What is group health Insurance?
Health insurance has become a necessity for every individual, especially when the world is fighting against COVID-19 pandemic. Also, Indian government has mandated businesses to provide group health insurance to their employees as a part of Post-COVID operating guidelines
Group health insurance is the health insurance in group form bought by companies and organizations for their employees and can be extended to employees' family members. Group Health Insurance plans provide financial stability of employees during unexpected health issues, accidents, or any mishaps. Group health insurance for employees are yearly renewable customizable plans that work under certain agreed terms & conditions.
Why should employer buy group health Insurance for employees?
Happy Employees, Happy Company. Studies show a positive employee experience results in a positive financial impact for companies. A group health insurance will not only give your employees and their families enough financial security, but an overall sense of satisfaction that their employer actually cares about them. A well thought of group health insurance policy can achieve the following
- Employees' loyalty and retention
- Better productivity through healthier employees
- Conducive company culture
- Better hiring and recruitment
Our Health Insurance Benefits
- Group health insurance policy immediately covers without any waiting period.
- Full coverage starts for all employees from day one is one of the best health insurance benefits.
- Group health insurance plans cover for pre-existing diseases from day one
- Group health insurance for employees requires no health check-up.
- No capping on no of diseases covered
- Maternity benefit cover from day one
- Newborn baby expenses from day one is also one benefit.
- Low premium in comparison to individual health insurance.
Since this is a group health insurance policy, any employee resigning from the organization will not be able to benefit from this plan post his/her resignation from that organization.
What is Not Covered Under Group Health Insurance?
Group health insurance policy do not cover you for the following expenses:
- Injuries arising due to war or warlike situations
- Expenses related to external durable items
- Dental treatments
- Cosmetic surgeries
- Any treatment required due to self harm including attempt of suicide
- Treatment taken outside India
- Outpatient treatment
- Experimental and unproven treatment
Who should buy a Group Health Insurance plan?
- Small Companies & Young Startups
If you are a young startup or small company and have at least 7 employees, then you should have some group health insurance plans for your employees. Employer-provided health coverage is important for recruiting, but even more important for retention.
Don’t worry about the cost of group health insurance plans as the group health plans can be customized as per your requirement.
Moreover, cost of group health insurance is an expense on which you will save taxes.
- Medium Sized or growing companies
Whether it is a small or medium company, group health insurance benefits in building loyalty with the employees and thus help companies to retain talent. Employee benefits plans keep the employees motivated and charged up as their financial worries arising out of any untoward health crisis is taken care of.
- Large Organizations & Established Startups
For companies having 1000+ employees, employee health beneﬁt decisions are among the most relevant for remaining competitive in the job market. Satisfaction among employees is associated with attitudes and behaviors that serve the employer's interests.
Large employers are pushing the envelope by improving access to high-quality health care and driving employee engagement with their health benefits.