Advantages of Group Health Insurance in India

Group Health insurance refers to an insurance policy that offers health coverage to the employees of an organization. Various companies have started offering group health insurance to take care of employees and their family’s health. When it comes to buying group health insurance coverage, employers may search for insurers such as HDFC ERGO, Tata AIG, Reliance General, and many others and know the advantages of the Group Health insurance Policy they are selecting.

Under a Group Health insurance policy, employees are covered for the medical and hospitalization expenses incurred for the covered policy period. Employers do their best in searching for and provide the right and best health coverage to their employees. Employees are the assets of an organization always make efforts in offering them comprehensive coverage.

While exploring the group health coverage, you need to assess the health care needs of the people for whom you are looking to get the health cover.

Advantages of Choosing Group Health Insurance Policy

When you choose a group health insurance policy, you become entitled to receive awesome benefits and coverage. Group health insurance means you are worried about everyone and you want to take take care of everyone, there are some best and awesome features in group health insurance that can be profitable for you.

Lower Premium

The premium amount of a group health insurance plan is much lower compared to an individual health insurance plan. Thus, it offers cost-effective health coverage to you & your family, not only family if you are the owner of any organization, it will work for you, and cost matters at every place.

Maternity Cover

Upon enrolling for this health cover, an insured can avail of the maternity benefits from day one. It works, if you are insuring your family, and maternity coverage is one of the rare coverage that very rare health insurance companies are offering. It won’t offer by every insurance company just because in group health insurance most companies acquire this for their employee and in this situation maternity coverage doesn’t matter at all.

No Health Check-up required

For buying group health insurance, an individual does not need to submit his or her medical checkup reports. Well, it comes with certain health policies but the real truth is you have to submit your pre-medical condition before getting insured. If you are working in an organization then might be you don’t need any kind of health check-up, but in most cases, insurance companies want your pre-medical condition.

Key Features of Group Health insurance

Let’s go through the basic features available in a group health insurance policy.

Employees feel valued – Group health insurance directly indicates, health insurance by which you can ensure max number of people, and these services are mostly worked in organizations. This kind of service would be more profitable for you because this thing shows that you are worried about your employees and this kind of your act feels good as an employee.

Easy to claim – Well, it’s big deal for everyone cause getting a claim is not easy for anyone and it always takes time. Apart from waiting till getting the claim settled, you have also taken around for submitting documents from one cabin to another cabin. But in group health insurance you don’t need to take any rounds, you will get your claim settled easily.

Family protection is included – Yes, under group health insurance you can protect your family too. Look you can ensure your family with a floater plan but if your family has a bigger number of people, then you can acquire a group health insurance policy for your family, and if you are acquiring group health insurance for your family then you should also check your coverage.

A higher number of people increases the plan advantages – Well, it’ll work for a company or an organization mostly, cause the bigger number insured in an organization the more advantages you will get with the plan. It is just like that, the more items you buy, the more you will get the discount.

Coverage

Cashless Hospitalization – When you get hospitalized in a network hospital, you will get the cashless hospitalization up to the coverage available.

Pre & Post Hospitalization Cover – This health policy offers coverage for Pre-hospitalization expenses that incur before hospitalization. It also covers the medical expenses that incur after discharge from the hospital.

No Waiting Period – An employee can avail of the health coverage right from the first day of his service in the organization. With a no-waiting period, an employee can immediately avail of the expenses for any illness.

Pre-existing Illness Coverage – A group health insurance policy covers pre-existing illnesses or health conditions. Some health policies also provide cover for critical illnesses, depending on the plan as chosen by the employer.

Coverage for Family Members – In addition to the coverage for the employee, group health insurance also offers coverage for the dependents including his spouse, children, and dependent parents.

Difference between Group Health Insurance and Individual Health Insurance

Cons

Loss of employee after leaving a job – There is nothing certain in this world, and leaving the job or getting fired from a job can disturb a group’s health insurance policy.

No tax benefit – If we are talking about insurance then getting a tax benefit is our right and according to our constitution, you can save your taxes by insuring yourself and your organization.

Lack of control – If you are insuring with group health insurance, as an employee you feel the lack of control cause you will get the benefits of insurance after approval of the higher authority.

List of Group Health Insurance Plan