Who All Can Benefit from a Group Health Insurance Plan?

A group health insurance plan is provided to the employees by their employers. This plan covers them against any unforeseen circumstances, which include accidental hospitalisation, COVID insurance, maternity coverage, etc. This is also called a corporate health insurance plan. 

The employer purchases a group medical insurance plan to provide medical coverage for a group of people. Hence, the term group health insurance plan. It is offered as a perk as the premium for group insurance is played by the employer. With this policy, you can receive financial support during uncertain times, while your employer can benefit from tax exemption. 

Who Can Benefit From a Group Health Insurance Plan?

As an employee, group medical insurance policy can be highly beneficial if -

You have had a pre-existing disease from day one. Hence, there is no waiting period.You are pregnant. Some insurance companies have a waiting period of 9 months, while some don’t.If you have a baby, they are covered from day one.If you are hospitalised the following cost is covered – pre and post-hospitalisation cost, doctor’s fee, domiciliary expenses, room rent and ambulance charges, anaesthesia, diagnostic costs, etc.You are undergoing radiotherapy, chemotherapy, heart surgery (pacemaker), etc.Also, you can include your family member in the group medical insurance plan, including your spouse, children, and dependent parents. 

What are the Advantages of a Group Medical Insurance Policy?

Below are some of the major advantages of group health insurance - 

Improve Employee Retention: As an employer, a group medical insurance plan helps your employee in need of medical emergencies.Supports Mental Well-Being: Financial pressure can be very stressful for your life. Thus, a group health insurance plan helps you eliminate the mental stress a bad situation can bring in.Provide Coverage for the Family: With a group medical insurance policy, you cover yourself and your family. However, the terms and conditions differ from insurer to insurer.Protection from Severe Health Conditions: Group health insurance plans offer fitness tracking and access to doctors on time to help you seek help in an uncertain situation.Easy to Claim: You do not have to face the hassle of raising the claim alone if you have a group medical insurance plan. All you need to do is connect with the employer with relevant documents and bills; the rest will be handled on their end. 

Who Should Buy a Group Medical Insurance Plan?

If you are an employer, read below to know if you should buy a group health plan - 

Young Startups and Small and Medium-sized Companies: If you are a startup and your work members have gradually increased beyond 10, you must buy health insurance for your group members. Also, you can customise the plan based on the number of employees and budget. This will help you create a good employer-employee relationship while you can also enjoy tax benefits.Established and Large Organisations: If you have a workforce of 1000 people or more, you must provide them with a health insurance plan covering them and their family members against any financial uncertainties. 

A group medical insurance policy is a healthy health plan both for the employer and the employee. As an employee, you are protected against unforeseen circumstances that might incur substantial financial loss upon you. On the other hand, as an employer, you can enjoy tax benefits.