As it can be deciphered from the name, this insurance plan focuses on choosing a health policy for a large group of people. Usually, big organizations prefer this group of health insurance plans. There are several benefits of this plan, and we are going to highlight the same in this blog. 

What is Group Medical Insurance Policy for Employees?

Before delving deeper into the benefits offered by the group medical insurance policy for employees, you must know what exactly is this policy. In simple words, it is a group mediclaim plan. As per this insurance policy, the employer cuts a certain amount from the CTC of the employee. This deducted amount is actually the premium cost — However, some organizations bear this cost and pride the group medical insurance policy for free. 

Benefits of Group Medical Insurance Policy for Employees

This policy holds several benefits for the employees, and hence, if the organization is deducting a certain amount from the CTC, the employees won’t mind paying it. After all, it is for their own benefit. Let’s explore the key benefits offered by the group medical insurance policy for employees: 

Low Cost: If you compare on the parameter of cost, then the group health insurance plans are cheaper than the health insurance plans for an individual or family floater health insurance plans. This is because the company takes the insurance in bulk, and the premium amount gets shared among the employee. This reduces the cost of the premium, which is not the case in a person who takes an individual health insurance plan.  

Increases the Morale of Employees:  A company can adopt various ways to show that their employees are their greatest asset. Taking care of their health and well-being is one of the ways. Because of this, every organization spends on certain activities like group fitness to enhance the morale of the employee. Another way to keep the employees motivated and feel valued is by taking care of their health. The group medical insurance policy for employees provides complete health coverage to the employees. Thus they feel safe and secure while they are associated with the organization. 

Increased Plan Advantage: Another benefit of the group medical insurance policy for employees is that the policyholder gets additional benefits like pre-existing disease coverage, hospitalization cost coverage and more. Hence, this is a good way to secure the future. 

Included Family Protection: We take so many measures to take care of our family, and one of the causes is to cover up their medical expenses. While there are many ways to do this like you can take a general health insurance plan, neither do these plans offer so much coverage, nor is it easy to do the claim settlement. The best part about the group medical insurance policy for employees is that this policy covers not only the employee but also their family member. This again boosts the morale of the employee. 

Easier Claim Settlement: We all know that insurance claim settlement is a tough task, but with the group medical insurance policy for employees, you don’t have to think about anything. All you need to do is handover the bills to your office, and they take care of the rest. 

Everything you should know about group medical insurance for employees

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This is a form of health/medical insurance policy that offers support to the employees of a corporation or members of an organization. Often referred to as corporate health care, this insurance plan includes multiple benefits such as unintended hospitalization, COVID insurance, regular hospital benefits, serious disease coverage, pregnancy insurance, etc.

Group Medical Insurance is the safest way to cover the staff and their families, especially with a rising increase in medical expenses. This is because it protects the costly medical insurance bills suffered by the employee.  Both the employee and the boss pay beneficiary as the health care plan is offered by the employer. So, both sides of the party can be covered.

Benefits of group medical insurance policy for employees

1. Every member of the group benefits from the insurance cover. It is also useful for those employees who wish to purchase a policy but cannot afford to bear the rate of the premium.
2. The employee and the employer both are members of the group’s health insurance plan. This means that the employer also receives tax benefits for the offering of those plans to the employees.
3. A group medical insurance policy for employees begins to compensate for pre-existing conditions. It starts from the day the employee joins the company. There is no waiting time for any pre-existing illness in this case.
4. Now that medical costs are at their peak, getting a company health care coverage is encouraging employees.
5. The claim procedure for a group medical insurance program is very quick. Also, settled quickly in view of the employer’s legacy. The employee would only have to acknowledge the medical insurance policy and present the health card to start the claim.

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