Group Health Insurance

Group Health Insurance

• Group health insurance is purchased by companies & organisation to provide medical coverage to their employees.
• Group health insurance provides coverage to employees from the day they join until the day they resign
• The employer pays the premium amount of the group health insurance plan on the employee’s behalf.
• Group health insurance policy benefits both employer and employee in different ways.

Group Health Insurance Policy Benefits for Employers

• Retain & Attract Employees: Providing group insurance is one of the attractive perks of an organization, it helps in retaining old employees and attracting new ones.
• Generates Goodwill: Providing group health insurance to employees helps in generating goodwill among the office staff.
• Cost-Effective: Insurance companies cover a huge number of people under one insurance policy, it becomes cost-effective for the employer to purchase the policy.
• Corporate Buffer: Only in case of a life-threatening disease or critical illnesses, the employer can opt for a corporate buffer, if the existing sum insured exhausts.

Group Health Insurance Benefits for Employees

• No Medical Screening: The employee does not have to go through any kind of medical screening before getting covered under group health insurance.
• Pre & Post-Hospitalisation Coverage: The group mediclaim policy for employees provides coverage for pre & post hospitalisation expenses to the employees.
• ESKP: ESKP stands for Employee, spouse, kids and parents. Group health insurance coverage extends to these family members.
• No Waiting Period: Unlike individual health plans, there is no waiting period for the specified ailments under a group health insurance plan.
• Cashless Claim: Cashless claims can be done within 45-60 minutes if the insured employee goes to a network hospital for treatment.
• Reimbursement Claim: Reimbursement claims can be done within 15 working days if the insured employee goes to a non-network hospital for treatment.
• Infant Coverage from Day 1: The employee’s newborn baby gets coverage from the of his/her delivery.
• Room-rent Coverage: 1% of the sum insured coverage is provided for a normal room whereas 2% of the sum insured coverage is provided for ICUs. No capping for room rent is also provided by some of the insurers

Policybazaar Advantages

• Quick quotes from renowned insurers.
• 24X7 Claim assistance.
• Be it endorsements, account statement, claims analyses or e-cards, there is an HR panel for all Policy Management requests.
• Policybazaar’s strong bond with insurers and TPAs makes the claiming process seamless.
• A dedicated relationship manager is assigned to resolve service-related queries.
• Customers can get a soft copy of the policy on their registered email ID right after the purchase. However, it is subject to the completion of documents.
• The members get access to several IPD & OPD benefits such as Annual health checkups, mental wellness/Psychiatry, 24X7 unlimited e-consultation from general physicians & specialists and many more.