The concept of Group Health Insurance works to provide financial stability and maintain stress-free life of family members of insured group members in case of critical illness of insured. Group health insurance is one of the common insurance plans in which the insurance company provides Health insurance is a financial tool that provides financial coverage for medical expenses. A health insurance policy is a contract between the insurance company and an individual. The individual pays a premium to the insurer and the insurer offers financial protection against healthcare expenses to the individual in return. Health coverage and medical benefits to the insured taken insurance in a group. The detailed features and advantages of group health insurance for employees are discussed below.
Group Health Insurance
Group Health Insurance is a type of Health Insurance plan that offers an affordable premium amount with flexibility to secure the health of members in a group. Group health insurance for employees provides wide coverage of health expenses along with comprehensive coverage among people with similar traits based on age group, income status, gender, departments, etc. Group health insurance for employees provides health benefits and medical coverage that promote healthy workforce management and improve employment relationships.
Features of Group Health Insurance
Simple and Smooth
Group Health Insurance is a simple and cost-effective health plan that provides group medical claims for insured members within affordable premium rates by the policyholder (the employer). The group health insurance for employees is simple to buy with a smooth process the extensible space allows numerous members to get the health and medical benefits within less time with more advantages. Group health insurance for employees is smooth to provide health coverage within minutes.
Customisation
Group Health Insurance provides a customisation option in which the type of health benefits, duration of policy and other aspects can be personalised based on member’s needs. However, The customisation of Group health insurance is only available if the insurance company includes the option of restore/top-up benefits in the policy features at the time of purchasing.
No waiting period
One of the main concerns associated with health insurance policies is the long waiting period and clients also need to wait for approximately 3-4 years before claiming coverage. However, most group Health Insurance policies provide coverage from day one of the policy for pre-existing and sudden diseases with no waiting period. Group health insurance for employees does not require a
pre-health examination to claim insurance benefits.
Complete medical coverage
Group Health Insurance offers efficient benefits and smooth coverage (i.e., hassle-free claim process of medical cost and health related expenses providing) that financially protects the family members or beneficiaries of the insured. Group health insurance for employees is a great health insurance plan because it provides medical coverage not only for the insured but for family members and dependents with pre and post-hospitalisation expenses.
Hassle-free claims
Group Health Insurance is popular for efficient health benefits and smooth procedures to claim coverage. The members of group health insurance for employees can get hassle-free claims with 24*7 accessibility in which TPAs settle the claim and HRs manage it by directly contacting with HR manager of the organization who helps in coordinating and settling the claims simply and quickly.
How Group Health Insurance empowers employees
Group health insurance empowers employees of an organisation by making them feel valuable to the organisation as the insurance plan prioritizes the health of employees and their family members. GHI is a valuable tool that ensures employees feel safe and valuable in the organisation and engages the HR within the working environment more keenly. It helps organisations to attract and retain the best talent based on morality and ethical behaviour.
Advantages of Group Health Insurance for Employees
Tax benefits– Group health insurance for employees is a cost-effective insurance plan sponsored by employers because it requires a low premium rate and it provides tax benefits under section 80C of the Income Tax Act.
Comprehensive coverage and benefits– Group health insurance for employees provides comprehensive coverage that includes in-patient treatments, cost of prescribed drugs, Diagnostic tests, pre and post-hospitalisation expenses along with preventive healthcare services.
Simplified Administrative Processes– Managing financial security and prioritising the health of individuals is efficient with simplified administrative processes of Group Health Insurance for employees. Insured members can manage the insurance plan using online portals or even mobile applications.
Preventive Healthcare and Wellness Initiatives– Group Health Insurance for employees encourages preventive Healthcare initiative that promotes continuous balance of employees helping them to choose healthier lifestyles and prevent illness.
Employee retention and satisfaction– Providing group health insurance for employees within organisations creates a positive and ethical image of businesses among existing and potential employees leading to great employment satisfaction that helps HR management attract and retain the best talent in the business.
Conclusion
Group health insurance for employees is beneficial for insured members as well as for business organizations. Group Health Insurance provides broad health and death benefits along with comprehensive coverage. Group Health Insurance for employees helps organisations to create and maintain healthy employment relationships. Group health insurance plans are cost-effective and provide great benefits for the insured as well as for family members or beneficiaries.
