Elite Insurance

Group health insurance or GHI is a type of health insurance plan that provides coverage to a specific group of people such as employees of a company or members of an organization. Also known as corporate health insurance policy, the insurance coverage under this health insurance policy usually includes accidental hospitalisation, COVID insurance, daily hospital benefit, critical illness cover, maternity coverage etc.

A Group Mediclaim policy is the best way to protect your employees and their families, especially with the constant rise in medical expenses. This is because the Group Mediclaim policy covers the expensive medical treatment costs incurred by the employee if hospitalized due to an illness or an accidental injury.

When the group health insurance is provided by the employer, then both employee and employer are supposed to be the beneficiary. This is because; the plan addresses both the parties of a group.

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Advantages of Group Health Insurance Policies

Employees are the treasured part of any organization. These days more and more companies are becoming employee-centric and corporate health insurance has emerged as one of the most preferred benefits to lure new talent. It plays a crucial role in influencing the psychology of an employee. It makes him feel part of a company and thus, it curtails employee attrition rate and unrest in labor unions. Moreover, it increases their productivity which increases profitability of a business. Special insurance schemes where families are also covered for benefits make employees faithful towards their employers. Moreover, by offering coverage to your employees, you become eligible to get tax deductions under Income Tax Act. So group or Corporate health insurance policy is a win-win situation for both employees and employers.

Advantages for Employers:

Helps in Employee Retention: In this modern era when there are a lot of jobs in all the fields, employee retention has become a difficult task. However, if the employer provides benefits like health insurance coverage to all its employees and his/her families as well, then the chances of an employee staying in the company increase.
Tax Benefits: As mentioned above both employer and employees are the beneficiaries in a health insurance plan for the group, thus the employer also gets tax benefits for providing such policies to its employees.
Motivated Employees: Today, when the medical costs are at its peak, having a corporate health insurance plan, motivates employees.
Better Benefits in Low Cost: Health insurance for employees provide better benefits in comparatively lesser cost than individual health insurance policy.

Advantages for Employees:

Pre-Existing Disease is Covered from Day 1: Unlike any individual health plan, a group health insurance policy starts covering pre-existing diseases from the day an employee joins the organization. In this way, there is no waiting period for any pre-existing disease.
An Extensive Range of Coverage with No Limited on Diseases: Apart from covering pre-existing diseases, a group health insurance plan for employees provides a wider coverage with no limit on diseases.
Larger Maternity Coverage: A wider maternity cover is one of the best advantages given to young employees. Most of these plans provide coverage for both C-section and normal deliveries. Some plans as well cover the newborn babies without a standard 90 days of maternity cover.

Features of Group Health Insurance Plans

There are several group or corporate health insurance policies available in the market. Listed below are some common features present in all employee health insurance plans.

Employee health insurance companies typically cover medical benefits for insured (self), spouse, children and dependent parents
Some health insurance providers cover pre-existing illness and maternity as well
Employee health insurance offers cashless hospitalization at network hospitals
Group health insurance can cover ancillary charges such as ambulance costs too.
Some employee health insurance policies provide fee reimbursements of specialists and other medical practitioners for follow checkups

Why Is Group Health Insurance Required?

These days organizations are becoming more employee-centric than before and hence they offer health insurance plans to its employees. Some of the reasons why group health insurance plans are required and beneficial for both employers and employees are: