Group health insurance is a type of health insurance aimed at offering consolidated coverage options for an entire group. Just like health insurance covers expenses from accidents, illnesses, and health issues for the policyholder and covered individuals, this type of policy is typically employer-sponsored and offered at a discounted rate compared to purchasing individual policies for each member.
Although group health insurance is usually for employees, the definition for groups that can negotiate for group coverage is much wider, covering individuals with common goals, such as a travel group or an association, as long as it is not just to get insurance at a cheaper rate.
Importance of group health insurance for employees
By offering comprehensive coverage under group health insurance, employers can ensure a healthy and productive work environment by providing comprehensive coverage under group health insurance. Not only is insurance one of the top factors in attracting and retaining talent, but it is also an excellent investment in the well-being of those most critical to your company: your employees.
By offering insurance, you can provide financial protection to employees from unexpected medical risks and protect them from significant out-of-pocket expenses.
Coverage options under group health insurance
Coverage options for group plans are interesting as these are technically the same policies offered to individuals, meaning all those coverages also apply to group policies. However, in addition to that, these policies are highly customisable, meaning that if you wish to offer certain coverages that are not a part of the core plan, it is possible to negotiate and add them.
Here is a list of some of the coverages offered under group plans depending on the policy opted for:
- Basic health insurance
- Pre-existing disease coverage
- Maternity coverage
- Coverage for immediate family and parents
- Preventative care coverage
- Wellness options
- Live healthy benefits
How do you select the right group health insurance policy for employees?
When selecting a group health insurance policy for your employees, it might be essential to get employers and employees together and discuss their specific needs, whether they have any special needs, whether they want coverage for their parents, or whether they have any pre-existing diseases. Once that is taken care of, start looking for an insurance provider, check their brochures and product pamphlets, check the policies, and assess their offer.Â
It is imperative to check waiting periods, co-pay clauses, deductibles, etc., and compare it with other insurers. Once you have decided which insurer and policy you consider suitable for your company, purchase it.
If you are wondering which insurance providers to approach, consider Niva Bupa. We have gotten our policy from them; they have been super helpful. Their policies were all top-notch, and their product education was very helpful with the claims process and understanding what was covered and what was not. They also offer coverage for parents and pre-existing disease coverage, a must-have for our employees. Â
Conclusion
As India embraces the concept of universal healthcare, this dream is being made possible with group insurance for employees. Following the pandemic, the government mandated companies to offer insurance to their employees to achieve this dream. This directive has greatly benefited all, especially when health risks are rising, and treatment costs are ballooning.Â
Thankfully, with the right insurance, we and our employees can live their lives confidently and with peace of mind. So insure your employees today and ensure a safe and positive work environment for everyone.
