Employees are the backbone of an organisation and are its most valued asset. Group health insurance products are crafted to provide health coverage suitable for employees across various business sizes, from small and medium enterprises to large organisations.
The group health insurance policy offers coverage to a group of people. The coverage is provided to all group members and other dependent family members such as parents, spouse and children.
Apart from the obvious reason that a health insurance plan is a practical option for any future mishap, there are several benefits of getting a group health insurance
Healthcare costs have been rising for decades and are expected to keep increasing, hence it is very important to get yourself and your family covered under an insurance plan to manage the rising cost.
Due to the current lifestyle, we are more likely to have ongoing health problems, having an insurance is important to ensure safety and security in the event of unexpected illness
Regular health check-up spending should be a habit rather than an impulse. These routine examinations will inform people about their health and identify any early warning symptoms of illness.
The group health insurance plan covers the health expenditure in case if of any hospitalisation and treatment due to any illness, injury or accident.
Group Insurance Policy proves to be a beneficial plan for both employers as well as employees.A good health policy full of useful features provides a helping hand when a medical issue is faced. Here are few importance why every employee /employer should have a Group Health Insurance plan.
In the event of a sudden illness or accident, the financial impact can be daunting. Having the security of group health insurance can let employees focus on recovery rather than worrying about medical expenses.
The customised group health plan reduces the the stress from the minds of the employees , thus encouraging them to perform better
Many group health insurance plans extend their coverage to include health insurance plans for family members of the employee, thus, providing protection for their loved ones as well
To encourage a healthy lifestyle, many group health insurance plans also cover preventive care services such as health check-ups, vaccinations, and wellness programs.
In case of pre-existing diseases, group health insurance typically covers the employee’s medical bills from the moment they join an organisation. Therefore, there is no waiting period to ensure in terms of pre-existing diseases
It is very beneficial for employees as their claims are handled on priority and the employee does not have to face much hassle during the process
Offering group health insurance can make an organisation more attractive to potential talent and can be a decisive factor for job seekers. It also aids in retaining current employees, who value the financial security it provides.
Providing your group health insurance for employees allows the employers to get the perk of tax benefits
Many organisations are now shifting their focus from being company-centric to becoming employee-centric. This allows a sense of motivation among the employees and helps the company retain a hard-working group of employees.
Employees are more likely to stay at the present company if the employers provide an attractive health coverage plan. This not only incentivizes the employees but also improves work experiences.
Providing health insurance shows a commitment to employee welfare, enhancing the company's reputation as a responsible employer.
Healthy employees are more productive, which can lead to an increase in overall business performance.
Eligibility criteria for Group Health Insurance coverage may vary depending on the insurance provider and the specific terms outlined in the policy. However, here are some common eligibility criteria often considered by insurers:
| Eligibility Criteria | Specifications |
|---|---|
| Employment Status | Typically, individuals eligible for coverage under a Group Health Insurance plan are employees of an organisation. This can include full-time, part-time, and sometimes contract employees. If a particular business or company consists of more than 20 employees, they are eligible for group health insurance. |
| Waiting Period | Some policies may have a waiting period before new employees become eligible for coverage. During this waiting period, the employee may not have access to certain benefits. |
| Probationary Period | New employees may need to complete a probationary period before becoming eligible for group health insurance benefits. |
| Family Coverage | Policies may allow employees to extend coverage to their immediate family members, including spouses and dependent children. The eligibility of family members could be subject to specific conditions. |
| Age Limit | There may be an age limit for inclusion in the group health insurance plan. Some policies may have a maximum age for coverage. |
| Dependent Criteria | Criteria for including dependents, such as children or spouses, may be outlined in the policy. This could include age restrictions for dependent children. |
| Enrollment Periods | Employees may need to enroll in the group health insurance plan during specific enrollment periods. Missing the enrollment period may require waiting for the next opportunity. |
| Active Employment | Eligibility may be contingent on the employee being actively at work. This could exclude individuals on leave or those not actively performing their job duties. |
The policy offers benefits for employees and their families:
Since the insurance cover is customised and provided to all group members ,all the dependent gets covered under the given sum assured plan starting from 1 lac
One of the immediate benefit to the organisation is that they have to pay lesser premium in case of group health insurance
There is no pre medical required to determine the pre existing medical before purchasing a group health insurance plan
Employees can receive treatment at any of the network hospitals nationwide, including esteemed institutions
There is no age restrictions to get covered in group health insurance, Employees and his dependants are covered until they are part of the organisation
Employees get immediate cover without any waiting period for specific disease and pre existing medical conditions depending in the group health plan opted
Group health insurance policy for employees streamlines claims making it easy and hassle free
Get access to Health Assistance Services that assists with health-related queries along with unlimited General Physician consultations
Proud partners with Bimasure for seamless experiences. Your health, our commitment.
Explore your employee's well-being with comprehensive coverage – from medical consultations to wellness programs, we've got your squad covered. Explore list of details which will not be included under Group Health Plan
Benefit from coverage after specific waiting periods:
| Waiting Period | Duration |
|---|---|
| Initial Waiting Period | 30 - 60 days |
| Pre existing Disease & Specific Disease waiting period | These waiting period and the ailments vary from insurer to insurer |
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Yes, The Group Health Insurance policy covers medical expenses related to Covid-19.
It is advisable to get a group health insurance policy for your employees as soon as your business starts hiring staff. This ensures that employees have access to health coverage from the beginning of their employment.
Yes, Group Health Insurance policies are designed to cater to businesses of various sizes, including those with a smaller workforce.
The policy typically covers employees of the organisation. Additionally, some policies allow the inclusion of family members of employees.
You can contact Bimasure to discuss your business requirements and get assistance in choosing a suitable Group Health Insurance plan for your small business.
Yes, individuals can have both corporate health insurance through their employer and an individual health insurance policy for additional coverage.
Limitations may vary, but common limitations include waiting periods for certain coverages, restrictions on pre-existing conditions, and specific exclusions related to certain treatments or conditions. It’s crucial to carefully review the policy terms and conditions.
Group Health Insurance is provided to a group of individuals under a single policy, often by an employer to its employees. Individual Health Insurance is purchased by an individual for personal coverage.
Employers should consider factors such as coverage options, network hospitals, claim settlement process, premium costs, and additional benefits when purchasing Group Health Insurance. A comprehensive policy that suits the needs of employees is essential.
Group Health Insurance helps in providing financial security to employees by covering medical expenses. It enhances employee satisfaction, aids in talent retention, and contributes to a healthy and productive work environment.
The requirement for employers to provide health insurance to employees may vary based on local regulations. It’s advisable to check the applicable laws in your region.
The possibility of transferring a policy without losing benefits depends on the terms and conditions of the insurance providers involved. It’s recommended to consult with both providers and understand the transfer process thoroughly.
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