Inclusions Under a Group Insurance Plan

Inclusions Under a Group Insurance Plan

People who live by the ideology “Health is wealth” never fail to act on what matters the most. Often, we find ourselves chasing something—be it a degree, job, position, or lifestyle. While we are at it, we seldom remember to take care of our physical and mental well-being. It is only now, since the life-altering pandemic, that we have started to understand the reality and look up health insurance. Large organizations are working to provide group health insurance policies to their employees. Most entities have ensured that they have a comprehensive plan to offer.

An individual is usually presented with a pool of policies when considering a health insurance plan. It is crucial to understand how these policies function and what they cover. The first step toward identifying the best option will be conducting a deep analysis of the needs and requirements of the members to be covered by the insurance plan.

Despite the fact that monetary compensation is the top priority of the workforce, personal health has started to gain equal importance. Both the parties, the employer and employee, have shifted their due focus to maintaining and developing their physical as well as mental health. Employers offer mental well-being seminars and outdoor activities to their employees so that they are given the opportunity to interact, relax, and rejuvenate.

Employers encouraging workation in India as a part of their hybrid working model have ensured that due flexibility is provided to employees. There has been a drastic shift in mindset and approach amongst leaders. As long as the employees can meet their deliverables, they are free to work from literally anywhere!

Due to this, there has been a tremendous rise in the workforce’s confidence, commitment, and motivation. Organizations are able to hire and retain the best available talent, scaling up their business to newer heights. Employees have displayed immense integrity and devotion to their work while maintaining an outstanding work ethic.

Let us look at some of the factors related to group health insurance.

Handling the Cost of Group Health Insurance ?

Organizations are responsible for taking care of the cost of group medical cover. All medical expenses and fees are borne by the employer, and employees do not have to shell out anything from their pockets. In case the employees wish to avail additional coverage for their families, they are provided the option to do so. As most plans have the option to cover family, employees only have to pay an extra premium cost. This premium cost, generally a small amount, can be deducted directly from the employee’s monthly remuneration. Employees save on the premium costs as everything is taken care of. They can instead invest their money somewhere else for it to grow and provide returns.

Is it Easy to Obtain Group Insurance? ✔

Unlike individual insurance plans, the insurers do not consider the medical history of a particular employee but instead the group as a whole. Medical history is generally a ground for rejection of individual policies, so group plans are safe and convenient in terms of this aspect.

What is the Validity of the Plan? ?

All About Group Health Insurance

As long as the employee is part of the organization, they will be covered by the group medical policy. The policy continues to exist as long as employees work in the same department/team/location. It can switch within the company but will only cease to exist when the employee resigns from their position.

Group Medical Cover – Major Inclusions ?

  • Employees’ access to the cover is immediate as there is no waiting period.
  • There is no requirement to undergo a mandatory health check-up prior to the issue of the policy. Only a few types of plans ask for it.
  • There is no waiting period for pre-existing diseases as they are included in the cover right from the first day.
  • A comprehensive range of diseases is covered.
  • Group plans are customizable depending on the group members’ needs and requirements, which provides great flexibility.
  • Group policies go one step ahead and provide impressive maternity coverage to women to take care of their child’s expenses.
  • The cost of premium to be borne by the employer is quite low as it is a bulk purchase.

Here are some of the benefits to employees offered by the best group insurance plans – ?

  • Finding the best possible wide coverage is quite convenient.
  • Employees are covered and protected from minor and major forms of sickness/diseases.
  • Employees do not have to worry about their families as several plans have the flexibility to be extended to them.
  • Employees are encouraged to opt for treatments at the network hospitals of their organizations as it offers cashless treatment options.
  • This facility comes in very handy at the time of emergency as employees do not have to worry about arranging funds.
  • It encourages the habit of regular health check-ups among the employees.
  • It helps them keep track of their health and take necessary precautions.
  • As their service is available free of cost, employees are motivated to keep a record of their progress.

If you are an employee looking out for the best plan, you are now aware that several options are available that provide comprehensive coverage. Employees working remotely or enjoying a workation in India can even opt for local check-ups. It is now time to understand what the group health insurance plan you are covered in offers and make the most of it!