In the times of today, where the world is struggling with a catastrophic virus, the only thing that guards us against its severe financial, physical and emotional aftermath is a simple yet powerful tool. Your health insurance policy
The world has finally encountered the importance of complete health insurance like never before. And at such times, ensuring yourself is just not enough. Your loved ones, family, and employees )if you run an organisation) are baking on you for a supportive hand. You can help yourself and them to sail through these tough times with the help of Group Health Insurance Policy.
What is Group Insurance and how does it Work?
Group health insurance is a type of health insurance that covers a specific group of people, such as members of an organisation or employees of a firm. Additionally, it is referred to as a corporate health insurance plan, and the insurance coverage it provides typically includes COVID insurance accidental insurance, critical illness insurance, daily hospitalisation benefit, and maternity coverage, among others.
A group health insurance is the best way to safeguard your employees or family. A group health insurance provides coverage to your employees or family members in these times of increasing health complications, which in a usual case would be charged at a higher rate in case of individual health insurance. Group health insurance also comes with a variety of benefits.
Salient Features of a Group Health Insurance Policy
Group health insurance may come in different forms as per the insurer company. However, all of them come with the following benefits:
- Safeguards you against unexpected medical expenses
- Many provide coverage for maternity and pre-existing diseases
- Covers Medical Expenses for Children, Spouses and Parents.
- You get covered with a lower coverage as compared to standard health insurance
- No waiting Period unlike other health insurance policies
- No required of health check-up or medical reports for coverage
Why is a Group Health Insurance Plan Needed?
Group health coverage is the best insurance plan you can get because of the following reasons:
1.Lower Premium:
When group health insurance premiums are compared to individual health insurance premiums, group insurance premiums are much lower. It's always more economical in terms of financial management to acquire group health insurance in place of standard health insurance.
2.Wide Coverage:
Unlike individual health insurance, it allows you to cover multiple people under one insurance coverage. This is cost effective, requires less paperwork and provides wider coverage at the same time.
3.Various Customizations:
Corporate and group health insurance programmes enable coverage options to be customised. One can, for example, choose a policy that offers coverage for OPD or maternity
These benefits make Group Insurance the best insurance plan for families and organisations.
Key Inclusions & Exclusions Under Group Health Insurance
These services are offered to the owners of a group health insurance:
- Coverage for ambulance expenses
- Pre and Post Hospitalization Expenses
- Coverage for pre-existing diseases
- Cover for maternity. Some group insurances may have a waiting period od upto 9 months for this.
- Coverage to the infant from the first day of delivery
- Coverage for domiciliary expenses
- Coverage for nursing room rent
- Coverage for chemotherapy, pacemaker, radiotherapy etc by some insurers
- Cover for Oxygen, anaesthesia, OT charges, blood, medicines, etc.
Following things are not covered under a group health insurance:
- Coverage for non-allopathic treatments ike Ayurveda, homeopathy etc
- Non coverage for employees’ parents by some insurers
- Complications caused by abuse of drugs or alcohol
- Congenital illness or expenses for treatment of AIDS
- The insurance is valid only till the employee works with the company
Where to Find Group Health Insurance Plans
Coverfox has always worked to bring out and assist people with the best insurance plans in the country. Our dedicated customer care team is available 24x7 to ensure that you face no difficulties in getting a well deserved insurance. You can find the best group health insurance plans in India, compare them and provide your loved ones with complete health insurance protection. Whenever you decide you get your group health insurance, we’ll be here to help you.
Also Read: What Is Micro Health Insurance And Why Is It Important?
