In what ways is group health insurance 10 times superior to individual insurance? What are the benefits of Group Health Insurance?
A group of people who work for the same company are covered by a group health insurance plan. Additionally, a group health insurance plan may also include coverage for an employee’s spouse, children, and parents.
One of the most renowned employee benefits that businesses provide is health insurance. It enables businesses to provide employees with protection from unanticipated illnesses and treatments. Additionally, it makes sure that workers never put off getting medical attention because of a lack of funds.
The question of whether it would be preferable to let employees simply purchase their individual insurance (and then reimburse the expense) or opt for group health insurance is nevertheless a common one among founders and HR leaders. They ponder whether there is indeed a benefit to setting up group health insurance. In this article, we’ll discuss how group health insurance can be a far better option than individual coverage.
Group Health Insurance is superior and better than Individual Health Insurance
1. Pre-existing illnesses
What is Pre-existing illness? A medical problem that you have before you begin your health insurance coverage is known as a pre-existing illness. Examples of pre-existing illnesses include diabetes, high blood pressure, thyroid issues, cancer, and sleep apnea.
Most individual health insurance plans exclude any treatments related to pre-existing conditions from coverage. Some individual health insurance plans may cover pre-existing conditions after a lengthy 4-year waiting period, meaning you must remain enrolled in the plan for that long in order to be eligible for a pre-existing condition treatment.
As you can anticipate, a pre-existing condition is one of the most typical situations where you could need to use your health insurance. They usually last a long time or are chronic. If you or a member of your family are 40 years of age or older, this becomes very important.
You can cover every pre-existing disease with the group health insurance offered by Healthysure starting from the first day of the policy.
2. Maternity
Do Group Health Insurance cover maternity costs ? If you have maternity coverage, you can file claims for hospitalisation, pre-hospitalization, and post-hospitalization costs associated with your pregnancy. Once more, the majority of individual health insurance plans don’t provide any coverage for maternity-related costs. Maternity coverage is an add-on in a few policies, however there is a lengthy waiting time of 9 months to 3 years.
By enforcing a minimum amount of maternity leave, the Indian government is doing its part to guarantee that businesses take care of their female employees. However, the company should go above and above to make sure that female employees may also enjoy mental serenity during the most crucial time in their lives.
With HealthySure’s group insurance, you may choose a maternity benefit ranging from Rs.25,000 to Rs.1,000,000 depending on where your team is located (because healthcare costs differ by city) and your company’s financial budget. The benefit is available immediately and covers all pregnancy and postpartum costs with no waiting period.
3. Baby day 1 cover
Do Group Health Insurance Cover Baby day 1 cover ? Many people are aware of the maximum age to purchase insurance (typically 80 years). But few of us are aware that the insurance policies also have a younger age restriction. A newborn baby can only be covered when 90 days have passed. New parents are greatly surprised by that. The initial few days and weeks after a baby is delivered are when healthcare complications occur in the greatest amount.
If you decide to take group insurance from Healthysure, you can choose to include a Baby Day 1 Cover for the kids of your employees. That implies that your baby’s medical costs are covered beginning with birth.
4. Waiting periods
How much waiting periods does Group Health Insurance has ? A 2 to 4 year waiting period for treatments of ordinary illnesses is another characteristic of individual health insurance plans (even if these are not pre-existing conditions). The following conditions usually have waiting periods: sinusitis, piles, hydrocele, cataract, and hernia.
Additionally, there is a 30-day waiting time for all illnesses and treatments under all individual health insurance plans. In other words, you are only permitted to use your insurance in accident instances during the first 30 days.
With Healthysure group insurance, you can choose to forgo the 30-day waiting time for all diseases as well as the 2 year or 4 year waiting periods for some illnesses. This guarantees that your team can make use of the health insurance from the first day you work together.
5. Parents cover
Furthermore, an individual insurance plan enables people to include up to four dependent children and their spouse. Thus, your staff members are able to include their parents in their family floater plan. The most in need of health insurance are parents, specifically retired parents.
With the group health insurance Healthysure provides, you can let your employees secure both of their parents. Either their parents or their parent-in-laws can be added.
In conclusion, group health insurance offers the benefit to create a comprehensive health benefit for your employees and their families, assuring that they won’t have to be concerned about exclusions, waiting periods, and the plethora of terms & conditions.
When compared to an individual health insurance plan, corporate health insurance is surprisingly more affordable due to its extensive coverage. The rates are 30 to 50 percent less than those of individual insurance. We made sure with Healthysure that even a tiny firm with just 7 people may benefit from volume pricing without having to negotiate. We offer fair costs that have been previously negotiated to startups.
This is an excellent moment to start caring for your team’s health and provide them with peace of mind if your company hasn’t yet set up a health plan for your employees.
Read more about Group Health insurance for startups here.
