Top 5 Healthcare Benefits in Group Health Insurance

Employer-sponsored benefits are a key marker of any organisation. Paid time off, good office facilities and health-related benefits are among the most desirable perks according to most employees. Group Health Insurance is one of the best health benefits any company can offer to their employees, here's why.

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*Premium starting from ₹110/Employee/Month for ₹1 Lac Sum Insured covering Health & Wellness Needs (excluding GST)
#Premium may vary on the basis of coverage type & add-ons
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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Disclaimer: The above plans and premiums are for 1 Lakh sum per life per month covering Health and Wellness needs of 7 Employees, 5 Spouse & 2 Kids below 35 years of age. The premium is inclusive of GST and do not cover PEDs & Maternity. Standard T&C Apply PolicyBazaar does not rate, endorse or recommend any particular insurer or insurance product offered by the insurer.

Group Health Insurance: Quick Look

Unlike individual plans, group health insurance policy has key differences when it comes to coverage, premium amount, duration and benefits. Take a look to understand the key features of group insurance:

Category Specification
Also Known As Corporate Health Insurance Policy
Eligibility All employees aged 18 years - 70 years
Beneficiary Employee, can also cover Spouse, Children & Parents
Key Benefits Medical coverage including maternity & newborn baby coverage, OPD coverage, daycare expenses, cashless hospitalisation, ambulance charges, pre-existing diseases, diagnostic charges & more
Waiting Period None
Premium Cost Affordable premium, usually paid by company

*The exact features vary from insurer to insurer.

Five Healthcare Perks Only Available in a Group Health Insurance Policy

Group insurance covers a formal group and is extended to those directly or indirectly related to that organisation. Other than the standard benefits of a regular health insurance plan, group insurance has some unique benefits. Take a look at some of the best healthcare benefits in a group health insurance policy:

Healthcare Perks in Group Health Insurance

  1. No Waiting Period

    Probably the best among various healthcare benefits in a group insurance policy, certain diseases come with a pre-decided waiting period. Almost every individual or family health insurance plan comes with a waiting period ranging from 30 days to 2 years.

    No Waiting Period in Group Health Insurance

    No waiting period is a unique healthcare benefit under a group health insurance policy that employees can avail themselves of from their very first day at job. All the diseases listed under that group insurance will be covered from day 1 of their employment.

  2. No Pre-Medical Check-up Required

    Most individual plans require a pre-policy medical check-up before underwriting. However, healthcare benefits under group health insurance policy include coverage for all employees without any prior medical check-up. They can avail of coverage benefits from the first day of work.

  3. Covers Critical Illness & Past Illness

    Generally, an individual health plan won't cover underlying diseases or pre-existing illnesses. People with PED require special plans or optional coverage to cover prior medical conditions. Usually, there is no limit on the number or type of diseases as long as it’s according to the policy terms.

    Under group health insurance, these past illnesses are covered as well. In fact, employees' ageing parents can also benefit from this group health cover and can instantly avail various healthcare benefits under group health insurance policy. This can include issues like hernia, knee replacement, cataract etc.

  4. Offers Maternity & Post-Natal Coverage

    As stated before, there is no waiting period in group health insurance. This also holds true for maternity benefits and the consequent post-natal benefits for the new-born baby.

    In most individual policies, the person may need to wait a certain time (generally 2 years) before being eligible for the maternity benefits. What's more, several corporate health insurance plans also offer coverage for congenital diseases.

  5. No Need for Co-payment

    Many group insurance plans come with a no co-payment clause. This means that the employee won't need to pay anything out of their pocket and the insurer will bear all the burden of medical expenses as per the policy terms.

    Unlike individual health insurance plans where co-pay is standard for the elderly or people with pre-existing diseases, you can avail of the no co-pay benefit in group health insurance policy.

Wrapping it Up,

With so many unique benefits, group insurance helps both the employer and the employees. From tax benefits to employee retention, it offers significant medical coverage as long as the employee is with the organisation.

Employers can always find additional healthcare benefits under group insurance policy depending on the kind of plan they want to go for, depending on their employees’ requirements. As an employer, you will find plenty of group insurance plans to cover your employees, so make sure to compare them on to find the most suitable plan!

Written By: PolicyBazaar - Updated: 01 August 2022
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