Group Health Insurance

Safeguard your employees' and their families' from health related expenditure
Introduction

Group Health Insurance Policy is a health insurance plan covering a group of people who work under an organization. This is offered as a valuable benefit for employees, where the premium is borne by the employer. The price for group health policies are comparatively lesser than individual health insurance plans and also has other benefits for employers such as tax reductions. Thus, it becomes beneficial for both employers and their employees.

Advantages of Group Health Policies

Group Health insurance has many advantages for both Employers and Employees.

For Employers

  • Employee Encouragement: Health insurance coverage for employees and their families help in encouraging and motivating employees.
  • Employee Retention: Companies today are more focused on becoming employee-centric and Health insurance is one of the ways in which an employer can help his/her employees. This in turn, helps in employee-retention.
  • Cost-effective: Even for a large group of employee, group health policies are inexpensive as compared to individual health policies.
  • Reduces tax burden: Group Health policies also reduce tax burden on the company.

For Employees

  • Family cover: Group benefit policies such as health in many cases covers family members of employees.
  • No medical check up for policy is required unlike individual policies.
  • No waiting period: Waiting period is waived off for pre-exsiting conditions unlike in individual policies, where 2, 3 and 4-year waiting periods are put in place. Everything is covered from the first day of the policy.
  • Maternity cover: Maternity is covered from the first day of the policy.

Basic coverage

Group health generally covers complete hospitalization expenses such as

  • Room rent charges
  • Medical equipment and appliances cost.
  • Professional charges for treatment and nursing.
  • Cost of medicine for employees and their dependents. 

Other customized covers can be;

  • Out patient expenses.
  • Maternity benefits.
  • Parental coverage.
  • Waiver of waiting periods for certain illnesses.
  • Cover for infants.

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