To deal with the increasing health-related problems & their rising costs, there are many different types of Health Insurance. One of its types is the Group Health Insurance Plan, which is also known as the “Corporate Health Plan”, which includes pre & post-hospitalization expenses, pre-existing diseases, etc. It is a type of health insurance that provides coverage to all employees & their family members, such as spouses, children, parents, etc.
It is a comprehensive health insurance plan, where an employer provides their group of employees with financial protection & well-being by covering medical expenses, surgery expenses, hospitalisation, & even post-hospitalization expenses. It helps employees deal with unexpected medical costs without hampering their mental peace & productivity.
Inclusions
- Room rent expenses, ICU charges, doctor’s fees, etc.,in the event of planned or emergency hospitalisation, & a maximum of up to the sum insured.
- There is no waiting period here for the Group Insurance policy.
- Advanced medical care, along with coverage for treatments.
- Ambulance charges.
- Consultation fees of a doctor, diagnostic tests, or medication 30 days before admission up to 60 days post-hospital discharge.
- The cost incurred in case of any pre-existing illnesses.
- Maternity coverage is included in group health insurance, with a maximum of up to INR 50,000 in the case of both Normal &C-sections with no waiting period.
- Room rent charges are limited to a maximum of 1% of the sum insured per day.
- The baby gets covered automatically from birth.
Exclusions
- Injuries as a result of suicide or attempted suicide.
- A treatment or hospitalisation due to a contraception procedure.
- Expenses occurring due to alcohol or drug abuse
- Miscarriage, abortion or any consequential treatment is not covered
- Infertility or IVF-related tests or treatment
- Expenses incurred on admissions related to diagnostic & evaluation purposes
- Circumcision, unless mandatorily required for the treatment of disease
- Committing or attempting breach of law with criminal intent
How to Apply for a Group Health Insurance Plan?
The two modes available to apply for a Group Health Insurance Plan are as provided below:
-
Online Mode
Step 1: Visit the insurance provider’s website.
Step 2: Open the online application form.
Step 3: Fill out the application form with all the details required of the insured, like name, age, gender, date of birth, address, etc.
Step 4: Click the tab “Get Quote”.
Step 5: Provide the OTP received on your registered mobile number.
Step 6: From the list of health insurance plans available, choose the desired health plan & click the tab “Buy Now”.
Step 7: Check the personal details auto-filled by the system & click the option “Next”.
Step 8: Provide the address-related details along with the nominee details.
Step 9: Fill out the details related to health & lifestyle & click the tab “Next”.
Step 10: After verifying the correction of filled-in details, click the tab “Proceed” to make payment.
Step 11: The payment towards the purchase of the group health insurance plan can be made through UPI, debit or credit card.
-
Offline Mode
Step 1: To enquire about the group health insurance plan, one can reach out to the health insurance provider company by calling customer care or sending an e-mail.
Step 2: To know the different plans available & check the best-suited option by discussing it with the insurance executive & scheduling an appointment.
Step 3: Fill out the hard copy of the form with the details required of all the employees.
Step 4: You can also customise the health insurance plan according to the requirements that best suit you by coordinating with the insurance executive.
Step 5: Check properly the insurance proposal by reviewing the premium amount, coverage details, terms & conditions of the plan, etc.
Step 6: Get your queries resolved with the insurance representative.
Step 7: Proceed to buy the plan if you are satisfied & all queries are resolved by making the payment towards the plan.
Step 8: You will receive the policy documents either physically or via e-mail once the payment is processed.
Benefits of Group Health Plan for Employees
Provided below are the benefits of Group Health Insurance for employees:
- Booking Lab tests
Employees can book lab tests at discounted rates, ensuring timely monitoring, early detection, & timely treatment of any illness.
- Timely Consultations
Employees can get timely consultation & advice from doctors & nutritionists, which allows them to manage their health in a more effective manner. Also, it allows them to seek professional advice & support.
- Maternity Benefits with Zero Waiting Period
This health plan provides female staff maternity benefits with no waiting period, enabling immediate financial support.
- Ordering Medicines
Order medicines at discounted rates promptly due to the insurer’s network, hence saving time.
- Coverage for Dependents
This plan covers the dependents of the employees, hence providing them with comprehensive benefits.
Benefits of Group Health Plan for Employers
Provided are the benefits of Group Health insurance for employers:
- Customisable Policies
These policies are customisable according to the budget & requirements of the employees, helping achieve necessary benefits at no added costs.
- Lower Premiums
As risk is spread amongst all employees, the premium amount becomes lower comparatively, making them the most affordable ones.
- People-First Approach
The people-first approach helps create a supportive work environment, hence increasing productivity & job satisfaction.
- Value & Satisfaction to Employees
It helps attract & retain employees, hence improving satisfaction amongst employees & reducing turnover.
- Financial Well-Being
It provides financial well-being to the employees, hence helping them meet medical emergencies & providing mental peace.
- Taxation Benefits
Employers can claim taxation benefits against the premium paid for the health insurance taken for employees as a business expense. Also, the expenses incurred to buy the group health plan are eligible for taxation benefits under Section 80C.
Conclusion
Organisations should consider buying a group health insurance policy to provide health-related benefits to their employees, further enhancing retention & employee satisfaction. Buying a group health plan for employees ensures their financial safety against medical expenses, further promoting a productive environment.
Leave a Comment