Benefits of Group Health Insurance Policy for Employees
Due to medical inflation, Indian citizens resort to health insurance schemes to curtail liabilities arising during health emergencies. Despite its benefits, around 30,000 health insurance complaints were lodged during FY 2019-20. This number can confuse a number of people regarding whether or not they should purchase health insurance plans.
However, when health insurance is offered as a workplace benefit, individuals tend to be more accepting. This is because such insurance policies are easy to procure and come with a seamless claim procedure.
Let’s learn more about such health insurance policies from the following sections.
Also read: Life insurance: how it works, types and when to purchase it
What is a group health insurance policy?
A group health insurance policy is a health insurance plan offered by an employer to a group of employees who are part of the same organisation. These insurance policies are beneficial for employees as their employers bear the policy premiums. Additionally, the coverage benefits under group medical insurance extend to an employee’s family members.
In light of the current scenario, the Ministry of Home Affairs has made it mandatory for employers to offer health insurance benefits to their employees in case they resume office post-COVID-19 lockdowns.
5 essential benefits of a group health insurance plan for employees
Group health insurance policies, also known as corporate or employee health insurance, come with several lucrative benefits. Employers can obtain such an insurance plan from reputed insurance companies and cover their employees against huge financial costs during medical emergencies.
Take a look at the 5 most essential benefits of corporate health insurance policies.
Lower cost of coverage
Employee group health insurance plans are available at a lower premium because the amount is shared among the employees. As the coverage is spread across a number of people, the cost of premium decreases. This is certainly one of the biggest advantages of such a policy, and every employee demands this perk from the employer.
That said, it is advisable for one to buy an individual health insurance plan, even though you have a group insurance policy. Individual health insurance has full control of the coverage and add-on policies of the policy. However, as these plans are dedicated for a single person only, the coverage costs tend to be higher.
Also read: Reasons why you should consider a professional liability insurance
Option of family coverage
Purchasing family health insurance plans can be expensive as the coverage extends more members other than a policyholder. However, under a corporate health insurance plan, employees, as well as their family members, can enjoy coverage benefits. Thus, one need not require to purchase costly family health insurance plans to cover family members’ medical costs.
Easy claim process
Employees can easily raise a claim against their corporate health insurance policies by intimating the HR team of their organisation. There are no other intermediaries during the claim procedure. They can complete the claim filing process in no time by simply contacting their employer and submitting the necessary bills and documents. Apart from saving time, one can go for cashless claims under these insurance policies.
Also read: Why You Should Care About Insurance as a Small Business
Detailed coverage information
Insurers provide detailed information on the inclusions and exclusions under a corporate health insurance plan in a simplified manner, making it easier for employees to stay prepared for any treatments. In this regard, let’s check out some coverages under a group health insurance plan:
- Pre-existing diseases
- Maternity cover
- Coverage for infants
- Ambulance costs
- Pre and post hospitalisation charges
- Domiciliary and daycare expenses
- Medical practitioner fees
- Nursing and room rent charges
- Anaesthesia, OT, diagnostic costs etc.
- Cost of radiotherapy, chemotherapy and pacemaker
Option of adding extra flexible benefits
For additional protection, employees can include add-on benefits over and above the corporate health insurance plan. In this regard, they can increase their sum insured or add more members who can enjoy insurance benefits. By paying a nominal amount, one can get financial protection against non-medical costs, increase the coverage scope and get an overall coverage for conditions that are not present in the base plan.
Also read: Should Your Startup Offer Health Insurance?
Besides, there are other advantages of group health insurance policies, including tax benefits, pre-existing disease coverage without waiting period, extensive coverage against unlimited diseases and more. Hence, one can consider the aforementioned section before purchasing such health insurance policies and secure finances effectively.
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