These days, getting a job in a multinational company not only means getting a certain salary every month. Employers care about their employees; thus, along with the salary, they also offer other perks. One of the perks that is included in the package is health insurance. The employers ensure that their employees and their families are doing well.
The kind of health insurance offered by the employers is mostly called group health insurance policies. As the name of the health insurance suggests, a group health insurance plan is offered to a group of people (who are employees of an organization). The premium of a group health insurance, if offered by an organization, is paid by them only.
Group health insurance is also called corporate health insurance. The basic benefit that the employers offer to their employees under a Group Health Insurance plan is that the latter can include their family members in the policy. The family members may include their spouse, dependent children, and even parents in some cases.
Group or corporate health insurance is considered to be beneficial for both employers and their employees. The benefits offered by the group health insurance policies are affordability, tax benefits, employee retention, and motivated employees.
Benefits of group health insurance policy
As we talk about group health insurance policy, we need to know that this kind of a plan comes with several benefits. Some of the benefits are mentioned herein below:
- There is no waiting period for this type of health insurance policy. Policyholders can start availing of the benefits from the first day
- The policyholders do not need to undergo any health check-ups
- Coverage for pre-existing illnesses can be availed of from the first day itself
- It provides a wide coverage range and there is no limit on the number as well as types of illnesses
- It provides coverage for maternity expenses along with the ones needed for a newborn baby
- The premium rates are lower as compared to the individual health insurance policies.
We need to be aware of the fact that the employees will be able to avail themselves of the benefits of a group health insurance plan only until they are associated with the organization that has offered them the plan. Once the employees switch jobs, their group health insurance plan will become invalid.
What all are covered under a group health insurance policy?
A group health insurance policy provides coverage for the following:
- In-patient hospitalization costs
- Pre-hospitalization and post-hospitalization costs
- Daycare procedures
- Some insurers also provide coverage for maternity costs
- Coverage for pre-existing illnesses
- Chronic illnesses such as arthritis, diabetes, etc.
- Cashless hospitalization benefits at network hospitals
- Option to include spouse or kids, etc.
- No requirement for medical screening
- Emergency ambulance costs
Things to consider while buying a group health insurance policy
Here are some of the things that should be considered while purchasing a group health insurance plan.
- Coverage: Coverage is one of the most important things to consider while buying a group health insurance policy. One such policy should provide coverage for all types of illnesses.
- Premium amount: Employers need to ensure that the premiums that they are paying are worth the coverage that is provided by the insurer.
- Cashless treatment: The employer needs to make sure that cashless treatment is available at the network hospitals of the insurer that they are buying the policy.
- Inclusions and exclusions: The inclusions and exclusions under the group health insurance policy are very important. Knowing them beforehand will help the policyholders stay away from confusion.
To know the group insurance policies that exist in the market, you can visit the IIFL website.