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Group Health Insurance Plans Explained

A collective health insurance plan is known as group health insurance and is provided to a group of people. With the help of this programme, businesses, organisations, banks, and even housing societies can get health insurance for their employees or members. This policy’s premium is covered by the employer, and all employees and their families are eligible for the benefits. Both companies and employees might benefit from a group health insurance plan. Employers gain from a higher likelihood that an employee will stay with the company while employees receive benefits related to health coverage. The provision of such plans to employees also confers tax advantages to the company. **

Group health insurance policy characteristics

  • Comprehensive coverage for medical costs, including the price of specialists, ambulances, medications, and more, is included in the policy.
  • The insurance plan provides complete protection against medical costs incurred due to a variety of health issues, including hospitalisation in the event of an accident and daily hospital benefits.
  • A group/employee health insuranceplan gives the employee the option of including their spouse and children for a fair additional fee.
  • Plans for group health insurance are excellent for time and cost savings. For employees of the same company, it is among the best possibilities. In this type of insurance, the covered organisation also receives concessions and waivers.
  • Utilize the cashless claims option for medical services at any of the network hospitals.
  • You can customise the length of your group health insurance policy based on your needs and the size of your organisation.
  • Apply online in a few simple steps: You may apply online for group/employee health insurance.
  • With add-on insurance, you can get medical coverage for pre-existing conditions or maternity costs.

Advantages of Group Health Insurance

  • Tax exclusions:Businesses that provide group health insurance file tax returns for both themselves and their workers. **
  • Greater Benefits at Lower Prices:By haggling over the cost of group insurance plans that cover a large number of employees, employers can obtain better cost estimates. In comparison to retail health insurance plans, stronger plan features are also advantageous to employees. ##
  • Better Employee Talent Retention:Group health insurance coverage in India can encourage improved employee involvement and enhance an employer’s reputation.
  • Low-Risk Work Culture: The term “group health insurance” describes a health insurance policy that covers a number of individuals who are employed by the same company. The fact that the employer pays the payment for group health insurance is one of its main benefits. You can receive protection from medical costs associated with illnesses, diseases, and accidents under this insurance policy.

The following things are covered by group health insurance:

A group of members are covered under a group health insurance policy.

  • It pays for medical costs associated with accidents, illnesses, and diseases. It also includes pre- and post-hospitalization costs.
  • For an additional fee, a member’s spouse, up to three children, and other dependents (aged three months to 25 years) can be added to a group health insurance coverage. The coverage offers cashless services and direct bill payments to the hospital.
  • Domiciliary costs are covered. Every company has a distinct workforce strength, so the cost of employee health insurance or corporate health insurance programmes varies from company to company.

What doesn’t group health insurance cover?

Group health insurance plans do not cover pre-existing conditions. Medically necessary procedures or examinations are not covered. Age groups other than those listed above are not covered by corporate health insurance or employer health insurance. War-related illnesses or injuries are also disregarded. Even if doctors advise it, company health insurance coverage does not cover durable external equipment like a wheelchair, lenses, etc. Additionally excluded are dental and prenatal care services.

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.


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