10 Things You Should Know About Group Health Insurance Policy

10 Interesting Facts About a Group Medical Insurance Policy

A group health insurance plan is a part of employee benefits scheme provided by employers to their employees. It offers extensive protections and financial benefits to the employees and their immediate family plans under a single policy. It is a form of investment to support the employees during their tough times.

Here are some interesting facts about group medical insurance that you should be aware of-

1. Extensive Coverage for All

   Group insurance is a type of employee benefit scheme that offers coverage to a group of employees during medical emergencies. The premium for the group medical insurance is decided and paid by the organisation on the behalf of employees. Moreover, the organisation can customise a plan or select a pre-designed exclusive policy from the insurer that will be the same for all.

2. No Waiting Period

   Do you know your individual health insurance policy has a waiting period? During this period, you have to wait for some days mentioned in the policy before you can file a claim for diseases. But in group insurance, employees do not have to wait for the policy issuance as all the pre-existing diseases are covered from day one.

3. Applicability

   An employee's healthcare insurance provided by the organisation continues to apply for the period you are associated with the organisation. The policy tends to cancel when you exist or leave the organisation. Moreover, you have an option to convert your group insurance into an individual plan. However, the premium to be paid would be comparatively higher than the GHI.

4. Cover for Immediate Family Members

   A group medical insurance policy for employees gives an option to add family members to the cover. You can widen the coverage by adding your immediate family members like spouse, dependent children, and parents. However, the premium will rise as you add members to the plan.

5. Maternity and New-born Baby Cover

   A group health insurance gives an advantage to female employees by covering maternity-related expenditures and medical treatment. Furthermore, the new-born baby is covered under this for up to 90 days.

6. Cashless Hospitals Facility

   All the top GHI companies in India have tie-ups with the hospitals to give you a seamless experience during the claim settlement. These hospitals are referred to as network hospitals, and here the bills are smoothly settled between the insurance company and the hospital management. Therefore, you do not need to worry about hospitalisation during any medical emergency.

7. OPD Coverage

   Generally, a group medical insurance plan offers you Outpatient (OPD) treatment. The treatment in a hospital or a day-care facility without being hospitalised is covered. Make sure you read the policy wordings and terms & conditions before applying for the compensation.

8. Flexibility

   In the case of a group health insurance policy, a company chooses a plan that works best for the whole group of individuals. It means an employee cannot select a plan and its benefits individually. However, if you choose to buy an individual health plan, you have options to add or remove any feature. Moreover, you cannot discontinue one plan and switch to another insurer in the case of a group insurance online policy.

9. Preventive Healthcare and Other Benefits

   Group health insurance companies offer plans which include preventive healthcare initiatives to maintain a healthy lifestyle. For example, the Get Visit app by Policybazaar.com offers an easy claim filing process in 5 minutes, 24x7 claims support on WhatsApp, health risk assessment, fitness rewards, a fitness tracker, fitness & yoga workshops.

   Also, you get discounted OPD consultation & laboratory tests, unlimited online doctor consultation, digital mental wellness programs, personalised meditation & mindfulness podcasts, full-body check-up plans at your doorstep, dental expenses, and vision care membership plans.

10. No Claim Bonus

    Unlike an individual health plan, a group insurance online policy does not offer NCB benefits. In an individual health plan, if you do not raise a single claim in the past years during the policy term, it will give you added benefits in the form of a discount on the applicable premium at the time of renewal. However, in GHI, the premium is to be paid by the employer on the behalf of employees. So, employees do not need to worry about the NCB.

Final Thoughts

A group medical insurance is a comprehensive health benefit offered by companies to their employees to help them during medical emergencies. Therefore, as an employer, you should offer a plan that gives extra benefits to your employees and act as financial support during their tough times.