As the name suggests, in a group medical insurance, a group of people are provided health insurance under the same plan. A very common example is employee health insurance. The benefits are usually the same across the board and the plans are cheaper than individual covers because the risk is spread across all benefactors.
When you work in a good organisation, part of your package includes employer health insurance benefits. Health insurance benefits are important in choosing between two potential employers. However, you need to understand that you cannot totally rely on employer health insurance.
We are going to share with you some essential features of corporate health insurance policy and how it is beneficial for both the employer, and the employee.
As an employer, you would want your employees to be free of worries in order to make them more productive. A group mediclaim insurance policy supports this by taking care of things like hospitalisation, surgeon and anaesthetist fees, consultant and general practitioner’s fees, operation theatre charges, diagnostic laboratories charges, dialysis, chemotherapy, radiotherapy, cost of pacemaker, cost of artificial limbs, cost of organs and similar expenses along with pre hospitalisation and post hospitalisation costs.
A good corporate health insurance policy covers your family members, and in some cases your elderly parents. It provides tax benefits and cashless claims across network hospitals. It facilitates regular health check-ups and day care procedures. It also takes care of domiciliary hospitalisation. A good group medical health insurance provided by the employer also covers extra insurance cover for the needy employees so they don’t go untreated if they have exhausted their insured amount. It also provides for maternity cover, for pre-existing illnesses and for children without a waiting period for it to commence. In order to further ease worries for the employees, the employer often provides a family floater clause.
In the current scenario, where attracting and retaining talent has become a challenge, one of the major policies employers are resorting to is to provide health insurance policies to their employees. Group health insurance policies can be bought at very low costs and the employer often gets huge discounts as he buys in bulk. He enjoys flexibility in terms of paying premium—monthly, quarterly or annually. Employers are entitled to tax benefit on group health insurance and it can help reduce their tax liability. As a result they get as much as they give.
A group mediclaim policy offered by an employer helps to increase the loyalty quotient of employees and the result is more commitment and satisfaction from the latter.