One of the most important goals that any employer seeks to achieve is employee satisfaction. An organisation may provide various facilities to make its employees feel comfortable. These include suitable parking space in the office area, good-quality stationery and free beverages or decent food options in the office canteen. Some organisations also organised free medical check-ups for all employees from time to time. These are some of the factors are often the source of motivation for the employees who work wholeheartedly for the company.
If not much, a company can certainly support its employees in their struggles by availing a Group Health Insurance Policy. This policy can cover hundreds of people under a single plan. Any kind or organisation; whether private, public or partnership firm can avail this group cover. It will not only enable the employer to achieve employee satisfaction and retention but also bears certain tax benefits for him and the employee as well.
The premium of the policy is to be paid by the employer so the employee can remain free of any responsibility in case of a Group Policy unless he chooses to contribute towards it. For the employer, all the reimbursements done for the medical expenses that are incurred by any eligible employee are tax-deductible. The premium contributed is also completely or partially tax deductible, depending on the policy wordings.
Apart from the tax benefits, many provisions in the Group Health Policy can be feasible for employees. Particularly those who have ageing parents, unsuitable medical history or for those who are planning to start a family. An individual health plan may be better as it gives more scope of choice to the individual but a Group Health Plan lays out some advantages that can make it a dream plan for any individual.
Let us have a look at the health care benefits that are unique to a Group Health Insurance policy making it the most sought-after cover in the Corporate World:
- No Co-pay:
A Group Health Insurance Policy does not have any co-pay clause. This means that the hospitalization and medical expenses are borne under the policy cover fully for the specified time period according to the policy regulations and the employee who has availed it is not responsible for paying a single penny from his pocket. This benefit is generally missing in an individual plan in which the individual has to bear a fixed percentage of the hospitalization and medical costs.
- No Waiting Period:
In an Individual and a Family Floater Plan, certain diseases like cancer might come with a waiting period of at least 6 months or one year. This means that these diseases are covered in this policy but only after the waiting period has expired for these diseases, the benefits of the policy can be availed for them. But, in a Group Health Policy, there is no waiting period. From the very first day of employment, the employee can avail the expenses for all diseases covered in the Group policy.
- No pre-medical Check-Up:
Unlike in an individual policy, a Group Health Policy does not require the pre-medical checkup for each eligible employee. The employee is eligible to be covered under the policy instead of their employment in the company. From the first day of work itself, an employee becomes eligible to avail the benefits of a Group Policy.
- Past illness and critical illness Cover:
A Group Health Policy covers the expenses of any past illnesses as well. Generally, health policies include only the illnesses that are not related to any past health problem or do not cover the expenses of any health problem that might have happened in the past leading to ongoing medical treatment. Such is not the case with a Group Health cover. Moreover, for those who have ageing parents have all to benefit from a Group Cover as they become instantly eligible for critical illnesses like a knee replacement, hernia and cancer by lieu of being eligible employees of the company.
- Maternity and Post Natal Cover:
Like any other illness, there is no waiting period for maternal and baby care expenses as well. A newborn baby is also covered from Day of his birth itself under this policy unlike the general waiting period of at least 90 days. Some Group Health policies also cover congenital diseases. So, if an employee is planning to start a family soon, it is a good way to provide this valuable benefit and retain him/her.
Group Health Insurance can now be enquired up on and bought online. SecureNow offers multiple comparable quotes and help you arrive at a decision which suites your needs. Also, you can enjoy quick processing, 24×7 support and policy management assistance.
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