All health insurance policies that are available in the market, though different in functionality, all work towards achieving one objective- the well-being of you and your family. Health insurance policies can be bought on your own, however, you should also know that there are organizations that provide one for all their employees. These health policies that are purchased for employees by the employer is called Employee Medical Insurance and is also broadly known as Group Health Insurance.
Group health insurance is generally provided by many organizations as a part of their Employee Welfare Program and is customized according to their requirements. These plans are mostly uniform in nature and offer all employees the same benefits throughout.
Covers available under Employee Medical Insurance
Group health insurance provides customized cover based on the benefit structure so that it can meet the unique needs of employees. Some of the covers that can be customized in the employee medical insurance plans are as follows-
- Cover for direct family members like the spouse and children
- Maternity benefits
- Household hospitalization expenses
- Waiver of the waiting period
- Pre-existing illness cover
Not every employee requires the same benefits. Also, an employee’s priority for the cover benefits will change according to age and gender. This is where customizing the benefits according to the employees' needs will pay off when a claim is to be made. Furthermore, when employees feel that their company is interested in investing for their well-being, a company’s productivity increases.
Now that we have understood the covers that are available under the employee medical plans/ group health insurance, let us further understand the benefits received on having it.
Advantages of Employee Medical Insurance
There are several advantages that are linked to a group health insurance plan. Some of the advantages are-
- A group health plan does not require much documentation and easily available to employees of an organization.
- Even if you have taken up individual health insurance, an employee medical insurance will still give you additional coverage on top of it.
- Unlike other insurance plans, the waiting period in group health plans can be waived off.
- There is a 30-day waiting period on the policy to ensure against any planned surgery after the policy. However, in case of an accident or a medical crisis that requires hospitalization, the policy covers the employee even during the waiting period.
- Group health insurance provides coverage for pre-existing illnesses right from day one.
- Group health plans may also provide cover immediate family members of an employee.
Group health insurance comes in different forms and types and it entirely depends on the employer what kind they opt for. In this case, both the employer and employee have to benefit since the plan concerns both parties. In the present time, more organizations are becoming employee-centric and employee medical insurance helps them lure in better talent. Furthermore, in contrast to individual health plans, employee medical insurance is more affordable. If seen closely, this type of insurance not only a win-win for the employees but the employer as well.