Group health insurance plans for corporates cover the cost of medical expenses incurred by an organization 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 organizations 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 organization. Besides, a group cover specific to COVID-19 ensures protection for employees during the ongoing pandemic.
Organizations 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 organization cares about them, and they will remain loyal to the company.
Motivates Employees – When employees are happy, they become more productive and organizations 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.
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.
Employees and their family members who test positive for the coronavirus infection can be protected against hospitalization expenses via group health insurance.
Hospitalization may be required to treat an illness. Medical expenses of employees or their dependents who are hospitalized to get their illnesses treated are covered.
In the event an employee or dependent is hospitalized, the coverage goes beyond the reimbursement of the hospital bill. The daily cash cover benefit helps them meet other day-to-day expenses.
Group corporate health plans also cover an organization’s employees for psychiatry-related treatments. This is because physical health and mental health are equally important.
Benefits offered by corporate health insurance plans include coverage for employees and their dependents who are diagnosed with a critical illness.
Organizations 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.
Some health insurers offer plans that cover expenses related to AYUSH treatment, organ donation, and bariatric surgeries, among others.
Typically, you should provide your employees with at least basic group health insurance. If you have a minimum of 10 employees in your organization, 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.
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.
When it comes to group corporate health insurance plans, the appl