When we get a job in an organization, our employer does not only offer us a monthly salary but also a health insurance policy, usually. As an employer offers a health insurance policy to the employees, it is called group health insurance and it comes with its heap of benefits. If an employee falls sick and needs to be hospitalized, he/she can use this policy to clear the hospital bills.
The group health insurance policies are not only beneficial for the employees but the coverage is extended to their families as well. There are in fact some health insurance companies that enable the covered employees to enhance the coverage of the group plan by paying an extra amount. A group plan is ideal for employees who have not bought any health insurance policy yet. Especially in a situation like the ongoing pandemic, a group health insurance plan can be highly useful and beneficial for the insured.
Some of the basic benefits of group health insurance plans
- You can make the claims for domiciliary expenditures
- Expenses incurred for, illnesses or accidents will be paid by the group health insurance company
- A group health insurance plan provides coverage for pre and post-hospitalization costs according to the policy coverage
- It provides cashless treatment in the network hospitals, provided it is mentioned in the document of your policy.
The premium of a group health insurance policy varies from one employer to the other. While one employer may deduct the amount from your CTC, the other may include it with your package without charging anything extra. However, in either of the cases, you do not have to keep reminding yourself of the payment for the premium or worry about the premium deadline.
Factors you should consider while buying a group health insurance policy
A group health insurance policy is different from an individual health insurance plan. Therefore, you need to keep some of the points into consideration while buying one.
A group health insurance plan comes with coverage at a reasonable premium rate. It is highly recommended to those who have not bought a health insurance plan yet. The premium amount is decided by the insurance provider. The premium rate is determined on the basis of the risk factor of the whole group. The premium amount is paid in either of the two ways, which include:
- The organization that has bought the group health insurance pays the entire premium amount, or
- The employer pays half of the premium and the rest is paid by the employees.
Faster claims processing
The claims in group health insurance plans are processed faster than the other plans, comparatively. Therefore, the employees do not need to get into any kind of hassles for claiming the sum insured or coverage. The process is carried out by a third-party administrator or an insurance provider.
In some health insurance plans, maternity and childbirth are considered add-on features. However, it is not the same in a group health insurance plan. Whether it is a normal delivery or a C-section, the expenses are borne by the insurance provider of the employer. Apart from this, the newborn will also be covered under the policy for up to 90 days right after delivery.
No waiting time for pre-existing diseases
Unlike regular health insurance policies, you will not have any waiting period in a group health insurance plan. Even if you have any PED such as hypertension, diabetes, etc., you will not have to bear with the waiting period.
To educate yourself about some of the top group health insurance policies, you can visit the website of IIFL. You will also be able to find the other health insurance policies here.