4 Facts About Group Health Insurance That You Might Not Know

group health insurance

We live in an age of extreme awareness about things happening around us and across the globe. Particularly in terms of health, even if most people understand how important it is to stay healthy and fit, they do not feel the need to buy health insurance. It is where the role of employers becomes important - to keep their workforce insured. As per statistics, the count of Indians with health insurance by business type has increased over the last few years. Statistics show that more employers are now concerned about the health of their employees. It is why they resort to group health insurance to create a shield for their health protection.

If you run a small business in India, you might not know much about the importance of buying a group health insurance policy. Under this plan, you can protect your employees from facing a financial burden during medical emergencies. As a result, you can expect higher productivity at work and higher employee retention rates. Also, buying the right group health insurance policy from an insurer or insurance broking firm is crucial to offer adequate health coverage.

Here are four facts about group health insurance that you might not know:

It Covers Pre-existing Diseases from Day 1

Although group health insurance coverage is like that of individual health insurance, there are some key differences between the two. The premium of an individual health insurance policy depends on an individual’s health condition. If he or she is diagnosed with pre-existing diseases, the premium may vary. Also, there is a waiting period of a few years to cover critical illnesses.

However, the inclusion terms of group health insurance are quite different. In general, employee health insurance policies cover pre-existing diseases immediately. You can also customize the plan based on your business-specific needs and extend the cover to encompass chronic ailments like hypertension as well.

No Medical Checkups are Required

The process of buying individual health insurance starts with medical tests. Based on test reports and other crucial factors, the insurer determines the premium and then offers the policy.

Wondering if you would need to get the medical tests of all your employees done before buying a group health insurance? You don’t need to do that.

Unlike buying individual medical insurance, no medical check-ups are required to determine the coverage eligibility of your employees. Also, they will stay insured as long as they remain a part of your company.

Copay Terms Can be Removed

Just like a deductible in motor insurance, copay of a group health insurance policy is the share of the claim (in %) that the insured employees need to pay during claim settlement. It is defined in the policy copy and usually ranges from 10 to 20% of the claim amount.

A less known fact about group health insurance is that you can remove the copay terms from the policy. It means you can choose to offer comprehensive health insurance coverage to your employees under which they need not pay any copay during the claims. This flexibility to eliminate copay limit may vary from one insurer to the other.

It Comes with Tax Benefits

Tax benefits of group health insurance are different from that of individual health insurance. When you buy a group health insurance, the premium you pay is eligible for a tax deduction. But the insured employees won’t get any tax rebates.

Think Twice Before Selecting an Employee Health Insurance Plan

Buying a group health insurance plan for your employees is a gesture that says you care for their health. However, they can only get adequate insurance benefits if you choose the right policy. It is crucial that you don’t select an insurance plan randomly without researching. Ask for help from insurance broking firms like SecureNow to choose the policy that provides maximum coverage to your employees.   

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