group health insurance plans

What is Group Health Insurance?

It’s a known fact that life is full of uncertainties. As much as we all wish to be hale and hearty throughout our lives, it is always a wise and sensible decision to keep ourselves well- prepared for the unexpected and unfortunate events that might cross our way. Keeping this in mind, health insurance can certainly act as a savior for individuals in their difficult times. Health insurance plays a crucial role by safeguarding individuals and their families from unforeseen medical expenses. The burden of medical expenses can take a toll on the finances of the family. Hence,  availing the benefits of health insurance is imperative in today’s age. In this section, we are essentially going to learn about the intricacies of Group Health Insurance.

So what is Group Health Insurance?

An insurance plan that provides risk coverage to people of a specific group is called as group health insurance. Nowadays, it has become one of the most significant benefits that are provided by an organization to its employees. As employees are the key strength of any organization, it is crucial for the organizations to make the workplace a comfortable and secure space for each of its employees.  One of the major advantages of a group health insurance plan is that the insurer’s risk is spread across a group of policyholders. Therefore members of the group receive insurance at a comparatively lesser cost.

There are various types of group health insurance plans that are available in the market. Depending upon the necessities of its employees, an organization can customize a plan.  Some of the Group Mediclaim Policies not only provide risk coverage to the employees but also to their immediate families. Let us have a close look at how the group health insurance benefits the employees as well as the employer.

Advantages for the employers

  • The employer gets tax benefits for providing Group Mediclaim Policy to its employees
  • Sudden illness and unfortunate mishaps not only causes physical stress but also can lead to a fiscal burden on the individual. Hence, an organization that provides group health insurance to its employees can have a better employee retention rate
  • In today’s age where the medical expenses are ever increasing, group health insurance that provides risk coverage motivates employees and enables them to perform better.
  • A group health insurance policy for employees is always preferred over individual health insurance policy because it provides better benefits at a low price.
  • The organization can reduce the premium expense by choosing to buy group health insurance plans online. The insurance companies are able to eliminate the agent commission by selling policies through their website

Advantages for the employees

  • A group health insurance policy has no waiting period. It covers the risk of a pre-existing disease right from the day an employee joins the organization.
  • The employee receives the benefit of a wider coverage with no limit on the diseases.
  • The other significant benefit that employees can avail as a result of group health insurance policy is large maternity coverage.
  • Unlike individual health insurance, a group health insurance plan doesn’t demand medical check-up reports of individuals prior to their enrolment.

Low premiums, an option to customize the coverage and better benefits are some of the essential factors that give the group health insurance policies an edge over individual health policies.

Considering all of its benefits, it can be safely assumed that a group health insurance is a win-win deal for both the employer and the employees. To sum it up, availing the benefits of health care coverage from the organization, is the most economical way for the employees to protect themselves and their families from the medical expenses.

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