What is an Employee Health Insurance policy?
Employee Health Insurance policy, otherwise known as Group Health Insurance Policy or Corporate Health Insurance policy, is purchased by the employer for their employees. Like any other Health Insurance policy, this policy offers cover for individuals (a definite group of people) working in an organization, business, etc., against the incurred medical expenses.
Employees are the backbone of an organization, and to ensure them and their families a financially secured environment, Group Health Insurance plays a significant role. Group Health Insurance policy provides necessary financial support by offering wide medical coverage and other benefits. According to the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), to avail a Group Health Insurance policy, a business needs at least 20 employees. Moreover, an insurer can offer micro-insurance to a group with less than five members.
Here are a few key benefits of a Group Health Insurance policy.
Pre-insurance Medical Screening
If you choose to purchase a separate health insurance policy for yourself or your family, some health insurance providers will require you to undergo a pre-insurance medical examination. However, pre-insurance medical screening is not required to avail a Group Health Insurance policy. Thereby, you and your loved ones including your parents are covered without the need for undertaking pre-insurance medical screening.
Group Health Insurance policy provides necessary financial support by offering wide medical coverage and other benefits
Hospitalisation Coverage
Like any other Health Insurance policies, Group Health Insurance plans provide cover for in-patient hospitalisation, pre and post-hospitalisation, emergency ambulance, room rent, day care treatments, etc. Some policies will indemnify the domiciliary hospitalisation expenses as well. These benefits can be extended to the insured employee’s spouse, children and parents as well if they are added under the Group Health Insurance plan.
Flexible Cover
As discussed earlier, Group Health Insurance policies are offered by the employer to the employees. But it doesn’t stop by securing the employees alone, such policies extend their coverage by offering a provision to add the family members of the employees. The employee can add their spouse and children, and some policies are flexible to add their parents as well.
Waiting Period
Unlike Individual and Floater Health Insurance policies, Group Health Insurance policies either have less waiting period for pre-existing diseases or are covered from day one onwards. Some Group Health Insurance policies offer a waiver for pre-existing diseases as well. A waiver will reduce the waiting period duration by paying an additional premium. Therefore, this is considered one of the greatest benefits of a Group Health Insurance policy.
Maternity Coverage
Maternity coverage is one of the significant benefits of Group Health Insurance. Most of the policies offer it as an optional cover and can be availed by paying an additional premium. Maternity coverage indemnifies the delivery expenses of the employee and/or employee’s spouse, thus reducing their financial burden. Be mindful of the waiting period, because such benefits are bound by a waiting period.
In addition to the aforementioned benefits, Group Health Insurance covers AYUSH treatment, cataract surgery, cashless hospitalisation, newborn cover, annual health check-up, etc. For sure that’s a lot, if you are still puzzled about whether the coverage of your group Health Insurance plan will be adequate to meet your healthcare needs, do not worry as you can buy a Top-up Health Insurance policy. As the name suggests, top-up Health Insurance will act as an additional cover by enhancing the basic Sum Insured of the Group Health Insurance plan at an affordable premium.
Most Group Health Insurance policies are customizable. As the Health Insurance industry’s pioneer, Star Health and Allied Insurance Co Ltd offers an array of Group Health Insurance plans that are customizable and catered to the needs of the individuals. The comprehensive coverage, flexible add-on, customization, affordable premium, a wide network of 14000 plus hospitals, hassle-free claim process and swift customer service make Star Health policies a wise investment.
