Page 46 - The Insurance Times January 2022

HERE ARE SOME

BENEFITS OF A

GROUP HEALTH

INSURANCE POLICY

G roup insurance cover is a comprehensive health Additionally, group health policy provides significant benefits

policy, mostly done by companies for their
to employees. This coverage protects the policyholder
employees. These policies provide health insurance
(employee) as well as family members. Here are some key
covers for employees and also their spouses,
children and at times parents. benefits.
Extensive coverage: Certain group health insurance policies
According to experts, for an employer, a group health may cover boarding costs in addition to anaesthetists,
insurance policy is comparatively easier to get since they surgeons and consultation fees. “Among other expenses
procure it in bulk for their employees. “Group health benefits covered are those for oxygen, anaesthesia and diagnostic
for a large number of people also end up in having many materials, as well as dialysis and X-rays. The policy also includes
things covered simultaneously. It is beneficial for employers coverage for domiciliary hospitalization. Besides, maternity-
to get their employees covered as it creates a protective related expenses are covered," said Mayank Kale, CEO and
environment. The employees will have one less thing to worry founder, Loop Health, a group health insurance agency.
about and will start to connect well with their workplace/ Regular health check-ups: Employers can conduct regular
employers," said Sanchit Malik, co-founder and chief health check-ups for their employees. The employees can
executive officer (CEO), Pazcare, an insuretech firm.
also start their treatment or medication whenever required.
There are key differences between retail health and group “Regular check-ups will also help employees make changes in
health covers that individuals should know about.
their daily routine and know what is working out for them
First, in the case of retail health cover, the insurance contract and what is not. And since the employers will be insuring the
is signed with the policyholder, while in the case of group whole company, the group health insurance policy will be
health cover, the employer owns the insurance contract with cost-effective and economical for everybody," said Malik.
the insurer. The employer then issues certificates to the Readily available: The new recruits could be easily insured
employees of the company.
because of the existing group health policies, simultaneously
Second, the insured can revoke the retail health cover. On benefiting the employer and employee. Not only that,
the other hand, the employer can rescind the group health additional policies can be added or deleted according to
policy for their employees. the employee’s needs. One can also modify plans to suit
the different needs of every individual and their family
Third, buying a retail health policy comes with a waiting
members.
period for pre-existing diseases, while group health policy
covers don’t have this restriction. Hassle-free claim process: The claims are quickly settled
without any intermediaries as the employee only needs to
Fourth, all retail health polices get costlier with increasing
age. While in the case of group cover, policies don’t get more contact their employer with the necessary bills and
expensive with the employee’s age. documents. The time saved from these formalities could be
crucial at many points, making a comprehensive group
Fifth, you need to renew your retail health policy every year health insurance a better option than having a personal
to make it remain active. In contrast, employment tenure insurance cover. The insurance policy will also cover
does not affect the insurance term coverage for employees. ambulance costs, more minor surgeries like eye surgery,
You are covered as long as you are part of the company. dental cover, etc. (Source : Mint)

46 The Insurance Times, January 2022