These days more and more companies have become employee-centric and group health insurance has become one of the most preferred benefits to attract and retain talented employees. Businesses big and small have recognized the importance of Group Health insurance policy for employees benefit option.
Group health insurance policy or Group Medical Insurance can provide a number of benefits for individuals. One of the main advantages is the cost savings that can be realized through group rates. Group health insurance plans are often less expensive than individual plans because the insurer spreads the risk among a larger pool of people. Additionally, group health insurance plans may offer more comprehensive coverage than individual plans, including coverage for preventative care and prescription drugs.
Another benefit of group health insurance for employees or Corporate health insurance is that it can be more convenient for employees, as the employer typically handles the enrollment process and the employee does not have to go through the process of applying for coverage. Group health insurance can also provide peace of mind for employees and their families, as it can protect them from unexpected medical expenses.
In summary, group health insurance can provide cost savings, more comprehensive coverage, convenience and peace of mind for employees and their families. It is an important benefit to have especially in a country like India where the cost of medical treatment is very high.
The below infographic explains the advantages group health insurance offers to employers as well as employees.