GROUP INSURANCE FOR CORPORATE AND INDUSTRIES

Group health insurance plans for corporates cover the cost of medical expenses incurred by an organisation for one or more members of a group of their employees. Corporate health plans are often offered as an employee benefit as the company pays the premium. Some organisations extend the coverage of a group health insurance policy to the family members of their employees. Such insurance plans are also referred to as "employee health insurance policies."

 

 

The premium payable towards a group health insurance policy is much less compared to that payable for an individual health insurance plan. Furthermore, benefits to employers include tax reductions. As such, group health insurance plans are beneficial for both employees and employers.

Most health insurance providers offer comprehensive employee health insurance that covers medical expenses related to the treatment of illnesses and diseases of the employees of an organisation. Besides, a group cover specific to COVID-19 ensures protection for employees during the ongoing pandemic.

Why Corporates Should Protect Their Employees' Health

Organisations that buy corporate group health insurance to protect their employees derive the following benefits:

Boosts Employee Retention – People value their jobs as they give them a sense of financial security. A group health insurance plan further boosts the sense of security as their medical expenses are covered. This gives them the feeling that the organisation cares about them, and they will remain loyal to the company.

 

 

 

 

Motivates Employees – When employees are happy, they become more productive and organisations become successful. The feeling of financial security motivates them to put in their best efforts to help their company achieve its goals.

Protects Employees Against Severe Health Conditions – In India, more than 61 percent of total hospitalizations are due to lifestyle diseases. Corporates that safeguard their employees against lifestyle illnesses and diseases, among others, often achieve higher levels of productivity. This is because early diagnosis ensures better treatment outcomes.

Enhances the Mental Wellbeing of Employees – Financial pressures and other personal issues often cause a great deal of stress to many employees and impact their productivity levels. Corporate medical insurance plans serve to not only protect their savings but also contribute to enhancing the feeling of overall mental wellbeing.

Finally, group health insurance that also safeguards employees against specific coronavirus infection during the ongoing pandemic when the economy is suffering and pay cuts are rampant across sectors makes them feel more secure.

Group Health Insurance – What Is Covered?

Hospitalization due to Accidents

Employees and their dependents who are involved in an accident are covered for all pre- and post-hospitalization expenses, such as ambulance fees, diagnosis, room rent, daycare procedures, and so on.

Hospitalization due to COVID-19

Employees and their family members who test positive for the coronavirus infection can be protected against hospitalization expenses via group health insurance.

Hospitalization due to Illnesses

Hospitalization may be required to treat an illness. Medical expenses of employees or their dependents who are hospitalised to get their illnesses treated are covered.

Daily Cash Cover during Hospitalization

In the event an employee or dependent is hospitalised, the coverage goes beyond the reimbursement of the hospital bill. The daily cash cover benefit helps them meet other day-to-day expenses.

Psychiatric Treatment Benefit

Group corporate health plans also cover an organisation’s employees for psychiatry-related treatments. This is because physical health and mental health are equally important.

Critical Illness Cover

Benefits offered by corporate health insurance plans include critical illness cover for employees and their dependents who are diagnosed with a critical illness.

Maternity Benefit and Newborn Baby Cover

Organisations with young working professionals can opt for this cover to safeguard employees against child delivery expenses. It also helps cover expenses related to infertility treatment and medically necessary terminations.

Other Benefits

Some health insurers offer plans that cover expenses related to AYUSH treatment, organ donation, and bariatric surgeries, among others.

FAQs - Frequently Asked Questions

Q1. When should I opt for a corporate mediclaim policy for my employees?

Typically, you should provide your employees with at least basic group health insurance. If you have a minimum of 10 employees in your organisation, then you should consider buying a group health insurance policy to protect them. In the current scenario, it is a good idea to add the coronavirus cover so that the interests of your employees are taken care of.

Q2. Who is covered under a group health policy?

Group health insurance covers all employees who are 18 years of age or older but below 70 years of age. Furthermore, the employees can add their spouses and up to three children between 3 months and 25 years of age.

Q3. What is the waiting period for corporate health insurance?

When it comes to group corporate health insurance plans, it is usually 30 to 90 days however it depends on the insurance company and its specified terms and conditions and it can also be waived off since you are covered under a group corporate health plan.