Group Health Insurance Plans are not meant for individuals, rather these are procured by big groups like employee-employer groups, social groups within a society/NGO, same credit card holders etc. So, in other words all members of the group are covered under one health insurance plan known as the group health insurance cover. You must have noticed such a type of cover being provided to you in case you work in an organization that provides health insurance to its employees. As a mandate after the first lockdown in 2020, every organization must cover its employees under a group health insurance plan, but some organizations still refrain from doing so, which is illegal.
Having a group health insurance cover in an organization/in groups, is important as it provides protection to the members and their immediate family, which helps the members in covering for the medical needs of their entire family. These health insurance plan covers for an array of ailments and if you take Bajaj Finserv’s Group Health Insurance the facility of cashless claims and easy reimbursements is also available to all members covered under the plan. Under this group cover, each individual can avail a cover starting from Rs. 1.5 Lakhs up to Rs. 50 Lakhs based on the terms of the plan.
Here are some things that you must know about the Group Health Insurance Covers-
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In order to buy a group health insurance at least 70% of the group members must agree on procuring the plan. Once an employer/organization chooses a plan, it offers its employees the option of either accepting or rejecting the plan.
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In some situations, the employer/group may decide to offer the plans in tiers such as (a) offering a basic plan and (b) offering a plan with add-ons. The members of the group can then choose for themselves based on the kind of plan that they want to receive.
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The group members are able to avail the health insurance at lesser cost as the insurer’s risk is spread across various insured individuals rather than on one person.
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The cover provides coverage to your spouse and kids as well. So, it is a cover for your immediate family, helping you to keep your finances in check in case of an emergency.
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The insured individual can avail cashless treatment in the hospitals that are registered with the insurer.
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The plan also has a comprehensive package that not just covers for the treatment but also for the medicines, ambulance charges and specialists.
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The employer can choose the tenor based on their needs and requirements. Hence, unlike other individual health insurance plans, these plans have flexibility in terms of the tenor for which the plan is procured.
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Add on benefits can also be included in the group health insurance plan, which implies to an add on maternity cover or a cover for pre-existing ailments.
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With a group health insurance plan, the employers/group heads ensure that there is enough financial aid for the employees or the members of the group, in case the insured or his/her immediate family have to undergo a medical emergency.
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Also checkout health insurance plan.
With the above points you will be able to now understand the pros and cons of having a group health insurance plan. From both the employer’s and the employee’s perspective, one of the most beneficial group health insurance cover in India is offered by Bajaj Finserv as it covers all the features mentioned above. You can review the pros and cons of the plan easily as the complete detail of the plan is available on the insurer’s website. One can procure the plan online without much hassle.
