Benefits of Group Health Insurance Plans For Employees
Updated On Sep 14, 2021
Table of Contents
There are a plethora of options in the insurance market to choose from when buying a health insurance policy. Your choice of a health insurance cover should depend on certain factors like your age, medical history, pre-existing diseases, financial budget, etc. you must carefully analyze your choices and then invest in suitable health insurance coverage. Among the different types of health insurance plans that are available, some of them are individual health insurance cover, family floater plans, group health insurance plans, maternity benefit covers, and a lot more. Out of these options, you can choose the one that is extensive and sufficient to meet your demands at an affordable price.
Group health insurance plans are bought for a large group of people that work in the same company, organization, or under an employer. This policy cover protects the employees against the high cost of medical treatments and comes with a wide range of features. It does not provide any tax deduction benefits under Section 80D of the Income Tax Act to the employees, however, the employers can avail the tax benefits as the policy is bought under the company or the employer's name. Group health insurance plans cover the employees along with their close family members, but it can be insufficient in meeting your needs in case of a critical disease.
Must Read: Benefits of Group Health Insurance Plan From Employer
About Group Health Insurance Plans
A group health insurance plan is a health insurance policy that is bought by a company, organization, or employer to meet the medical expenses of an employee in case of an emergency. It covers the employees along with their spouses, children, and dependent parents. It does not require pre-medical healthcare checkups of the policyholders and distributes the coverage of the plan equally among the policyholders. If a person is an employee's family is suffering from a critical disease like diabetes, cancer, hypertension, etc. then it is advisable to buy a separate health insurance plan for them, and not rely on the group health insurance covers as it can be insufficient in compensating their medical dues.
Essential Features of A Group Health Insurance Plan
Let us look at some of the common features and benefits of a group health insurance plan which can be availed by the employers and the employees after purchasing a particular plan:
- Cashless claim benefits at the network hospital of the insurer are provided to the policyholders, under which the customer does not have to pay a penny from their pocket and it takes a little to no time to get settled.
- It covers the basic expenses like pre and post-hospitalization costs, domiciliary expenses, inpatient costs, room rents, ambulance charges, medication costs, and much more.
- Financial compensation is provided for hospitalisation of fewer than 24 hours for treatments like eye surgery, chemotherapy, etc.
- Group health insurance plans are cost-effective than other health insurance covers like individual health insurance plans.
- It includes the family members of the employees under the coverage of the group health insurance plan like a spouse, children, and dependent parents are included.
- You can make hassle-free and smooth claims on your health insurance plans with the support of a dedicated working team of the insurance provider.
Benefits of Group Health Insurance Plans For Employees
Employers buy a group health insurance plan for their employees to help them support financially in case of a medical emergency. The benefits of this plan can be availed by the employee as long as he/she works in the company or the organization. Let us look at the list of benefits that can be availed by the employees on their group health insurance cover:
1. Low-Cost Plans
Group health insurance plans are much cheaper than any other type of health insurance plan that is available in the market. The amount deducted from the pay of the employee for the premium of the group health insurance premium is much lesser than the normal premium paid by the customer for their individual health insurance covers.
2. Inclusion of Family Members
Group health insurance plans provide basic protection to the employee’s family members at a negotiable price. It covers the employees’ spouses, children, and dependent family members.
3. Value To Employees
Group health insurance plans make the employees feel valued at the workplace and it motivates them to work harder and offer most of their human potential.
4. Hassle-Free Claim Settlement
Under this plan, the claims are approved without any hassles and the employees can approach their employers with the necessary bills to claim their policy instead of going to the health insurance providing company.
Conclusion
You must carefully go through the policy papers of your group health insurance plan to know about the inclusions and exclusions in your policy, as it avoids any inconvenience at the time of the claim settlement process.
Also Read: What Is Group Health Insurance?
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
