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Health Insurance is gaining popularity among the Indian population because it provides financial security and ensures a stress-free life for family members in case of critical illness of family earner and covers hospitalisation and medical expenses. There are several types of insurance policies for individuals and groups and their benefits usually varying in accordance to the specific policy. Group Health Insurance is one such policy that is becoming consistently popular among Indians as it is very supportive during inflating medical costs and getting easy access to quality Healthcare. The benefits of Group Health Insurance, coverage, range and importance are discussed below.
Meaning of Group Health Insurance
Group Health Insurance also known as group medical claim policy and group medical cover is a type of insurance policy that offers life coverage for a group of members in a single plan that comprises members or the employees of a company. Group Health Insurance plan offers a low rate of premium and helps in claiming completed the insurance benefits among policyholders smoothly. Group Health Insurance is a flexible insurance plan that provides health benefits for group members aged 18-60 years. Some Group Health Insurance providers also offer an extended age range for the group eligible for insurance like 18-80 years. Group Health Insurance provides benefits among insureds within the similar age group, occupation, gender and socio-economic status.
Benefits of Group Health Insurance
The multiple benefits of taking a Group Health Insurance are as follows-
Pre-existing disease coverage– Group Health Insurance offers pre-existing disease coverage that prioritises employee or group member’s health over work. Group Health Insurance provides health benefits for employees with existing diseases without concerning waiting periods considering the nature of work and industry of the insured group.
Comprehensive coverage– the comprehensive coverage benefits of Group Health Insurance help insureds to enjoy health benefits without concern and inconvenience related to medical treatment such as hospitalisation and consultation fees. The comprehensive coverage includes the medical expenses of insured group members such as domiciliary hospitalisation, emergency ambulance, inpatient care, cashless claim, pre-existing conditions and cost of health checkup without pre-medical examination at the time of policy commencement.
Family coverage– Group Health Insurance also offers health benefits for the families of insured group members. The family coverage of Group Health Insurance includes maternity coverage, hospitalisation expenses, free annual medical tests, and critical illness coverage for family members included in the policy at the time of commencement.
Better employment relationships– Group Health Insurance is more popular in organisations where the healthcare and well-bieng is given value. value and priority given by employers to the health of its employees. Group Health Insurance as part of employment benefit in business organisations helps them to improve employee retention by offering benefits of health coverage and cost-effectiveness.
What is covered in Group Health Insurance?
Group Health Insurance provides broad coverage benefits that include medical expenses, hospitalisation expenses, maternity expenses, death benefits, etc. Group Health Insurance provides financial support for medical expenses related to pre-existing or later-developed illnesses or diseases, accidents, etc. Group medical insurance also covers after discharge from the hospital supporting a better recovery phase for the insured. However, the range of benefits is highly dependent on the type of group insurance, duration of the plan, cost of the policy, etc. Along with mentioned benefits, Group Health Insurance also provides coverage without a waiting period, unlike other insurance plans.
What is not covered in Group Health Insurance
Group Health Insurance is a great health insurance policy that provides valuable protection among insured members for important elements. However, it is essential to learn several elements that are not covered in Group Health Insurance such as cosmetic and aesthetic treatments, injuries related to suicidal attempts, dental treatments, addiction treatment, outpatient expenses, normal childbirth and routine pregnancy expenses, etc. However, some of the mentioned elements get covered in Group Health Insurance plan based on determined policies and in exceptional cases.
Reasons to buy Group Health Insurance
- Group Health Insurance provides tax benefits which reduce the liability of a policyholder by reducing taxable income
- It is one of the most affordable and cost-effective types of insurance that provides comprehensive benefits with reasonable premiums
- It provides a cashless hospital experience along with health coverage and after-discharge benefits for effective recovery
- Organisations which include Group Health Insurance in their employment policies improve talent attraction and retention with more committed performance
- It provides coverage from day one of a policy commitment and also offers coverage benefits for family members of the insured
Conclusion
Group Health Insurance is growing increasingly popular among Indians since it helps to cover rising medical costs and provides simple access to quality healthcare. Group Health Insurance, as part of a business’s employment policy, serves to promote employee retention by providing health coverage benefits at a low cost.
