How Does Group Health Insurance Operate?
Group Health Insurance is a policy the employer provides to the employee. It provides them with the optimal health coverage they need. It may cover your spouse and offspring and, in some cases, parents.
Since corporate health insurance is included in our employment agreement, we rarely compare its advantages and disadvantages to other plans.
Let’s weigh the pros and cons before concluding:
The Benefits Of A Corporate Medical Insurance Plan:
Waiting Period
The waiting period is one of its most significant benefits. In this instance, the employee is covered from the policy’s inception.
Pre-Existing Conditions
Regarding corporate health plans, most claims are approved regardless of pre-existing conditions.
No Medical Examination
Even for senior citizens, this health insurance policy is issued without undergoing a pre-medical examination. Other health plans may require a pre-medical exam based on age and pre-existing medical conditions.
Premium Costs Are Covered
The employer covers the premium. Only if you intend to increase the sum insured or add another health plan would you be required to pay the difference.
Cons Of An Organisational Health Plan
To help you make an informed & appropriate decision, we have outlined why more than corporate health insurance may be required and why you may need to supplement it.
Coverage Quantity
The majority of employer-sponsored group medical plans have a limited sum assured. The maximum coverage may reach up to Rs. 5,000,000 (if you’re fortunate). Therefore, why pay out of pocket if you have insurance?
Co-Payment Clause
It implies that the policyholder is responsible for a fixed percentage of the medical expense. In this situation, the insurance company will only pay a portion of the sum insured.
Room Rent Limits
It’s also referred to as a hospital room rent sub-limit. In a corporate health plan, the maximum allowable lodging rent is predefined. And if you choose accommodation with a higher rate, you’ll be responsible for the difference.
Policy Tenure
Your corporate health insurance will provide coverage for your employment with the organisation. Upon termination, the policy will cease. You will be without insurance coverage until you find a new job.
Number Of Insured Individuals
Not all employer-sponsored health insurance plans provide coverage for your dependents. It is one of the plan’s most significant flaws. The objective of buying health insurance is to protect your family if you are hospitalised. Moreover, if your spouse, children, or elderly parents depend on you, corporate health plans may not be sufficient, and you need health insurance plans for your family.
Conclusion
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*Standard T&C Apply
‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘
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pointer wise should be there.
Since this is conclusion, it cannot be made as a pointer
