What is Group Health Insurance?
Group Health Insurance (or Group Mediclaim) provides healthcare coverage to a group of people belonging to a common community (typically as employees of a company). Group Health Insurance plans are generally uniform in nature, offering the same benefits to all employees or members of the group. However, the biggest advantage of Group Health Insurance is that it can be customized to meet unique needs of the company.
A group health insurance policy offers several other benefits employees cannot get to avail of on an individual basis. These benefits include coverage for pre-existing diseases. In case of a group health insurance policy, an individual does not have to wait for specific diseases to be covered (i.e. there is no waiting period), including maternity coverage. A customized insurance coverage can be enjoyed only with the group medical insurance scheme, making the employees feel more secure when it comes to health.
Most of the companies provide Group Health Insurance as a part of their Employee Welfare program. Every company, however, opts for a plan that is customized, based on their requirements.