The concept of more the merrier is great when you’re throwing a party or collecting charity but does it work when it comes to a health insurance plan? Most Indian insurers today have facility where you can acquire an insurance policy collectively as a group, AKA get a group health insurance policy. The number might vary from 50 to 500 in such a policy. If you’re a working professional, you’re familiar with this in the form a small health card you get as part of your joining formalities.
The reason for the popularity of group plans is inflation. Group health insurance plan comes to the rescue as an affordable option of having a health plan that protects from financial instability arising due to hospitalization. It is also beneficial to the employer as it saves the total healthcare costs of the organization.
Let’s take a look at all the benefits the company health card in your wallet can offer.
No Waiting Period
Group health insurance policy does not follow the concept of waiting period for any illness listed under the plan. Even the pre-existing diseases are covered from day 1, means now your family members would not require waiting for 2-4 years for their pre-existing ailment’s treatment. Such an advantage cannot be expected from any individual health insurance plan.
No Medical Checkup
Another great feature of group health insurance cover is the no medical checkup option, implying that an individual or his family is not required to undergo any medical checkup at the time of purchasing the plan. In most of the individual health insurance plans, the hassle of medical checkup would turn up once an individual reaches an age of 45 or more, whereas, group insurance has no such terms and conditions.
Maternity cover is one of the most popular questions that swing in numerous heads when they consider a health insurance policy. This feature is provided to the employees to bear the high maternity expenses from the date of joining. It is the most advantageous feature offered by group insurance in comparison to the individual cover wherein a waiting period of 2-4 years is mandatory.
Premium set for the insured person is much lower because of the economies of scale and hence it is always a better option to go with group insurance even if in case you are required to pay the premium yourself. One does not require getting into bonds of co-payment after an age of 60 years as in an individual health cover.
This table is a clear representation of the benefits offered by group health insurance in comparison to an individual health cover.
Now that you’re familiar with the features of group health insurance plan, also know that having only a group medical insurance plan may not solely suffice to protect you in case of medical emergencies. This is because, while its premium is low, the amount you are covered for is also low. Additionally, if you change the organization, you may lose out on bonus in case you don’t make a claim or lose the policy altogether. So, it’s advisable to also invest in an individual policy along with your group cover. You know what they say, better safe than sorry!