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Benefits of Group Health Insurance Policy for Employees

Health insurance is one of the most important investment ideas that you can opt for these days. We live in a world where critical illness like cancer has become so common that we get to hear that even people in their 30s are dying of these ailments while the lifestyle diseases are at their peak. More or less, all of us have fear of some or the other kind of diseases, getting a health insurance plan can help us save some money on the treatments.

Well, if you are too confused about the kind of health insurance policy you should buy, you can also rely upon the group health insurance provided by your employer. As a matter of fact, the majority of the employers these days provide group health insurance, which is included in the package of the employees. This kind of health insurance plan provides coverage to the employees at lower premiums.

As per the guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI), the groups formed for a group health insurance can be for groups of employer and employee or non-employer and employee. The benefits of this plan can be availed of bank account holders and members of alumni, credit card holders, clubs, and other relevant groups.

Key features of a group health insurance policy

Group health insurance policies are quite beneficial for the employees. Some of the main features of this policy include:

  • Provides coverage for pre-existing illnesses without any waiting period from the first day
  • These plans provide coverage for expenses that are related to maternity. However, the coverage depends on the waiting period of nine months
  • These plans provide coverage to the family members of the insured; therefore, an infant is covered from the first day of his/her birth without any waiting period
  • Some of these plans ever cover the charges of ambulance; however, a customary sub-limit applies to them
  • For a certain period, one can avail of pre as well as post-hospitalization costs
  • These plans also provide coverage for daycare and domiciliary costs
  • The other things that are covered are the fees of surgeons, specialists, and other medical practitioners, charges of nursing, and room rent
  • Expenses related to surgical operations, therapies, diagnostic procedures, anesthesia, operation theatre charges, cost of prosthetics, oxygen, blood, drugs, OT charges, medicines, and the cost of diagnostic tests such as X-rays, etc., are also covered.

Advantages of Group Health Insurance Policy

The group health insurance policies always come with a heap of benefits for the employees. Let us shed some light on a few of them.

  • Low cost: As compared to an individual or family floater health insurance plan, a group health insurance policy is always cost-effective. This is because the premium cost is shared among the employees.
  • Makes employees feel valued: When an organization provides one such health insurance plan to the employees, the latter feel valued and in return work harder for the company.
  • With the number of people, the advantages of the plan increase: Since many people are covered under one such plan, the benefits of the plan also increase. The insured are likely to avail of benefits such as hospitalization costs, pre-existing diseases, etc.
  • Inclusion of family protection: Not all but many of the group health insurance policies provide coverage for the family of the insured too. However, those family members have to be dependent on the insured; thus, the coverage will be provided in time of need.

Apart from these, there are several benefits of group health insurance policies for the employees. So, next time you see one such health insurance plan included in your package, you can stop worrying about your hospitalization expenses.



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