Benefits of Group Health Insurance Policy in India

Health insurance is an indispensable addition to your financial portfolio. There are many types of health insurance policies that you can invest in. One notable type is group health insurance. A group health insurance policy is designed to protect an entire group from a slew of healthcare expenses, both big and small ones. It is typically bought by most companies to cover the health/hospitalisation expenses of their employees. Each employee will benefit from a group health insurance policy.

The most obvious benefit of health insurance is that employees in the workplace are protected against hospitalisation costs. A comprehensive group health insurance policy will cover hospitalization expenses, day-care procedures, maternity benefits, and more. However, one of the core benefits of group health insurance is that it not only benefits the employees but also the employer in more than one-way. 

Here is a List of the Advantages of Group Health Insurance -

1. Value for money

One of the primary benefits of group insurance is affordability. The employee benefits from this as they can cover not themselves but their family as well. However, this policy can also help the employer who wants to protect all their employees under an umbrella plan save on corporate taxes. When insurance premiums are too high, neither party gets to benefit. The reason group insurance has a lower cost is because the pool of individuals covered is larger with it. You get value for money.

2. Tax Incentives for Employers

Employees aren’t the only ones who benefit from a group health insurance policy. The employers also receive a tax credit. This credit is offered to small businesses that offer group health insurance to their employees while partly paying for their health insurance premiums. Since they are partially paying, these businesses can qualify to earn back credit on their taxes. This way they can be compensated for the money they are choosing to pay towards the health plan premiums. From the employer’s standpoint, this is one of the best advantages of group health policy.

3. Family Cover

This is one of the advantages of group insurance that depends directly on the policy provider. However, certain group health insurance plans also provide a family cover, including senior citizens. This makes them much more comprehensive as the dependents of one’s employees can also be offered financial aid in their time of need. If not directly covered by the policy, many group health insurance plans also provide the option for the individuals covered to purchase a separate family health insurance floater that can be added to their existing group health insurance.

4. Convenient to Claim

Instead of scampering around different health insurance companies to claim your insurance, with a group health insurance plan, the process is much more streamlined. You simply have to send your relevant hospital or medical bills to your employer. Since multiple employees are covered under a single plan, your employer is responsible for ensuring that your claim request is approved. This way employees can easily enjoy the cashless treatment.

Conclusion:

The benefits of group policy extend beyond just the employees to the employers as well. The more people are covered under a single policy, the more likely the insurance provider will have added benefits. With Niva Bupa’s group health insurance plans these benefits are the option to create sub-limits to an existing plan or provide additional benefits for various employees/ members in the group. One receives a decent amount of coverage against major health care costs without having to pay expensive premiums.

FAQ

1. What are the benefits of group health insurance for employees?

   Group health insurance offers many benefits that support employee well-being and financial security. One of today's most valuable offerings is the group health plus Niva Bupa benefits, which provide enhanced healthcare solutions tailored to corporate teams.

    

   Here are the top benefits of group health insurance:

   Affordable and Comprehensive Coverage: Employees get access to quality healthcare without the burden of high premiums. With Group Health Plus Niva Bupa benefits, the coverage includes hospitalisation, pre- and post-hospitalisation expenses, and more.

   No Waiting Period for Pre-Existing Conditions: Unlike individual plans, group policies usually cover pre-existing diseases from day one. This is one of the standout features of Group Health Plus Niva Bupa benefits.

   Coverage for Family Members: Employees can include their spouse, children, and parents in the plan. The Group Health Plus Niva Bupa benefits allow for easy family inclusion under the same policy.

   Cashless Hospital Network & Quick Claims: Employees can access a vast network of hospitals for cashless treatment. The Group Health Plus Niva Bupa benefits ensure fast, transparent, and hassle-free claims.

2. Can employees add family members to a group health policy?

   Yes, most group health insurance policies allow employees to add eligible family members, such as spouses, children, and sometimes even dependent parents, to the coverage. However, this is subject to the terms and conditions of the employer’s group policy. Additional premiums may apply, and the coverage benefits for dependents might vary based on the insurer’s guidelines and the organisation’s agreement with the insurance provider.

3. What happens to coverage if an employee leaves the company?

   If an employee leaves the company, their coverage under the group health insurance policy typically ceases on the last working day or at the end of the notice period, as defined in the policy terms. Some insurers may offer the option to convert the group policy into an individual health insurance plan, allowing continued coverage without a break. However, this conversion is subject to approval by the insurer and may involve new premium rates and terms.