This article will explore where and how group insurance is beneficial and how both employees and employers can benefit from having group health insurance for employees at their organisation.

What is a group health insurance policy for employees?

Group health insurance is specially designed plans that provide comprehensive health insurance coverage to all employees or members of an organisation in a single customisable and cost-effective policy. Under this policy, employees can avail of financial protection by claiming settlement when getting medical treatment. 

As an employer, a group health insurance policy for employees is an obvious choice. This is because, currently, when all professional organisations have been mandated to provide health insurance to their employees, organisations with at least seven members can offer standardised group medical coverage for all employees at a cheaper and more convenient price.

How does group employee insurance work?

Group employee insurance works by dispersing health risks among many individuals, thus providing health insurance at a cost-effective price compared to purchasing an individual health insurance plan for each member. In addition to just coverage for hospitalisation and medical treatment, employees with group health coverage are all offered supplemental coverages such as dental, vision, preventative diagnostics, etc. 

How is employee group insurance beneficial for employees?

Corporate health insurance benefits are not just limited to the employees covered under it. It is also a precious tool for employers who wish to develop their organisation further and build a brand around it. By having an employee-centric structure in the organisation, employers can attract top talent and retain loyal employees. They can also build a safe and productive work environment with boosted morale, reduced absenteeism, and employee turnover.

Here are some of the key benefits of offering group insurance policies for employees:

• Reduced financial liability and out-of-pocket expenses for employee

Group health coverage under employee insurance plans provides financial protection and reduces the financial burden on employees when getting medical treatment for covered risks. For example, if an employee suddenly has an accident and has a fracture, the cost of treatment and hospitalisation would be considerable. Still, with accident coverage, employees can get treatment without having to dip into savings.

• Coverage for maternity and newborn expenses

Group plans also provide coverage for maternity and newborn expenses, reducing the direct cost for employees.

• Zero-waiting period

Depending on the specific policy opted for, group health coverage requires a zero-waiting period for most diseases, allowing employees to receive medical treatment without having to wait for the waiting period to end.

• Coverage for spouse and dependent children

Group policies enable employers to provide coverage to the employee's spouse and dependent children. This reduces the employee's financial burden and allows them to live life without worrying about dependents.

• Coverage for pre-existing diseases

Group policies allow employers to provide coverage for pre-existing diseases, enabling eligible employees to receive treatment without dipping into savings.

• Coverage for preventative diagnostics

Several group plans also enable employers to avail preventative diagnostics from day 1, allowing the employees to be aware and informed about their current medical condition and prevent future ailments.

• Availability to the premier and varied hospitals and healthcare as a network for cashless claims

Group insurance allows access to premier, top-rated healthcare services with cashless claims while also allowing treatment at non-network hospitals through reimbursement claims. 

• Require no pre-policy checkup for members

Under group insurance, covered individuals do not need pre-policy check-ups and delay getting the policy.

• Affordable and cost-effective when compared to individual policies

While the employer might partially or wholly sponsor group policies, the premium charged is considerably cheaper and more affordable due to the nature of corporate medical insurance.

Conclusion

Whether you are an employer looking to provide health insurance at your organisation or an employee being offered employee group insurance at a new or existing organisation, group health insurance is highly valuable and beneficial for all stakeholders. Group plans enable employers to provide standardised coverage to their employees at an affordable price without compromising on the comprehensiveness and benefits it offers. They also allow employees to avail of insurance that is sponsored by the employer, thus reducing financial burden and out-of-pocket expenses when availing medical treatment in addition to several other benefits.

All of these make group health insurance policy for employees beneficial and effective.

Thus, having an idea about the benefits of top-ranked healthcare insurance must have come in handy. But what are these benefits that you should consider? Well, this article will help you learn the important benefits you should look for while choosing the best healthcare insurance company.

What is a Healthcare Insurance Company?

A healthcare insurance company is an insurance provider that offers you medical insurance plans. These plans help you in covering your medical expenses. It may include hospitalisation, doctor visits, prescription drugs, and other medical services. These companies offer various insurance plans according to your needs. 

To receive these benefits, You need to give the premium money to the healthcare insurance company. Medicl insurance plans also differ in coverage, price, and perks based on the insurance company and the policy.

Top 7 Benefits of Having a Top-Ranked Healthcare Insurance Company 

Getting medical insurance from the best health insurance companies is important because of the following reasons:

1. Vast Network of Hospitals 

When choosing an insurance company, you should check the availability of a wide network of hospitals. Insurance companies typically have tie-ups with numerous hospitals and healthcare providers, offering access to various medical facilities.

A wide network of hospitals ensures that you and your family get excellent medical care without worrying about expenses. Moreover, you also get more options with a wider range of hospitals, which can be helpful in emergencies or when specialised medical treatment is required.

2. Medical Expenses 

A good insurance company will cover medical expenses arising from hospitalisation for more than 24 hours. This includes expenses for room rent, doctor's fees, medicines, and diagnostic tests. It's a valuable benefit to have and can protect you from financial burdens in case of any unforeseen medical emergencies.

3. Cost of Daycare Procedure 

Treatments that do not require hospitalisation are called daycare procedures. A health plan by a good insurance company can provide coverage for daycare treatments. Some examples of daycare procedures that must be there in your health plan include treatment for nasal sinuses, cataracts, chemosurgery, orthopaedics, etc.

4. Cashless Treatment 

Healthcare insurance policies with cashless treatment are beneficial in case of hospitalisation. A cashless policy can provide you access to the best healthcare facilities without paying anything from your pocket for the treatment. Moreover, it is simple to access this benefit. You just have to visit a network hospital, inform your insurance company, sign a pre-authorisation form, and receive the necessary treatment after your claim is approved.

5. Annual Health Check-up

Medical insurance companies not only protect you from medical emergencies but also prevent future illnesses. Many insurance policies offer complimentary annual medical check-ups upon policy renewal or as a part of the policy. This helps you keep track of your health and identify any healthcare issues at an early stage. You must look out for such features when considering a healthcare insurance policy. 

6. Maternity Coverage 

Another important benefit to check is maternity expense coverage. Some of the best health insurance company in india offer maternity coverage as an add-on benefit. This benefit can be availed if you plan to have a baby after a certain waiting period depending on your policy. 

It covers the cost of delivery, medically necessary pregnancy terminations, treatment for the newborn baby for up to 90 days (if required), and expenses related to treating infertility. This can help reduce financial liabilities while planning to have or have a child. 

Conclusion

Having the right insurance is important in the long run. Hence, when shortlisting the best health insurance companies, you must take your time to analyse the standing of the company in the healthcare insurance sector. A wrong choice can prove to be a nightmare later. Thus, taking your time is crucial to choosing a reliable and trustworthy insurance company that provides comprehensive coverage. 

You can consider Niva Bupa Health Insurance. They provide several types of medical insurance plans depending on your budget and needs. For more assistance, you can check out their website today!