Group health insurance is a type of health insurance that provides health insurance coverage for a group of people. It is usually taken by a company or an organization to provide health care benefits for their employees. Group health insurance can be taken by even associations which share a common goal. The premium for group health insurance is normally paid by the employer or in some cases the employees would pay a part of the premium or complete premium. The group health insurance is offered as a part of the employee benefits by the businesses in India.
Are you planning to enroll or take a group health insurance policy?
Then here are 4 reasons explaining why group health insurance is good for you:
Premium paid by employer: Group health insurance policy premium is paid by the employer while the employees get to enjoy the health care benefits whereas in the case of retail health insurance the customer has to pay the premium to enjoy the healthcare. Even though the premium is paid by the employer, the claim would be settled for employees who are hospitalized due to any of the illnesses or diseases that are covered under the terms and conditions of the policy.
Since the premium is being paid by the employer, the terms and conditions of the group health insurance policy would also be decided by the employer. The group health insurance policy would provide health cards to the employees to avail cashless as well as reimbursement claim settlement.
No waiting periods: The major advantage of a group health insurance policy is that there would not be any waiting periods. Every retail health insurance policy would have an initial or 30 day waiting period, specific illness waiting period up to 2 years, pre-existing disease waiting period up to 4 years and maternity waiting period up to 2 years. The group health insurance policy would come with day 1 coverage for all the existing and new illnesses.
Every illness would be covered under the group health insurance policy without the need to wait for a certain period of time. Group health insurance policy given day 1 coverage to all the members.
Parents can be covered: Group health insurance policies also provide an option to include the parents of the employees on payment of additional premium. A few organizations automatically include the parents of the employees while few organizations ask the employees to bear the extra premium to be paid for covering the parents. Parents would be covered under the same group health insurance policy as the employees and can avail all the health care benefits from the same group health insurance policy.
The major benefit for parents under the group health insurance policy is that there would be no waiting period under the policy and parents of employees can claim from day 1. It is very difficult for elder parents to get a retail health insurance policy outside and even more difficult to get it without a waiting period.
Maternity benefit: Group health insurance policy provides maternity benefit to the employees. There would be a separate sum insured for the maternity section under the group health insurance policy where the members can enjoy the maternity sum insured in addition to the basic sum insured. The maternity sum insured would be in addition to the basic sum insured under the group insurance policy.