The growing importance of health has directly impacted the sale of health insurance products. The best part is that when you start exploring the various options in the market, then you will find many insurance providers offering health insurance plans. Instead of individual health insurance plans, companies prefer investing in group health insurance plans.
As it can be deciphered from the name, this insurance plan focuses on choosing a health policy for a large group of people. Usually, big organizations prefer this group of health insurance plans. There are several benefits of this plan, and we are going to highlight the same in this blog.
What is Group Medical Insurance Policy for Employees?
Before delving deeper into the benefits offered by the group medical insurance policy for employees, you must know what exactly is this policy. In simple words, it is a group mediclaim plan. As per this insurance policy, the employer cuts a certain amount from the CTC of the employee. This deducted amount is actually the premium cost — However, some organizations bear this cost and pride the group medical insurance policy for free.
Benefits of Group Medical Insurance Policy for Employees
This policy holds several benefits for the employees, and hence, if the organization is deducting a certain amount from the CTC, the employees won’t mind paying it. After all, it is for their own benefit. Let’s explore the key benefits offered by the group medical insurance policy for employees:
Low Cost: If you compare on the parameter of cost, then the group health insurance plans are cheaper than the health insurance plans for an individual or family floater health insurance plans. This is because the company takes the insurance in bulk, and the premium amount gets shared among the employee. This reduces the cost of the premium, which is not the case in a person who takes an individual health insurance plan.
Increases the Morale of Employees: A company can adopt various ways to show that their employees are their greatest asset. Taking care of their health and well-being is one of the ways. Because of this, every organization spends on certain activities like group fitness to enhance the morale of the employee. Another way to keep the employees motivated and feel valued is by taking care of their health. The group medical insurance policy for employees provides complete health coverage to the employees. Thus they feel safe and secure while they are associated with the organization.
Increased Plan Advantage: Another benefit of the group medical insurance policy for employees is that the policyholder gets additional benefits like pre-existing disease coverage, hospitalization cost coverage and more. Hence, this is a good way to secure the future.
Included Family Protection: We take so many measures to take care of our family, and one of the causes is to cover up their medical expenses. While there are many ways to do this like you can take a general health insurance plan, neither do these plans offer so much coverage, nor is it easy to do the claim settlement. The best part about the group medical insurance policy for employees is that this policy covers not only the employee but also their family member. This again boosts the morale of the employee.
Easier Claim Settlement: We all know that insurance claim settlement is a tough task, but with the group medical insurance policy for employees, you don’t have to think about anything. All you need to do is handover the bills to your office, and they take care of the rest.