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Oct 8 2010 12:51PM
Cover for parents gets costly

Employees will have to pay more for the Medicare of their dependent parents. According to insurance company officials, claim ratios are high in the case of parents and for insurers, this has become a loss-making segment. Therefore, they are now asking for higher premiums to include parents in the group health cover. Employers, on the other hand, are not prepared to pay additional premium for including parents. They think group insurance costs are already high. Group health premium costs have gone up 15-20 percent in the past one year. Notwithstanding this price correction, loss ratios in this segment are in excess of 100 percent, says an officer with a private insurer offering group cover. “In the group medical, parents are not getting covered, only spouse and children are. Even in cases where parents are getting covered, the rates are very high. Coverage limits are also being brought down”, said Dr Amarnath Ananthanarayanan, Chief Executive Officer, Bharti Axa General Insurance. Some companies extend group health plan cover to the parents of employees but there are others that exclude them, said Sanjay Datta, Head, Health, Customer Service and Accident, ICICI Lombard General Insurance.
 
 
 
 
 
 
 
 
 
     
 
     
 
 
 
 
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