With time, healthcare has become a costly affair. And without group health insurance, the cost of hospitalization, treatment, tests, and medical expenses cumulate considerably, which employees have to pay out of their pockets. After the pandemic drew a focus on health, employee insurance is now mandatory for businesses of all sizes.
With tight deadlines and long working hours, most corporate employees find it tough to sustain a healthy lifestyle. As per an ASSOCHAM survey, 43% of the workforce suffers from depression and 23% from obesity. So, managing a healthy lifestyle has become a significant component.
Thus, employers now extend corporate health insurance benefits, which include offering employees health insurance to manage their health, engagement, and productivity. It is a win-win situation for all if the employees feel motivated, healthy, and safe and need fewer sick leaves.
This is why businesses turn to the best corporate health insurance companies to offer their employees benefits and perks and give them the security they deserve.
But what is corporate health insurance? Does it offer all-around security to employees? Let's find out.
What Is Corporate Health Insurance?
Corporate health insurance is a type of health insurance policy that covers an entire corporate entity and offers benefits like health insurance coverage for accidents, dental practices, surgeries, recovery expenses, and so on for it’s employees.
A corporate mediclaim policy is often called group health insurance or group mediclaim, and the policies are described as group health insurance plans.
What Is Included In Corporate Health Insurance?
A good health insurance plan offers financial and medical safety for your employees and their families. Typically, corporate health insurance includes coverage that extends to the employee, spouse, children, and parents dependent on the insured person.
As an employer, picking the right health insurance for employees exhibits that you care about their wellbeing and are ready to provide them with a safe and healthy future.
GOOD TO KNOW: Why Is Health And Safety Important In The Workplace?
Though corporate health insurance plans vary, they generally include pre and post-hospitalization expenditure, daycare, the cost of an ambulance, etc.
Here is a detailed list of what's included in corporate health insurance:
1. Additional health cover:
Corporate employee health insurance companies offer policy options covering family members. It provides an extra protection layer to the employee's family.
2. Pre-existing illness coverage:
Pre-existing diseases are a part of employee health insurance coverage. Chronic diseases and those with risk factors such as hypertension and diabetes are an inclusion from the first day.
3. Maternity benefits:
Benefits like waiver of the usual waiting period, coverage for normal or cesarean deliveries, and coverage for the newborn babies' vaccination are a part of the insurance policy.
4. In-patient services:
The policy covers all your in-patient hospital services during accidents, unexpected health issues, or surgeries.
5. Pre and post-hospitalization costs:
The medical tests performed before admitting a patient to the hospital are a part of the insurance. Of course, a proper diagnosis is essential to provide the best care.
Hence, the insurance company also covers the tests needed before hospitalization, such as blood tests, urine tests, and image tests. Similarly, follow-ups and tests are equally critical post-hospitalization expenditures covered by your insurance plan. So, even after discharge, the insurance company bears these medical expenses.
6. Cashless treatment at network hospitals:
With insurance coverage, you can enjoy a cashless claim as the insurance company pays the entire bill.
Besides, corporate health insurance plans cover ambulance charges, daycare expenses, and domiciliary hospitalization treatment.
Top 5 Best Corporate Health Insurance Companies In India
In the financial year 2021, around 514 million people all over India were covered under health insurance policies. But, the overall penetration of health insurance was merely 35% in 2018. Here is a list of top corporate health insurance companies in India:
1. Loop Health
Renowned for being the first group health insurance provider that offers group medical insurance for Indian employees with an in-house medical team, Loop Health was set up in 2018.
We’re one of the most advanced and rapidly growing group health insurance companies, and offer customized health insurance plans at highly reasonable rates. Our bespoke health benefits with the round-the-clock customer and claims support are highlight sought after.
Besides offering hospitalization coverage, we provide free primary care memberships, OPD consultations, and holistic wellness plans. The best thing is that employees can access it through the Loop app, which has a simple user interface and a round-the-clock support team for assistance.
We have a Pan-India presence to serve customers all across the country. This helps us gain a competitive edge by offering affordable health facilities by professional doctors to keep the patient in good health and care for them as and when they are ill - something no other group of medical insurance companies offers.
Recently, we raised a Series A funding of $12 million, followed by a series B funding of $25 million, adding up to a total of $40 million.
2. Prudent Insurance
Prudent Insurance is yet another name on the list, with its headquarters in Mumbai. It was set up in 2005, and since then, it has offered services in more than 120 nations. Regulated by the IRDAI, it has a strong workforce of over 800 employees handling the insurance needs of over 3500 clients.
Prudent Insurance offers solutions to corporate companies with high net-worth employees and their families. They basically provide life insurance, individual health insurance, and general insurance policies focusing on small entrepreneurs to Indian and foreign multinational organizations.
