What is Group Health Insurance?
Group Health Insurance (or Group Mediclaim) provides healthcare coverage to a group of people belonging to a common community (typically as employees of a company). Group Health Insurance plans are generally uniform in nature, offering the same benefits to all employees or members of the group. However, the biggest advantage of Group Health Insurance is that it can be customized to meet unique needs of the company.
Most professionally run companies today provide Group Health Insurance as a part of their Employee Welfare program. Each company however gets the plan customized based on the employee demographics.
Who should buy?
Group Health Insurance can be bought by any legally formed group of people for genuine commercial or not-for-profit purposes. Following groups have the highest uptake:
- For-profit Companies
- Education and Medical Institutions
What are the different covers available?
It is very critical to customize the Group Health Insurance plan for each group. Below are certain benefits provided in group health insurance. Each group can customize the benefit structure based on its unique need. Click on the below link to learn more about how each attribute can be customized in Group Health Insurance.
- Maternity Benefit
- Waiver of waiting periods (30 days, 1 year, 2 year, 4 year)
- Domiciliary Hospitalization Expenses
- Pre-Existing Disease Covers
- Cover for dependents (spouse, kids, parents)
Group Health Insurance, has several nuances which determine the level of actual benefit derived. It is best left to an expert Insurance Broker to design the group health insurance. Click on the below links to know more about these attributes in Group Health Insurance.
- Room rent capping
- Disease-wise sub-limits
- Individual Sum Assured or Family Sum Assured
- Endorsements on pro-rata or short-period basis
What is the Indicative price?
Being purchased in a group, prices of Group Health Insurance are significantly lower than Individual health insurance. However, a lot depends on the type of covers opted for. Below are indicative prices.
- A 50 member group will pay an approximate premium of Rs 1,50,000 for Group Health Insurance. This would include benefits of Rs. 2 lakh sum assured covering Employee, Spouse and upto 2 dependent children. Benefits would be standard (similar to individual health insurance) with most waiting period still applicable.
- A 50 member’s will pay approximate premium of Rs 2,50,000 for Group Health Insurnace. This would include benefits of Rs. 2 lakh sum assured covering Employee, Spouse and upto 2 dependent children. Benefits would be much superior to individual health insurance (e.g., maternity benefit from day 1, all pre-existing illnesses covered).
- A 50 member’s will pay approximate premium of Rs 5,50,000 for Group Health Insurnace. This would include benefit of Rs. 2 lakh sum assured covering Employee, Spouse, upto 2 dependent children and 2 parents. Benefits would be much superior to individual health insurance (e.g., maternity benefit from day 1, all pre-existing illnesses covered).
As the group becomes bigger, the cost per employee goes down significantly, under Group Health Insurance.
How much cover to take and how to get a quote?
Cover under group health insurance is dependent on members’ income and lifestyle, which determines the type of hospital one would choose. Covers are available between Rs. 50,000 to Rs. 10,00,000 of sum assured.
Click here to get an instant indicative quote on group health insurance.
What is the way to buy best group health insurance policy?
SecureNow Insurance Broker can help you get the best group mediclaim policy across companies. We would give a comparison of benefits and quotes of minimum three Insurance companies. SecureNow would further help you negotiate the best purchase, provide round-the-year policy servicing and support for claim settlement.
To know more about Group Health Insurance or Group Mediclaim Policy, please follow the links offered on the left hand side.