“Health Is Wealth” is a very famous saying. Every individual tries different methods to maintain their health. However, life is full of surprises, a person can fall ill or be bedridden all of sudden, in spite of begin healthy. In such cases it leaves the person in a financially and physically mess. Therefore, it is always necessary to have a medical insurance policy for such situations. There are various types of health insurance policies available in the market and group health insurance is one.
A group health insurance plan is to provide risk coverage to the people who belong to a specific group. This policy is given by employers to employees. Group health insurance policies come in different variations and every organization can customize a plan according to the requirements of its employees. There are some group health insurance plans that cover the families of the insured people as well. So, it entirely depends upon the organization what kind of group health insurance plan it selects. When the group health insurance is provided by the employer, then both employee and employer are supposed to be the beneficiary. This is because; the plan addresses both the parties of a group.
In this age era when there are a lot of jobs in all the fields, employee retention has become a difficult task. To curb these employee attrition employers provides benefits like health insurance coverage to all its employees and their families as well, and then the chances of an employee staying in the company increase.
Helps the employer to apply for tax benefits and it also helps the company to grow.
In this age of high medical cost get an insurance for some elderly family members becomes difficult, however if company provides a group policy it help the employee and it motivates them to perform better.
Health insurance for employees provide better benefits in comparatively lesser cost than individual health insurance policy
Individual health plan have a waiting period of a month for pre-existing diseases, whereas with a group health insurance policy starts covering pre-existing diseases from the day an employee joins the organization.
Apart from covering pre-existing diseases, a group health insurance plan also covers a wide range of diseases for employees.
Most individual health policy or family policy doesn’t cover C-section during deliveries; however, these plans provide coverage for both C-section and normal deliveries. These plans also cover the newborn babies without a standard 90 days of maternity cover.
Today companies are becoming employee-friendly and corporate health insurance has emerged as one of the most preferred tool to lure new talent in an organisation. It makes an employee feel part of a company; it curtails attrition rate and unrest in labor unions. It increases their productivity & profitability of a business.