Group Health Insurance
"Provides protection against all risks associated with erection, testing, commissioning of machinery etc."
Group Health Insurance
Group health insurance is a type of medical insurance policy for employees or members of a company or organization. A group health insurance plan typically provides health insurance coverage to its members at a lower cost since the risk to health insurers is spread across the members of the group health plan.
Businesses and organizations buy group health insurance plans in order to provide medical coverage to their employees or members. Only groups, and not individuals, can enroll in group medical insurance plans.
The main benefit of group medical insurance is that group plans tend to have relatively low premiums. Due to the advantage of larger risk pools, group health insurance plans are often more affordable than individual health plans.
ADVANTAGE OF GROUP INSURANCE
Having group health insurance typically comes from an employer. There are many advantages to it when compared to individual insurance, and those advantages are for both the employee who gets the insurance and the employer who offers the insurance. If you are looking to understand group health insurance advantages, either as en employer or an employee, here are some things to carefully consider.
Small business health insurance can save money
There are a lot of advantages of group health insurance, and one of the biggest ones is the cost savings. This helps the employee who finds that they can afford insurance for themselves and their family, but it also helps the employer who wants to give their employees good insurance that they can afford to help with. If insurance premiums are too high, neither group is going to benefit.
Lower cost due to a larger risk
Among the advantages of group health insurance for employees is the higher number of people in the pool (group) that is getting the insurance. When more people are included, there are more options for more people, generally at a lower price than what would otherwise be available. In short, this means a lot of value, including:
Better insurance plans offered
A lower price for insurance plans
More coverage for pre-existing conditions
Tax incentives for offering health insurance to employees
The advantages of group health insurance are not just for the employee. They are also available to the employer, in the form of a small business health care tax credit. This is offered to businesses that give their employees insurance and pay part of their premiums. These businesses may qualify to get a credit back on their taxes, so they can be compensated for the money they are paying out toward insurance premiums. This is one of the biggest advantages of group health insurance from a employer’s perspective.
Positive work environment and happy employees
Employees that are happy are employees that work hard for the company. That is one of the more subjective or hidden advantages of group health insurance. When an employer offers this insurance to employees, they may get: Employees who appreciate their insurance
Employees who care about their employer and their job
Employees who see that they can build a career at that company
Employees who feel valued and appreciated
Employees that want to make the company better for everyone.
Group Mediclaim Insurance
It is a Health insurance policy issued to a group rather than individuals covering the cost of Medical Expenses of members included in the group. This policy will always be named policy and cannot be issued on an unnamed basis. It covers in-patient hospitalization of a minimum of 24 hrs due to disease or accident. This is an employee benefits policy generally purchased by Corporates Large, Small or Medium Enterprises for employees and their families, but Clubs/Societies/Other specific groups could also opt for this insurance policy. These policies are issued on all or non-basis. Various factors like No Of Lives, total Sum Assured, features sought and many more decide the premium being charged by the Insurance Company.
Group Personal Accident
It is an insurance policy issued to a group rather than individuals covering the consequence of unexpected accidents as Death, Disability etc. met by members included in the group. This is an employee benefits policy which provides indemnity to insured beyond working hours also i.e. 24*7. Sum insured could be flat/uniform for each member or it could be graded. Generally, these policies are purchased by Corporates Large, Small or Medium Enterprises for employees and their families, but Clubs/Societies/Other specific groups could also opt for this insurance policy. These policies are issued on all or non-basis.
Group Travel Insurance
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