Group health insurance is the risk covered for a group of people working for an organisation against financial expenses incurred on their treatments. In a group health insurance policy, a group of employees and their families are insured under a single plan. This policy is generally customised based on the requirements of the employer. This policy is also known as corporate health insurance. The cover grants the policyholder with financial support in case of medical uncertainties. This is a valuable benefit for the employee as the premium of the plan is paid by the employer only. The price for this policy is comparatively lesser than individual health insurance plans and it is beneficial for the employer too as it helps reduce its tax obligations.
Advantages of Group Health Insurance
Here are some advantages of group health insurance:
Improve Employee Retention
Employees feel secure knowing that a plan covers them and their dependents in case of medical adversities. Employees also have a sense of satisfaction and therefore they are more likely to continue to work with that organisation for a longer duration.
Support Their Mental Well-being and Provide Motivation
Medical issues can be very stressful and the financial pressure can have negative implications on the employees’ mental health. Providing them with medical coverage prepares them and also makes them happy and satisfied. This, in turn, will motivate them to work better.
Protecting Employees Against Serious Health Issues
A group health insurance policy will safeguard the health benefits of the employees by providing them with ways to improve their lifestyles. This also ensures an early diagnosis of any health issue if any for early treatment.
Provide Coverage for Their Families
The group health insurance policy provides medical coverage not only to the employees but also to their dependents including spouses, parents and children.
Key Features of Group Health Insurance Plans
- The policy provides coverage for a wide range of medical expenses including the cost of medicines, ambulance, specialist, accidental hospitalisation and daily hospital benefits. Some policies may also offer maternity benefits.
- The group health insurance policies also cover the employee’s family including spouse and children at a low additional cost.
- Offers cashless claims and direct settlement of the bills at network hospitals.
- No pre-medical checkup is required. Some policies may also cover pre-existing illnesses.
- No waiting period as the employee gets coverage from day 1 of buying health insurance.
Best Group Health Insurance Plans in India
Here is a list of the top 10 group health insurance plans
Aditya Birla General Insurance- Aditya Birla Group Active Health
This policy has a lot of benefits for employees. Their motto is healthy employees are happy employees. Employees having this policy can earn 30% premiums by following and adopting a healthy lifestyle. They can check on their healthy activities and get 24/7 assistance. They also have the freedom and flexible options to choose the hospital.
TATA AIG General Insurance- Medi- Prime Group Health Insurance
This policy covers health at an affordable price. It covers the expense for the healthcare centre at the times of illness, diagnostic tests up to INR 25,000 per year and also covers the cost of vaccination related to Human Papillomavirus Vaccine(HPV) and Hepatitis B vaccine.
SBI General Insurance- SBI Group Health Insurance Plan
This policy does not require any medical check-ups up to the age of 65 years of age and covers up to 30 days pre and 60 days post-hospital expenses.
ICICI Lombard- Group Mediclaim Insurance Policy
This policy covers the expenses of daycare treatments, hospitalisation or injury during the policy period. It provides a group discount if the group size exceeds 100. With a very low additional cost, it also covers maternity benefits.
Future Generali - Group Health Insurance
This covers everything from hospitalisation, medicines, ambulance, cost of specialist, consultation and much more. It also covers the treatment costs of surgery, chemotherapy, radiotherapy etc. This policy ensures cashless claim benefits for employees without any hassle.
Star Health- MediClassic Insurance Policy
It provides emergency ambulance charges up to INR 15,000 per policy period. Covers hospital expenses for a minimum of 24 hours. It also covers the expenses of a surgeon, anaesthetist, practitioner and consultants.
HDFC ERGO- Group Health Insurance Policy
This policy covers pre and post-hospitalisation expenses along with daycare charges. It also covers the cost of medicines, surgeons, anaesthetists and diagnostics including blood, X-ray, oxygen, operation theatre, dialysis and chemotherapy.
Digit Insurance- Group Health Insurance Plan
This plan covers the expenses of accidental hospitalisation, ambulance charges, daily hospital expenses, daycare, critical illness, maternity benefits with newborn babies, surgeries like an organ transplant, infertility, bariatric surgery, etc.
IFFCO TOKIO- Group MediClaim Insurance
This policy covers various hospitalisation charges, diagnostic charges, cost of medicines, pre and post-hospitalisation costs and daycare treatments.
Group Health Insurance Policy Benefits for Employers
- Tax Benefits
- Retain and attracts employees
- Generates goodwill
- Cost-effective
- Corporate buffer
Group Health Insurance Policy Benefits for Employees
- No pre-medical checkups
- Pre and post-hospitalisation coverage
- Families of the employees are also covered
- No waiting period
- Cashless and reimbursement claims
Conclusion
Group health insurance policy is beneficial but it is a challenging task to choose the best one that satisfies your requirements. It is advisable to check the claim settlement ratios and coverage details before buying the policy. Buying group health insurance is beneficial for both the employer as well as the employee. It is also cost-effective and provides satisfaction to the employees for better retention and better work output.
