PNN
Bangalore (Karnataka) [India], January 2: A Group Health Plan includes a group of employees, providing them with financial protection and well-being by covering medical expenses, surgery expenses, hospitalisation, and even post-hospitalisation expenses. It does not exclude pre-existing illnesses, enabling hassle-free access to health benefits. It can be taken for employees and their dependent family members at significantly lower premium costs.
The important feature of a group health plan is its instant coverage, with no waiting period. It includes medical expenditures, such as illness, maternity benefits, wellness benefits, daycare expenses, etc.
Qualifying Criteria to Avail Group Health Plan
- To buy a group health insurance, a company should have a minimum of 7 employees.
- However, sometimes it can also be availed in case of employees fewer than 7.
- In such cases, the insurance must be extended to the dependent family members of employees, making a total of 7.
Benefits of Group Health Plan for Employees
Provided below are the benefits of Group Health insurance for employees:
- Timely Consultations: Employees can get timely consultation and advice from doctors and nutritionists, which allows them to manage their health in a more effective manner. Also, it allows them to seek professional advice and support.
- Booking Lab tests: Employees can book lab tests at discounted rates, ensuring timely monitoring, early detection, and timely treatment of any illness.
- Ordering Medicines: Order medicines at discounted rates promptly due to the insurer's network, hence saving time.
- Maternity Benefits with Zero Waiting Period: This health plan provides female staff maternity benefits with no waiting period, enabling immediate financial support.
- Coverage for Dependents: This plan covers the dependents of the employees, hence providing them with comprehensive benefits.
Benefits of Group Health Plan for Employers
Provided are the benefits of Group Health insurance for employers:
- Taxation Benefits: Employers can claim taxation benefits against the premium paid for the health insurance taken for employees as a business expense.
- People-First Approach: The people-first approach helps create a supportive work environment, hence increasing productivity and job satisfaction.
- Lower Premiums: As risk is spread amongst all employees, the premium amount becomes lower comparatively, making them the most affordable ones.
- Value and Satisfaction to Employees: It helps attract and retain employees, hence improving satisfaction amongst employees and reducing turnover.
- Financial Well-Being: It provides financial well-being to the employees, hence helping them meet medical emergencies and providing mental peace.
- Customisable Policies: These policies are customisable according to the budget and requirements of the employees, helping achieve necessary benefits at no added costs.
Importance of Group Health Plan
- It provides coverage to multiple employees under one plan.
- Due to the high level of risk, it provides an affordable premium cost.
- It helps employers to attract new and retain old employees.
- It helps create a healthy environment, hence decreasing absenteeism.
- It includes pre-existing illnesses and no waiting period.
- It helps to give financial protection to meet medical expenditures.
Conclusion
Organisations and Employers can purchase a group health insurance plan for their employees, hence creating employee satisfaction and retention. All types of organisations can rest assured that their manpower is well covered against medical expenses, hence promoting a productive and healthier environment.
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