Introduction: Health insurance has become very important in times of pandemics. People have become concerned about their health more than ever. There are several health insurance providers in the market. And to simplify the process of insurance claims and to lower the premium, the provision of group health insurance is gaining popularity. Most organizations want their employees to feel secure and safe. One of the ways to ensure this is by opting for the group health insurance plan for corporates.
Group Health Insurance for Corporates
What is Group Health Insurance?
It is the duty of every company to look into the well-being of their employees; besides providing good pay and a safe and hygienic work environment, corporations are also providing group health insurance policies to their employees. This medical insurance not only provides coverage to the employees but also to their family members. This is also known as a corporate health insurance plan or employee health insurance plan.
This plan protects the workforce, and there dependants in case of an illness or injury or diseases. The premium is much lower and affordable, and hence becomes the best way to provide a safe and secured workplace to the employees. Besides, group health insurance premium also brings with it the tax benefits for the employees, which makes it a lucrative deal. Thus the group health insurance plan becomes a great way to make the employees feel more valued and also take care of their families. This policy also helps in retaining the employees.
Key benefits of Group Health Insurance for Corporates
- It provides additional health cover for the employees and even the family members of the employees.
- Since the group insurance policy is for the entire workforce, the premiums are lower as compared to the individual health insurance policy.
- Some of the organizations share the premium for the insurance, while some deduct it from the CTC of the employees.
- The group health insurance policy is also extended to the family members of the employees, and in some cases, it also covers the maternity cost.
- It provides cashless services to the employees.
- In many cases, the group health insurance policy covers the pre-existing medical illness of the employees.
Why should a company invest in a group health insurance plan?
It’s a fact that group health insurance plans provide coverage for medical expenses, but a company that offers group health insurance plans does something more than just covering up the medical cost. It boosts the morale of the employees. It gives an assurance that the company thinks for the employees and is willing to help the employees when they are in need. Group health insurance plans are an additional perk to the employee.
Exclusion of the Group Health Insurance Plan
There are some exclusions to the group health insurance plans:
- Its coverage is limited because of the sub-limit. So, there is a probability that it may not provide complete coverage.
- It covers all employees in the organization under the same protocols, so the prospects of customization are not there.
- This policy is valid only for a certain period of time, i.e. the policy exists only till the time an employee is working in the organization
- Company may reduce the health insurance coverage as per their choice
- In case the company fails to pay the premium, the policy may stand cancelled
There are many banks and financial institutions offering group health insurance policies. As an organization, providing group health insurance plans is a positive move. You can compare the different plans and also negotiate on the premium charges before making the final call.
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