How to Add or Delete Employees in Group Health Insurance?

A corporate health insurance policy, more commonly known as a group health insurance policy, is a type of employee benefit purchased by the employer on behalf of the employees. The employer often extends the group health benefit to the dependents of the employee, making it an even more lucrative proposition. With new employees rotating (new ones joining the company and a few leaving), updating the employee details in the group health insurance plan is essential.

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Addition and Deletion of Employee in Group Health Insurance

A group health insurance is provided to the employee when joining the organization. The employee receives coverage from day one of his time on the job. It is to be noted that the insurer has no limit (maximum number of times) in terms of changing the employee list. That means the employer can add or delete the names and details of the employees multiple times throughout the year.

But have you ever wondered how he is covered on an immediate basis? To understand this, we need to understand the function of a ‘cash deposit account’.

Maintaining Cash Deposit Account

The cash deposit account is just like a regular bank account, but for the purpose of group health insurance, it is maintained by the insurance provider for the company. A cash deposit account, unlike a banking account, is non-interest-bearing. That is, the employer does not receive any interest on the amount lying in the account.

The employer must deposit a minimum of 20% of the initial buffer amount in the cash deposit account. Thus, the account maintains a credit balance.

Employees Addition Process in Group Health Insurance

Mostly, a dedicated relationship manager is allotted for group health plans. Any instructions with regards to the addition or deleting of the employee data from the policy can be given to the relationship manager. Alternatively, with an online and app-based service, the employer himself can submit and track requests for any changes.

As we know, if a new employee joins the group, the insurance policy is purchased by endorsement. This endorsement document is attached to the main insurance contract and amends the policy. Once the endorsement is done, the premium amount is debited from the employer's cash deposit account. The employee is then covered for the mentioned health risks from day one of his joining.

*An endorsement in a group health insurance policy is a formal change to the original terms, allowing the policyholder (often the employer) to adjust coverage. This could involve altering limits, adding benefits, changing policy terms as well as adding or removing employees.

Employees Deletion Process in Group Health Insurance

Similarly, in case the employee leaves the company, a process to delete the employee data and record needs to be initiated. While deleting the employee from the employee list. In other terms, addition and deletion of employees is also known as group health insurance endorsement process.

Conclusion

Adding or deleting employees from group insurance plans is no longer a tedious task. Thanks to technological advancement in the insurance sector, administrative processes like these are now instant and hassle-free. A sufficiently funded cash deposit account ensures that no risk is uncovered.

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Written By: PolicyBazaar - Updated: 11 August 2023
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Policybazaar for Business - Group Health Insurance - Customer Reviews
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4.4/5
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3.8 April 09, 2023
Mansi
Excellent Support
It was easy to buy insurance from PolicyBazaar website and customer support was also amazing to clear all the doubts.Thankyou. Highly worth it.
Dehradun
4.3 April 01, 2023
Mahesh
Necessary Investment
It is a good and necessary investment. Thanks PB.
Lucknow
4.3 March 24, 2023
Surya
Provides Satisfactory Results
I purchased Group health insurance at policybazaar recently and i am so much satisfied with the plan. The application process was smooth and efficient, making the typically tedious task of getting insurance surprisingly hassle-free.Thanks PB.
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3.8 March 16, 2023
Naveen
Helpful In Making Decisions
When it came to selcting the right Group Health Insurance, Policybazaar offered an impressive range of options from reputable insurers. I appreciated the comprehensive details avalable for each policy which helped me to take the better decisions. Thankyou.
Delhi
4.3 March 15, 2023
Rajesh
Increases Clients Expectations
I recently had the pleasure of securing a Group Health Insurance policy throug PolicyBazaar and I must say the Entire process exceeded my expectations! From start to finish, their service werw great. Thankyou.
Delhi
3.8 March 02, 2023
Ravi
Great Experience
I got great deals on PolicyBazaar website. Highly recommend.
Pune
4.3 February 17, 2023
Diljeet
Excellent Purchase
It was a excellent purchase at PolicyBazaaar. Thankyou team.
Coimbatore
4.3 February 04, 2023
Satya
Prompt Services
Policybazaar's efficient claims process was impressive. In case of any medical emergencies, my employees were able to get their claims settled swiftly, allowing them to focus on their health and recovery without worrying about financial aspects.Thankyou
Chennai
4.3 January 22, 2023
Abhishek
Budget Friendly Purchase
Thankyou PolicyBazaar for providing such a great plan at affordable premium rates. It was a budget-freindly purchase.
Delhi
4.3 January 09, 2023
Abhash
Multiple Range Of Benefits
I purchased Group health Insurance which offered me plans with affordable rates Thankyou PB.
Pune