What You Need to Know About Group Health Insurance ?

What You Need to Know About Group Health Insurance

Group health insurance is a medical plan that covers a group of people. This group can refer to members of a committee, credit cardholders of a bank or workforce of an organisation etc. Insured individuals receive this insurance at a lower cost since, in a group health plan, the insurer's risk is distributed among multiple policyholders.

Eligibility for Availing Group Health Insurance 

To be eligible for group health insurance, an individual must be a member of any registered association. Most insurance providers majorly divide a group into two segments: 

• Non-Employee-Employer Groups: These comprise individuals who are part of registered welfare organisations, credit cardholders from a certain company or bank, and clients of a specific business that offers insurance as an additional benefit. 
• Employee-Employer Groups: These consist of employees from any government-registered entity. 

Associated individuals of both groups are eligible for group health insurance.

Features of Group Health Insurance 

This collective policy has some unique features. Have a look: 

• Floater Benefit: As per a group health policy, an insured person has the option of utilising floater benefits to ensure their family is covered under the plan. The family can consist of the insured individual's spouse, children, parents and in-laws.
• Cashless Reimbursement Facility: The policyholder can avail the cashless treatment option at network hospitals. He/she is eligible for reimbursement of costs by providing the necessary documents. 
• Waiver of Waiting Period: Many insurance providers eliminate waiting periods and time-bound exclusions in group health plans. Typically, these schemes consist of a wait period between 30 days and 3 years. However, renowned insurance providers, like Star Health Insurance, waive these time-bound exclusions. 
• No Age Limit: Group insurance does not have an age limit. It can be availed at any age if you are associated with a government-registered organisation. 
• Equal for All: Everyone in the group can avail the benefits of it. Individual claims will not affect the coverage for others.

Benefits of Group Health Insurance 

Group health insurance schemes have many benefits. Here are some of them: 

• Affordable Health Scheme: A group health insurance, being a collective policy, fits the budget of many. Due to its lower premium and average risk, it is accessible to all. 
• Sense of Belonging: This policy ignites a connection among its participants. This sense of familiarity acts as a perk of organisations. 
• Additional Coverage Options: Since it provides additional coverage options, such as riders and top-ups, it extends the policy benefits to employees' dependents. 
• Tax Benefits: Companies that offer group insurance can deduct these expenses from their business taxes. It lowers their taxable income and results in tax savings. 

Undoubtedly, group health insurance is one of the most affordable health schemes. It significantly aids in productivity and employee retention. The features and benefits of group health policy vary between insurers.

Employers can opt for either Group Arogya Sanjeevani Policy or Star Group Health Insurance by Star Health Insurance to give their employees the maximum benefits of a health scheme.

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