Benefits of Corporate Health Insurance Plans

Employees are the backbone of an organization, and their well-being is crucial for its smooth functioning.  One way for employers to show their appreciation toward their employees is to cover their health insurance and provide additional financial protection to them during medical emergencies.

Corporate or Group Health Insurance is a type of health insurance plan that provides coverage to employees of an organization at an affordable price. Group Health Insurance plans for individuals of a company cover them against hospitalization expenses due to accidents, COVID-19, critical illness, etc. Group Health Insurance policy for employees has emerged to be their most preferred benefit extended to their workforce.

Benefits of Corporate Health Insurance Plans -

Group Health Insurance benefits the employees as well as employers. For employees, the key benefits include:

1. Zero Waiting Period - Waiting period of average 2 to 4 years under individual health plans is waived off under group health insurance policies. Employees do not require to wait for a specific period to make their policy claims, as group policies start covering Pre-existing Diseases (PED) from the day the policy starts or the day the employee joins the company. This is a great advantage for employees suffering from chronic ailments like diabetes, hypertension, etc. While OPD expenses may not be covered, coverage will be there for hospitalisation expenses.
2. Maternity Cover - Group health insurance plans typically provide maternity coverage as well. They cover childbirth expenses during C-section as well as normal delivery, along with new-born babies cover, in some cases. It is one of the most important benefits offered to young employees.
3. Extensive Disease Coverage - Along with Pre-Existing Disease coverage, Group Health Insurance Plans provide wider coverage with little to no limit on the number of diseases covered.
4. Affordable Premium - Whereas most companies pay the premium for group policies, some companies might ask the employees to share the cost or pay the full premium themselves. In most cases, the premium amount for a Group Health Insurance policy is more pocket-friendly than an individual or family floater policy.
5. No Medical Examination - Employees do not require any medical examination before getting a corporate health insurance policy.

Is Group Medical Cover sufficient?

Group health insurance provided by the employer comes with a set of limitations, and relying solely on them to meet healthcare needs is unreasonable. For instance, the sum insured may not suffice, or the corporate health plan may not consider addition of family members. Moreover, a corporate health insurance plan becomes unavailable after the employee leaves the organization or retires.

Therefore, investing in individual health insurance or family floater plan over and above group policies is essential to adequately cover healthcare expenses. It would not only help beat the rising cost of medical expenses but also help in personal tax savings and give additional healthcare benefits, such as:

1. Ample Coverage - In many cases, the sum insured offered by corporate health insurance plans is not sufficient to cover an employee's total medical expenses. To get complete coverage for all their healthcare needs, they can:
   • Invest in a Personal Health Insurance Plan in addition to the group plan that would add up to the desired amount or
   • Enhance the coverage under their existing group health insurance policy by investing in Super Top-Up at an affordable premium. Super Top-ups have a deductible amount though, for which a Group Health Insurance plan or individual/family base plan is a must.
   • Family Member Inclusion - Some family members of the employee might not be covered by a group health insurance plan. In such cases, employees can invest in a Family Floater plan, a Health Insurance policy that covers their entire family and in which the sum insured can be utilized by any family member.
2. Convenient Customization - Unlike Group Health Insurance Plans that are generic, personal Health Insurance Plans can be customized as per the policyholder's healthcare requirements such as:
   • Introducing co-payment facilities to reduce the premium or
   • Including healthcare facilities not provided by the corporate insurance plans like day-care treatment, cashless hospitalization, or tests and diagnosis.

SANA.Insure provides comprehensive information on a variety of Corporate Health Insurance Plans along with individual and family floater plans. We make the process of selecting the best personal health insurance plans easier by offering customized suggestions as per medical needs and budget.

Please visit our health insurance portal, SANA.insure for quick, impartial, simple, and easy comparison between health insurance policies, which is easy to navigate through and understand at a glance. You can conveniently purchase a straight-through policy in just a few minutes.

If you need any assistance, please get in touch with us over WhatsApp chat on 8278271818 or call us on 1800 202 8118 to connect with a Health Insurance Expert at SANA.Insure.

Wish you a healthy and happy life!