Boost Commercial Growth with Group Medical Insurance Policy

A boon to both employees and employers, group medical insurance, also known as group health insurance is a type of health insurance that is typically provided to a group of people working in an organization. This type of business health insurance policy offers a lot of benefits collectively to a large number of people, in contradiction to insurance policies that only cover single individuals. Some consider this insurance as an added benefit to working in an organization, rather it is one of the fundamental things that any company should cover for its employees. Why? Well, let’s learn why! In this blog, you will learn and understand the importance of group medical insurance, its benefits, and other important and exciting features.  

Corporate health insurance, as previously mentioned, involves a group. In the context of medical insurance, the IRDAI (Insurance Regulatory and Development Authority of India) defines a group as a reasonable number of people that gather for a unified purpose. 

This health insurance policy can be for full-time or part-time employees. 

The Wide Coverage that Group Medical Insurance Provides

• The fundamental things apply, as time goes by..? Nope. The fundamental things apply immediately and consistently. A business health insurance policy essentially covers healthcare at the most basic level. So your fundamental medical expenses will be covered. Now healthcare expenses can be many – tests, medication, and other fancy and sky-high-priced procedures! Wondering if health insurance covers all of this? Certainly. A group medical insurance policy is designed to help employees access basic healthcare services without spending an arm and a leg.
• ‘An ounce of preventive care is worth a pound of cure’, keeping this age-old saying as one of its foundational principles, group medical insurance policy for employees cover the aspects of preventive care like providing vaccinations, conducting health screenings, and plans and activities that promote employee wellness. With more companies realizing the importance of the role of good mental health in promoting overall health, some policies also cover mental health services like counseling and therapy.
• An extension of basic healthcare services, corporate health insurance also provides coverage for emergency medical services and their expenses. Some also cover vision and dental care services.
• A collectivistic framework – a business health insurance model is crafted to benefit a group of people, under an umbrella of one exclusive policy. Now this group can be easily extended to other people outside the organization such as the family members of employees – spouses, and dependent children. This kind of financial protection improves the overall health of employees. Some other benefits of group medical insurance policies include whole maternity coverage.

Importance of Corporate Health Insurance

• Greater Employee Morale
  Business health insurance elevates a company’s level. People looking for places to join, look for competitive benefits and a business health insurance policy offers good benefits that attract them. It also helps in encouraging and retaining the existing employees by creating a healthy workforce. It motivates the employees and helps them feel appreciated. It strengthens the employee-employer relationship.
• Powered Productivity
  This kind of insurance policy improves the health of the employees. This can be beneficial for both the employers and employees such that a healthy workforce is a productive workforce, which means more dedicated work that eventually leads to growth. It is beneficial to employees as they can work free of worries about their health, knowing that their needs are covered. Mentally and physically fit individuals will enjoy working more.
• No More Financial Burden
  Another benefit of this insurance policy for corporations is that it removes the financial burden off of the employees’ backs. It is cost-effective for the employees as a major portion of the premium cost of the policy is paid by the employer, while the employee pays the other part. This makes the policy, otherwise expensive, affordable for the employee. It is also beneficial to the employers as due to the large group of employees, they get a better rate for the policy.
• Preventive Care Over Cure
  Since these policies cover preventive care, they look after the overall health of the employees consistently, this can prove advantageous as then people wouldn’t have to worry about unnecessary or sudden emergency health expenses. Nip it in the bud, they say right?
• Pride and Joy of the Company
  Not only is it a responsible thing to do, but a policy like this can help in boosting the image of the company that avails it. A company investing in the health of its employees shows its long-term commitment to growth. This can enhance the reputation of the company bringing in more fresh motivated talent.

Inclusions and Exclusions of a Group Health Insurance Policy: 

A business health insurance policy includes all kinds of healthcare expenses ranging from medication expenses to hospitalization expenses like hospital stays, its charges, procedural charges, etc. Doctor visit charges and diagnostic test charges are also covered. Along with all these maternity-related expenses and newborn healthcare expenses are also covered. 

What a corporate health insurance policy coverage excludes is when an employee has a pre-existing health condition, that the employee suffered from, way before they availed the policy. Other procedures and treatments like experimental/ alternative treatments, cosmetic and aesthetic procedures, and nonmedical costs like gym, yoga, pilates, and health clubs are also excluded from the policy coverage. 

Conclusion

It is one of the essential perks that a company can offer along with wellness programs and pieces of training. Different corporate medical insurance policies by different companies offer and cover a wide variety of things. While looking for this type of policy, employers can work with agents and figure out a policy that works for the needs of their company. Availing a group health insurance policy is how you can ensure the stability of your organization and promote steady growth. Providing employees a comprehensive health coverage not only improves the health of the employees and provides financial relief, but it also helps in creating a more positive work environment ensuring that the future of work is dynamic. With some people advocating for longer working hours and more productivity, as an employer, group health insurance is one of the ways that you can take a step toward changing the system of work and promoting better, healthier work practices.