3. Anviti Insurance
Anviti Insurance Brokers was rebranded as Aon on 27th July 2021. The company provides people with health coverage, risk benefits, and retirement solutions. With its headquarters in Bengaluru, Aon has developed a robust reputation as a firm that offers its customers a full-fledged range of products, from home insurance to travel, pet, health, and car insurance.
The comprehensive list of their products includes:
- Employer health insurance and benefits
- Energy insurance
- Property damage insurance
- Financial lines and casualty insurance
- Marine insurance
- Business interruption insurance
4. Marsh India
Founded in 2003 in India, Marsh India Insurance Brokers & Reinsurance Company Limited enjoys a global presence in more than 130 nations. The company covers 12 locations in India and with human resources of more than 400 employees.
It is a prominent insurance broking and risk management company headquartered in Mumbai with branches all over the nation. Marsh India offers a broad spectrum of insurance products. Its services include:
- Claim management
- Flexible insurance plan design
- Property risk consultancy
- Logistic risk management
- Supply chain risk management
- Global analytics
From small, medium to large and multinational companies, its clientele list includes all types of companies.
5. Howden Insurance Brokers India Pvt. Ltd.
The company in India is a subsidiary of Howden Broking Group, working in collaboration with Hyperion Insurance Group from the UK. It enjoys a presence in more than 40 countries with over 6500 employees.
Howden Insurance offers personal and commercial policies and services across the nation. Their products include car, bike, health insurance, individual and commercial property insurance, travel, and other insurance.
The company provides reinsurance services, corporate risk management, and individual insurance to its clientele. With its headquarters based in Mumbai and many other branches in metro cities, it is one of India's known health insurance companies.
Do Health Insurance Provided By Corporate Companies Cover Everything?
Choosing the best group health insurance policy in India is one of the most significant decisions. With the right health insurance in your hand, you're likely to cover everything that's needed for you.
Of course, a single healthcare plan doesn't cover everything. That's why you need to select a company that provides preventive care, mental health support, etc., for your employees.
A health insurance policy provided by corporate companies covers these things:
- Covering pre-existing diseases: A significant benefit of corporate health insurance is that it offers coverage for pre-existing diseases. They are covered if the employee or their family members covered in the policy suffer from a pre-medical condition. Hence, making it the perfect option for all.
- Waiting period - Retail policies don’t offer coverage from day 1. However, a group health insurance policy covers pre-existing diseases from the moment the policy is activated. This is very useful, especially for family members of employees.
- Maternity cover - Certain organizations provide maternity health insurance. This added coverage covers the costs of childbirth, newborn child expenses, and more. With a retail policy, you don’t get such inclusions.
So, making the right pick from the long list of corporate health insurance companies is a must for you. Consider the significant aspects needed when choosing the policy and ensure that all your employees commonly benefit from it.
The terms and conditions should be clear and transparent and should be disclosed to the employees. Lastly, ensure the employees possess all the knowledge related to it, from gaining tax benefits to knowing about the right insured covering.
Which Corporate Health Insurance Company Provides Preventive Care And Mental Health Support?
Loop does that. We offer the best group health insurance policy in India, along with preventive care, mental health support, wellness sessions, etc.
Our healthcare solutions cover more than what regular group health insurance policies cover like pre-existing conditions, mental health issues, and critical illnesses, among other things. Plus, we offer preventive care services to ensure employees are in the pink of their health.
Corporate health insurance policies have become the need of the hour. They are something that every typical business needs to keep their employee's wellbeing and health as their top-notch priority. It is one of the ways to make the employees feel motivated and loyal to the company.
So, if you're looking for a corporate health insurance company that not only offers healthcare but also is really invested in caring for your employees then Loop is your one-stop solution.
We offer affordable health insurance without compromising on anything. Our group health plans provide high-quality healthcare solutions to employees, covering all their possible health issues. You get the best health insurance premium plans that benefit you and your employees.
Well, now that you know that you can take benefit of group health insurance plans and get twice the return on your employee health, all you need to do is sign up with Loop and give your employees medical and financial safety along with the peace of mind so that they can focus on your business, giving their 100%.
After all, it is the 21st century, and candidates are looking for job security, well-being, and work-life balance. With a good corporate health insurance plan, you can offer your employees tailored health safety to see successful results.
The first step is to choose the right company and pick a suitable corporate mediclaim policy for your employees with additional benefits. It will safeguard your employees and extend support and health facilities to their families, offering your workforce peace to work productively with no disruptions.
Give Your Employees What They Deserve
The pandemic has stressed the significance of healthcare on the economy, and health insurance has a significant role in strengthening the healthcare ecosystem.
Corporate health policy providers like Loop don't just cater to your insurance but also offer wellness options to help users remain fit and generate better health outcomes. Health and happy employees boost your business results, which means more profits for you.
So, register now and become a member to enjoy various offerings. Give the best health protection to your employees, and take care of them as your own family.
