Nowadays, many companies provide group health insurance covers to their employees. Some organizations offer health cover to the employee, his spouse and his children. A few of those even extend such covers for the employee’s parents. These companies provide medical insurance policy for employees as a part of the benefits package. When a venture buys group health insurance, the particular group becomes the master insured and the insurance firm has a contract with the group. In such an event, each participating employee is issued an insurance certificate which itself acts as a policy for him.
Whether corporate houses or employees, both benefit from this type of coverage. Being a good investment for corporates, employees too enjoy an affordable healthcare cover. Through medical insurance policy for employees, each participating employee can get special coverage that may otherwise be too costly for him. Insurance companies offering this provision render coverage to every group at a reasonable cost.
A major fraction of employee's attention and finances is absorbed by his work & family. Having medical costs paid by a generous benefit package can come both as a comfort and an asset.
What Is Group Health Insurance?
Buying a group health insurance policy is very common for numerous ventures nowadays. Under this health cover policy, a big group of 50 people or even 500 people are covered. Big organizations take these policies for their staff. Such policy can be tailored as per the requirement of the proposer and offered as a benefit to their employees. On the other hand, insurance companies also benefit from this arrangement. By issuing such type of coverage, insurance ventures get massive premiums from a single source.
Advantages of Group Health Insurance
Job-sponsored health coverage is very beneficiary for each and every employee, and hence they should make the most of it. Some of the advantages of medical insurance policy for employees are listed below:
1. No Medical Checkups
When you take a health insurance from an employer, there is no need of undergoing a medical checkup, both for yourself and family members. Every member mentioned in the policy is automatically covered from Day 1 In this way, the employee can save himself from the hassle of a medical checkup.
2. Maternity Cover from Day One
Under the group medical cover, maternity expenses are covered from Day 1. This means, if the employee has just joined a company and is part of the health cover benefit scheme he will get maternity benefits immediately. This is not the case with individual health policy which has timing limitations.
3. No Waiting Period Concept
Another benefit of medical insurance policy for employees is that it has no waiting period for any illness. Even pre-existing illnesses are covered under this policy from Day 1. This is beneficiary for employees whose parents suffer from any illness like diabetes or heart ailments, unlike any individual health cover.
4. Cost Effective
The premium per insured employee is very low for group health insurance cover. Hence, it is a sensible idea to apply for group health cover, if your employer is providing it, even if you are solely responsible to pay the premiums.
5. Convenient
Hunting affordable healthcare packages that meets your needs consumes a lot of your time. Receiving health insurance from an employer can relieve the employee from this burden, allowing him to focus his time and attention on other important things.
