eHealth insurance is a must-have tool of financial aid that every individual must possess. The majority of the individuals are aware of personal and family health insurance plans but haven’t heard about the group health insurance policy. The plans offered by Bajaj health insurance, Acko, and Aditya Birla health insurances are well rewarding and has extended coverage compared to other in India. To help you know more about Group health insurance policies, here are some of the interesting facts you may not know about it. Keep reading to know more!
What is a group health insurance policy?
The group health insurance is also called “Employer-base coverage.” Usually, these insurances are procure by corporates or businesses for their employees. The cost of this group health insurance is comparatively lower than the individual or family health insurance plans as the numbers are large. One of the most interesting benefits of this insurance plan is that it starts covering pre-existing diseases from day one when the employee joins the organization. Some of the best group health insurance is offered by Bajaj health insurance, Acko, etc. This insurance also covers the medical needs of the employee and their family on the whole.
1. Extensive Coverage for All
Group health insurance is a benefit plan that provides medical coverage to a group of employees. The organization pays for the premium on behalf of the employees and can either customize a plan or choose a pre-designed policy that applies to all employees.
2. No Waiting Period
Are you aware that your personal health insurance plan includes a waiting period? This means that there is a specified number of days that must pass before you can submit a claim for certain illnesses. However, with group insurance, employees are not require to wait as pre-existing conditions are covered immediately upon policy activation.
3. Applicability
As long as you are associate with the organization, the healthcare insurance provided by the company will remain in effect. However, once you separate from the organization, the insurance policy will be cancell. Additionally, you have the option to convert your group insurance into a personal plan, but the premium cost will be higher than the group plan offered by the organization.
4. Cover for Immediate Family Members
An employee group medical insurance policy allows for the inclusion of family members in the coverage. This can be done by including immediate family members such as a spouse, dependent children, and parents. However, it should be noted that the cost of the policy will increase as more members are added to the plan.
5. Maternity and New-born Baby Cover
Having group health insurance benefits female employees by providing coverage for costs associated with maternity and medical treatment. Additionally, the insurance extends to the newborn baby for a period of up to 90 days.
6. Cashless Hospitals Facility
The leading GHI companies in India have partnerships with network hospitals to ensure a smooth claim settlement process for patients. These hospitals work closely with insurance companies such as Bajaj health insurance to efficiently settle bills, eliminating the need for patients to worry about hospitalization costs during a medical emergency.
7. OPD Coverage
It is typical for a group medical insurance plan to include coverage for Outpatient (OPD) treatment, which involves receiving care at a hospital or day-care facility without needing to be hospitaliz. It is important to carefully review the policy wording and terms & conditions before seeking compensation.
8. Flexibility
When a company opts for a group health insurance policy, the plan and its benefits are chosen for the entire group of individuals and cannot be selected individually by employees. On the other hand, with an individual health plan, the option to customize and add or remove features is available. Additionally, switching to a different insurer is not an option for those enrolled in a group insurance online policy.
9. Preventive Healthcare and Other Benefits
Health insurance providers that cater to groups offer packages that include programs for promoting healthy habits. Additionally, these plans offer reduced rates for outpatient consultations and lab tests, as well as access to online medical consultations, digital mental health resources, personalized meditation and mindfulness audio guides, in-home full body check-ups, coverage for dental expenses, and vision care membership options.
10. No Claim Bonus
Unlike a personal health plan, group health insurance online policies do not provide NCB (No Claim Bonus) benefits. In a personal health plan, if you do not make any claims during the policy term, you will receive added benefits in the form of a discount on your premium when it’s time to renew. However, with group insurance, the employer pays the premium on behalf of the employees, so they do not need to worry about receiving NCB benefits.
