In India health concerns are on the top of every individual priority list in such a scenario most of the companies offer group health insurance policy to their employees.
A group insurance can be within a family as well as a group of people working in the same company. Most of the companies in India have started providing employee insurance to their employees that cover their spouse and children. Some of the best group and employee health insurance policies in India also provide coverage for parents also. In a group Health Insurance both the insurance company and the person insured is benefited. Below are some of the advantages of employee health insurance policy:
No medical checkup-
One of the most important advantages of group insurance policy is that you are not required to go for any medical checkup yourself or for your family. Once you are enrolled for the insurance you get your policy papers from day 1.
Maternity benefits are included too:
The best part of some of the best health insurance policies for groups is that they offer Maternity benefits for women employees and for the wife of the male employees. This benefit is not offered by many individual health insurance policies in India yet.
Low cost insurance policy:
This is one of the most positive part of a group medical policy as the insured individual has to not pay any premium from his pocket separately. Also the premium that is paid by your employer per person is comparatively low up to at least 30 to 35% cheaper than the individual insurance plans.
The pre existing diseases are covered as well:
The individual insurance policies have a pre existing disease clause that do not cover your pre existing illnesses and this makes your claim difficult. But in case of an employee group health insurance policy there is no pre existing disease clause and you are covered from day 1. So even if you are suffering from some kind of disease as soon as you are enrolled for the insurance you can enjoy the benefits. There are also no waiting period terms and conditions as well for employee health insurance policies.
Now let us see some disadvantages that home along with Group health insurance policy in India:
Your parents can be excluded from the employee health insurance policy:
The decision of including or excluding your parents from the employee health insurance policy is solely dependent upon your employer. Sometimes a company can decide to cover their employee’s spouse and two children only to be cost effective. If your employee health insurance policy does not cover your parents then it is advisable for you to buy a separate health insurance policy for your senior citizen parents.
Employer can cut group health insurance cover anytime:
Many private sector companies in India have been doing this for a while. To be more cost effective many companies have sent mails internally to their employees stating that because of cost cutting their health insurance cover has been lowered down too. Some companies may even ask you to pay your premium from your pocket instead of the company paying it.
Employer health plan cannot be shifted:
The group employees’ health insurance policy cannot be shifted to your new company from the old one if you are changing your job. Also after your retirement the employee health cover is not valid anymore. In such cases you will have to depend upon your individual health insurance policy. So if you are solely dependent upon your employee health insurance then it is a good decision now to also purchase an individual health insurance policy.