Group Health Insurance in India is a type of health insurance policy that provides coverage to a group of individuals, usually employees of a company (above 18 years of age till the age of 70 years who are associated with an organisation) or members of an association. The policy covers the employees along with their family members (spouse and up to 3 children aged 3 months to 25 years) medical expenses incurred by the insured individuals due to pre-hospitalisation expenses, surgery, post-hospitalisation expenses, in-patient hospitalisation, day-care procedures, ambulance expense, and other medical treatments.
In Group Health Insurance, the policy is issued to the group as a whole, rather than to each individual separately. The group can negotiate with the insurance company to determine the coverage amount, premium rates, and other policy terms and conditions.
Group Health Insurance policies in India typically cover the following:
Hospitalisation Expenses: The policy covers the expenses incurred by insured individuals due to hospitalisation, including room rent, nursing expenses, and doctor's fees.
Pre and Post-Hospitalisation Expenses: The policy covers the expenses incurred by the insured individuals during the period before and after hospitalisation, including medical tests, consultations, and medications.
Day-Care Procedures: The policy covers the expenses incurred by insured individuals for certain medical procedures that do not require hospitalisation, such as dialysis, chemotherapy, and cataract surgery.
Ambulance Charges: The policy covers the expenses incurred by insured individuals for ambulance services in case of an emergency.
Group Health Insurance policies may also include additional benefits such as maternity benefits, coverage for pre-existing conditions, and wellness benefits.
Group Health Insurance in India is often provided as an employee benefit by employers, and the premium is usually shared between the employer and the employees. Group Health Insurance policies can provide an affordable and convenient way for employees to obtain health insurance coverage and protect themselves and their families from unexpected medical expenses.
Group Health Insurance offers several benefits to both employers and employees, including:
Cost-Effective: Group Health Insurance policies are usually more affordable than Individual Health Insurance policies. The cost of the policy is spread across a larger group, which can reduce the premium cost for each member of the group.
Comprehensive Coverage: Group Health Insurance policies often provide comprehensive coverage for hospitalisation, surgeries, medical procedures, and other healthcare expenses. The policy can also cover pre-existing medical conditions and maternity expenses.
Easy Enrolment: Group Health Insurance policies are easy to enrol in, as the employer or group administrator can handle the enrolment process. Employees or group members do not need to undergo a medical examination to obtain coverage.
Tax Benefits: Group Health Insurance policies offer tax benefits to both employers and employees. The premium paid by the employer is usually tax-deductible, and the premium paid by the employee is usually exempt from income tax.
Improved Employee Retention: Providing Group Health Insurance as an employee benefit can help employers retain employees and attract new talent. Employees are more likely to stay with an employer who offers health insurance coverage.
Access to Healthcare: Group Health Insurance policies can provide employees with access to healthcare services and facilities that they may not be able to afford on their own. This can help improve their overall health and well-being.
Additional Benefits: Group Health Insurance policies may offer additional benefits such as wellness programmes, preventive care, and health management services.
Overall, Group Health Insurance can provide employers and employees with an affordable and comprehensive way to obtain health insurance coverage, while also offering tax benefits and improving employee retention.
Also, it’s very important for an individual to note that one should consider buying personal health insurance as well for extensive benefits. The employer's insurance ends when one resigns. So instead of going through a process and waiting period for another policy, it's better, for one’s safety to have a personal individual or family floater plan for themselves as well.
