Here are some of the benefits of a group health insurance policy

According to experts, for an employer, it is comparatively easier to get a group health insurance policy as they buy it in bulk for their employees. “Group health benefits for a large number of people also end up covering many things at once. It is beneficial for employers to cover their employees as it creates a protective environment. Co-founder of insurtech firm, PazCare and Chief Executive Officer (CEO) Sanchit Malik said, “Employees will have one less thing to worry about and they will start engaging well with their workplace/ employers.”

There are significant differences between retail health and group health cover about which individuals should know.

Firstly, in case of retail health cover, the insurance contract is signed with the policyholder, whereas in case of group health cover, the employer owns the insurance contract with the insurer. The employer then issues the certificate to the company’s employees.

Second, the insured can cancel the retail health cover. On the other hand, the employer can revoke the group health policy for its employees.

Third, buying a retail health policy comes with a waiting period for pre-existing diseases, whereas group health policy covers do not have this restriction.

Fourth, all retail health policies become more expensive with age. Whereas in case of group cover, policies do not get more expensive with the age of the employee.

Fifth, you must renew your retail health policy every year to keep it active. In contrast, the employment period does not affect the insurance period coverage for employees. You are covered as long as you are part of the company.

Additionally, a group health policy provides significant benefits to employees. This coverage protects the policyholder (employee) as well as the family members. Here are some of the major benefits.

comprehensive coverage: Some group health insurance policies may cover boarding costs in addition to anesthetist, surgeon and consultation fees. “Other expenses covered include oxygen, anesthesia and diagnostic materials as well as dialysis and X-rays. The policy also includes coverage for domestic hospitalization. In addition, maternity related expenses are covered,” said Mayank Kale, CEO and founder, Loop Health, a group health insurance agency.

Regular Health Checkup: Employers can conduct regular health check-ups for their employees. Employees can also start their own treatment or medication as and when required.

“Regular check-ups will help employees to tweak their routine and know what is working for them and what is not. And since the employers will insure the entire company, the group health insurance policy will be cost-effective and affordable for all,” Malik said.

easily available: Existing group health policies allow new recruits to be easily insured, as well as benefit the employer and employee. What’s more, additional policies can be added or removed as per the requirement of the employee. One can modify the plans to suit the different needs of each individual and their family members.

Hassle Free Claim Process: The claims are settled quickly without any middleman as the employee only needs to approach his employer with the required bills and documents. The time saved from these formalities can be significant at many points, with comprehensive group health insurance being a better option than individual insurance cover. The insurance policy also covers minor surgeries like ambulance cost, eye surgery, dental cover etc.