Group Health Insurance Policy Benefits for Employees

Indians turn to health insurance to protect themselves against medical inflation. In FY 2019-20, there were around 30,000 complaints about health insurance. This can cause confusion for many people about whether they should buy health insurance.

Individuals are more open to accepting health insurance as a benefit of their job. These insurance policies are simple to obtain and offer a smooth claim process.

What’s a group insurance policy for health?

An employer may offer a group insurance policy that covers health insurance to employees. Employees benefit from these insurance policies because their employers pay the premiums. The coverage benefits of group medical insurance also extend to the employee’s spouse.

The Ministry of Home Affairs made it mandatory that employers offer health insurance benefits for employees who return to work after COVID-19 lockdowns.

The 5 most important benefits of group insurance for employees

Many benefits come with group health insurance policies. Also known as employee or corporate health insurance, these policies offer a variety of lucrative benefits. These insurance plans can be purchased by employers from well-respected insurance companies to protect their employees against financial hardships.

Here are the 5 best benefits of corporate insurance policies for health.

  1. Coverage at a lower cost

Because the premium amount is split among employees, employee group health insurance plans have a lower cost. The premium costs will drop as the coverage is spread over a larger number of people. This is a major benefit of having such a policy. Every employee wants this perk from their employer.

However, buying an individual insurance plan is recommended, even if you already have group insurance. The policy’s coverage and add-on policies can be managed by an individual with health insurance. These plans are only available to one person, so the coverage costs can be higher.

  1. Family coverage

Family health insurance policies can be costly because they cover more people than the policyholder. Employees and their families can benefit from coverage under a corporate plan for health insurance. To cover the medical expenses of family members, one does not need to buy expensive family health insurance.

  1. Easy claim process

Employees can file a claim against corporate health insurance policies easily by notifying the HR department of their organization. During the claim process, there are no intermediaries.

The claim filing process can be completed quickly by simply contacting the employer and submitting all necessary documents and bills. These insurance policies allow for cashless claims, which saves time and money.

Employees can be prepared for any treatment by having detailed information provided by insurers about the inclusions and exclusions of a company’s health insurance plan. Let’s take a look at some coverages offered by group health insurance plans.

  • Pre-existing diseases
  • Coverage for maternity
  • Infant coverage
  • Ambulance charges
  • Pre- and post-hospitalization charges
  • Daycare and domiciliary expenses
  • Medical practitioner fees
  • Room rent and nursing charges
  • Anaesthesia, OT, diagnostic costs, etc.
  • Radiotherapy, chemotherapy, and pacemaker costs
  1. Additional flexible benefits

Employees can add benefits to their company’s health insurance plan for additional protection. Employees can also increase their insurance coverage or add members to the plan. A nominal fee can be paid to get financial protection from non-medical expenses, an increase in coverage, and overall coverage for conditions not covered by the base plan.

There are many other benefits to group health insurance policies. These include tax benefits, coverage for pre-existing conditions without waiting periods, coverage against unlimited diseases, and more. To ensure that your finances are secure, you can review the information in this section.