Benefits of Group Health Insurance to employees

2 min. read: A quick summarization of various benefits of Group Health Insurance for employees
Team Loop Health
December 24, 2020

About Group Health Insurance

Health Insurance is an important issue. There has been a long-term debate between the benefits of Group Health Insurance & Individual Insurance. Post the decision taken by the government for all employers to provide health insurance to their respective employees, there has been a surge in enquiries about Corporate Health Insurance from across industries.

Let’s discuss Group Health Insurance in detail:

Group Health Insurance is provided by the employer to their employees with additional benefits.  The employer either charges a premium amount to the employee for the plan or it is provided free-of-cost to the employees. Group Health Insurance helps the organization to care for their employees at an economical pace, since it is purchased in bulk. Here’s how the employees benefit from these plans:

Reasons why Group Health Insurance is beneficial for employees :

1.)  Easy on the wallet

As compared to individual health insurance or family health insurance, group health insurance (with good benefits) have cheaper premiums as the total amount is shared with other fellow employees.

2.)  The right motivation tool

A right Group Health Insurance plan acts as a great motivation tool for the organization. The employees feel valued & it eventually leads to higher productivity as well as increase in employee engagement.

3.)  Health coverage for families

Generally, Group Health Insurance plans include insurance of family members. (up to a certain limit) Managing health insurance policies from various service providers within the family becomes a hassle. Hence, employees value the benefit of including family or friends in their plans.

4.)  Easy claim process

One of the most important benefit is hassle-free claim process. Individual health Insurance policy holders often have to go through a time consuming process of producing documents, cash-up front transactions etc. Whereas with Group Health Insurance they often have to just submit their hospital bills to the employer & they get reimbursed for it.

5.)  Value for money plans

Group Health Insurance plans also covers Maternity benefits as well OPD (Out-Patient- Department) benefits for preventive care of the employees. OPD mainly focuses on pre-existing illnesses.

Whether you are in the favor of Group Health Insurance or Individual Health Insurance, the bottom-line is to cover your medical expenses & ensure that someone cares for you & your family’s health by providing quality healthcare at an affordable rate.

Interested in learning more about Group Health Insurance? Click here

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