A recent survey reveals that majority of the employees in India are eager to insure their parents’ health to avoid incurring out-of-pocket expenses later. So, many of us rely on corporate health insurance. But, is this enough?
Many employers today offer various perks to their employee as a way to show appreciation, improve retention and so on. While these may be additional benefits, employees weigh them carefully before opting to work with the employer. Corporate health insurance is one such perk. More and more companies have started offering health insurance to employees, who can extend the coverage to their spouses, parents and in-laws too. But is corporate health insurance enough, especially for your senior parents and parents-in-law?
Corporate health insurance ends on the last date of your employment. Therefore, if you have insured your parents under your corporate health insurance cover, the benefits will end the day you quit your job. Even if any accident or illness were to occur a day later, your parents will not be entitled to corporate health insurance coverage, and the treatment costs will have to borne out-of-your-pocket. Moreover, buying a health insurance for your senior parents at a later stage might be a costly affair.
Your parents may have unique health needs that your corporate health insurance may not be able to cover. In such a situation, it is best to opt for customised health insurance as early as possible. In many cases, the sum insured in corporate health insurance cannot be increased, which might not be enough for both your parents.
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