In the post-COVID era, people around the world have started taking their health more seriously. Not only has lived a healthy life become important but so has to maintain a good work-life balance. And amidst all of this, health insurance has taken precedence like never before.
And with the ever-evolving work environments, offices and corporates have also started paying heed to the matter. This is why the number of companies providing group health insurance to their employees has increased in the past few years. In the most simple terms, group health insurance is the insurance coverage provided by an employer to their employees. This is mostly seen in corporations, making corporate health insurance synonymous with the original term – group health insurance.
But do all corporations provide insurance coverage to their employees? And if yes, what all does it include?
To answer the first question, technically, it is mandatory for corporations to provide group health insurance. But even then, the benefits may differ. That is why it is important that you ask HR/your employer about their corporate insurance policies before joining.
And for every group health insurance, the sum insured covered may depend from company to company. Additionally, each company has a different policy on who all the group health insurance covers. What this means is that, while some group health insurance policies cover the employee and their immediate family, that might not always be the case. And for all of those reasons, it is important that you have a sit down with your employer and collect as much information about their corporate health insurance policy as you can.
Usually, there are a few things that corporate health insurance does cover. Here are a few of them;
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Things that corporate health insurance policies cover:
- Emergency Ambulance Services
In case of an accident or an attack or any medical emergency, if the employee needs an ambulance service, it is covered by the policy. Depending on the policy, this can apply to the employee’s immediate family – spouse and kids – as well.
- Maternity Coverage
Most group health insurance policies also cover any maternity costs that a mother-to-be might face at the time of childbirth. This includes the ambulance services, the hospital room charges and over all expenses incurred.
- Pre & Post Hospitalisation Expenses
Not all treatment expenses begin at the hospital. There are some illnesses and treatments that require a pre-hospitalisation and a post- hospitalisation costs as well. These could be expensive medical tests such as MRIs, or CAT Scans, to name a few. Or it could be physiotherapy after an accident. Most group health insurance policies cover these costs as well.
Now that we have seen what group health insurance means and what all it covers, let’s take a look at its pros.
Pros of group health insurance:
- No Waiting Period
When talking about a group health insurance policy, there is no waiting period. This means that as soon as you start working with a corporation, you will be covered under their group health insurance policy. But this also means that the policy will no longer be applicable to you the day you leave the organisation.
- No Pre-Illness Costs
All individual health insurance policies require a pre-illness summary and a complete health checkup before the policy begins. Based on these two things, the premium of your health insurance will be decided. But in group health insurance, these are not required. Irrespective of your previous illnesses or your current health status, you will be covered under the same policy and will be eligible for all the same benefits as any other employee.
- No Premium
In any corporate health insurance policy, the company pays off the premium on the policy. This way the employees don’t have to worry about paying the premium on their policy. The only thing that they would have to pay for is the difference if they decide to expand their sum assured or if they want additional health benefits and policies.
Though corporate health insurance policies are there for the good of the employees, there are limitations to what it covers and who all it covers. If you have a higher count of dependent family members such as elderly patients, it is always safer to keep the corporate health insurance policy as the backup to your individual health insurance policy.