you leave the company, regardless of whether you decide to move jobs or take a sabbatical. This implies that you and your family are left alone throughout the transition period without medical coverage.
It’s vital to remember that most employers only provide coverage for an employee’s spouse and dependent children. However, parental coverage might incur an additional fee. Applying the same premium to a retail plan rather than your parents’ group coverage would be wiser. Covering them in the GMC plan is the ideal method if purchasing retail insurance is not an option because of age or health-related reasons.
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