Group insurance coverage is a comprehensive health policy, primarily provided by companies for their employees. These policies provide health insurance coverage for employees as well as their spouses, children and sometimes their parents.
According to experts, for an employer, a group health insurance policy is comparatively easier to obtain since it provides it in bulk for its employees. âGroup health insurance for a lot of people also ends up covering a lot of things at the same time. It is beneficial for employers to cover their employees, as it creates a protective environment. Employees will have one less thing to worry about and start to connect well with their workplace / employers, âsaid Sanchit Malik, co-founder and CEO of Pazcare, an insurance company.
There are key differences between retail health coverage and group health coverage that individuals should be aware of.
First, in the case of retail health coverage, the insurance contract is signed with the policyholder, while in the case of group health coverage, the employer owns the insurance contract with the insurer. The employer then issues certificates to the employees of the company.
Second, the insured can revoke retail health coverage. On the other hand, the employer can terminate the collective health policy of his employees.
Third, the purchase of a retail health insurance policy comes with a waiting period for pre-existing conditions, while group health insurance coverages do not have this restriction.
Fourth, all retail health policies become more expensive with age. While in the case of group coverage, the policies do not get more expensive with the age of the employee.
Fifth, you need to renew your retail health policy every year to keep it active. On the other hand, the length of the job does not affect the duration of employee insurance. You are covered for as long as you are in the business.
In addition, the group’s health policy offers important benefits to employees. This cover protects the policyholder (employee) as well as the members of his family. Here are some key benefits.
Extended coverage: Some group insurance policies can cover board costs in addition to the fees for anesthetists, surgeons and consultations. âOther expenses covered include oxygen, anesthesia and diagnostic equipment, as well as dialysis and x-rays. The policy also includes coverage for home hospitalization. Also, maternity-related expenses are covered, âsaid Mayank Kale, CEO and founder of Loop Health, a group health insurance agency.
Regular health check-ups: Employers can perform regular health checks for their employees. Employees can also start their treatment or medication when needed.
âRegular check-ups will also help employees change their daily routine and learn what works for them and what doesn’t. And since employers will insure the whole business, the group health insurance policy will be profitable and economical for everyone, âsaid Malik.
Easily available: New recruits could easily be insured through existing group health policies, benefiting both employer and employee. Additionally, additional policies can be added or removed based on the employee’s needs. Plans can also be modified to meet the different needs of each individual and their family members.
Hassle-free claims process: Complaints are quickly settled without any intermediary because the employee only has to contact his employer with the invoices and the necessary documents. The time saved on these formalities can be crucial in many ways, making group health insurance a better option than having personal insurance coverage. The insurance policy will also cover ambulance costs, more minor surgeries like eye surgery, dental coverage, etc.
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