If you are an employee of the company or a member of an organisation, your employer or organisation may provide healthcare insurance benefits covering all the eligible employees or members like you, then that insurance policy is known as a group health plan. Health insurance coverages are offered in many ways such as individual health insurance plans, family floater health insurance plans and group health insurance plans etc
When it comes to group mediclaim insurance plans, the whole concept lies in the idea of providing risk coverage in the event of health contingencies to those people belonging to the same group. Basically, these are also termed as employer-sponsored health insurance schemes wherein the employer provides you with the benefit of healthcare coverage at his expenses for the well-being of you and your family as long as you stay employed with them.
Group health insurance plans offer a provision to include the employee’s spouse, dependent children and dependent parents as a part of the coverage. In simple terms, group medical insurance is an umbrella policy under which all the eligible members of the group and their dependents (optional) are covered.
Group health insurance plans work on the basis of risk pooling and designed as per the prerequisites of the employees of the company or the organisation. These policies can be obtained by small, medium and large organisations for the welfare of their employees. The coverage offered and premium for group health insurance plans may vary from one insurance company to another. However, eligibility rules for employee health insurance are quite different from individual health insurance plans. Usually, eligible employees are offered coverage regardless of their previous health conditions or pre-existing medical conditions. Risk factors considered for this insurance are group-specific and not based on each individual included in the group.
In group mediclaim insurance plans, as risk is spread across all the members the coverage is offered at a relatively lower rate. Though the plan can be customised based on individual healthcare needs, it offers the benefit of cost-efficiency, cover for pre-existing illness and tax benefit etc. to the insured members.
If you are an employer willing to buy group mediclaim insurance for your employees you can compare various group health insurance plans offered by the insurance companies in India. You can make use of a group medical insurance premium calculator online and compare the premiums of some of the best policies in India before buying.