According to Plum, an employee health insurance platform, 30% of its corporate clients have covers for parents as part of their GHI policies. Most of these companies are first time insurance buyers with an average employee strength of less than 100. The average age of employees in these occupations is 30 years while the average age of parents is 57.5 years. These figures indicate that enterprises now have a stronger sense of responsibility for safeguarding the health and well-being of their employees and their families. Data shows that most parents around retirement age generally depend on their children for their medical well-being. If an employee is concerned about their parent’s health, it can lead to loss of peace of mind and performance, which, in turn, will affect the productivity of the company.
“Our parents have played a vital role in shaping our future and hence, it is our moral responsibility to provide them with medical protection when they need it the most. In a country where one in five people have diabetes and most of the elderly have pre-existing conditions, group health insurance is the best option to provide comprehensive healthcare for the elderly,” says Abhishek
Co-Founder and CEO, Plum.
The pandemic has also acted as a major catalyst to fuel the rise of GHI adoption with parents covered. These policies are either entirely employer-sponsored or voluntary where employees can decide to opt for parental coverage. Plume says the average has also seen an increase during the last two years insurance coverage Its policies range from Rs 3 lakh to Rs 5 lakh per family.
Inclusion of parental cover in group health insurance comes with several benefits like no age limit for parents, no pre-medical check-up required, coverage is applicable from day one and it is already existing Covers diseases. In addition, organizations can customize their policies as per their needs.