How Is Group Health Insurance Policy Beneficial?
As the cost of medical bills continues to soar every year, it is important to opt for a medical insurance policy that can help you at the time of any medical emergency. A health insurance policy can help you save a lot of money when you fall ill and require hospitalization.
What is group health insurance?
Group health insurance policy is a part of a large number of health insurance policies that are purchased by companies for their employees. The benefits offered in the group health policy are equal for all. This group policy generally not only covers the employees but also protects the employees' family members. It depends on the type of policy the employer offers. Some group health insurance policies allow the employees to customize the benefits by paying an additional premium.
What are the advantages of a group health insurance policy?
Help reduce attrition –
With so many companies offering so many perks, employees switch jobs easily. This also affects the company's overall performance as the attrition rate remains high. Offering employees benefits like insurance keeps them happy and helps employers win employee loyalty.
Tax Benefit –
Employees get tax benefits for availing health insurance.
The motivation for employees –
Health insurance policies have become expensive nowadays. Therefore, some of the low-wage workers may find it difficult to afford health insurance. If the employers offer them health insurance, it will not only make them feel safe in the working premises but also make them feel valued as an employee and they will put their best efforts at work.
Pre-existing diseases –
A group health insurance policy covers pre-existing diseases; this makes it easier for everyone to get a policy without any tests being done.
Maternity coverage –
Most group health insurance plans offer maternity coverage for both normal deliveries and C-sections. Apart from that, they also cover the new-born babies for up to 90 days.
What are the features of group health insurance plans?
- These policies not only cover the employees but also cover their spouses, children and dependent parents.
- These policies usually cover maternity as well as pre-existing diseases.
- These policies also offer cashless services at partner hospitals.
- They cover for ambulance charges too.
- Some of them even reimburse for doctor visits and follow up check-ups.
What are the exclusions of a group health policy?
Although a group health policy covers several diseases, the following are treated as exceptions:
- Some policies do not extend coverage to the employees' parents.
- Except for allopathy, generally, no other form of treatment is accepted. For example, alternative healing like Ayurveda or Homeopathy is not covered under a group health insurance policy.
- A group insurance policy is only valid until the employment period of the insured.
- Complications that arise due to drug or alcohol abuse are not covered.
What are some of the documents needed to make a claim?
- Claim form signed by the doctor.
- Investigation and medical report.
- The final bill including all the break-up details.
- Discharge summary.
- Cash memos.
A group health insurance policy is beneficial for both the employees and employers. While it reduces the financial burden of employees and covers treatment costs, employers enjoy the loyalty of the employees. Make sure that you read the policy documents carefully and get the maximum benefit from the policy.