Today’s world comes with a lot of risks, as well as multiple unforeseen situations, much like the pandemic and the lockdown. And it is important for each of us to stay protected against these unpredictable factors.
Gone are the days when employees simply looked at the figure on their paychecks before choosing a job. Nowadays they’re attracted to workplaces that offer benefits like corporate healthcare insurance so that they are medically and financially secure. These plans can also include the family members or their dependents.
What Is Corporate Healthcare Insurance?
A corporate healthcare insurance plan, also known as group health insurance, is a type of group health insurance plan designed for employees of a company or an organization.
Corporate healthcare insurances are enforced to protect employees from various risks, accidents, and financial losses, as well as to offer them healthcare benefits like maternity benefits, daycare treatment, and more.
This provides safety and mental health security to employees, which has long-term benefits. The coverage is provided by the employer via some corporate healthcare providers.
Confused while choosing between group health plans and individual health plans? Click here to read about Group Health Insurance vs Individual Health Insurance.
Top 5 Features Of Corporate Healthcare Insurance
Let’s look into the list of features under corporate healthcare insurance.
1. Comprehensive Cover for Medical Expenses:
A comprehensive cover for medical expenses suggests an all-inclusive insurance plan with extensive coverage, including from inpatient treatment to consultations, outpatient treatment, hospital stay, medical testing, and more.
It offers family coverage, too, and thus provides greater security to your employees.
2. Cashless Treatment at Network Hospitals:
One of the key features of corporate health insurance plans is their tie-ups with network hospitals. Corporate health insurance providers have partnerships with prominent hospitals across the country after evaluating their facilities, doctor availability, and treatment quality, among other factors.
These hospitals are referred to as that specific insurer's network hospitals, where your employees will not have to spend a single dime out of pocket to the hospital and will still receive high-quality care.
All the expenses and charges of hospitalization and treatments are settled directly between the insurance provider and the hospital, and no cash has to be paid by your employee, or their dependent(s).
Find out the difference between network and non-network hospitals
3. Pre and Post-hospitalisation charges
Medical treatments do not just entail hospitalization or in-patient care, but also include medical testing, checkups, and other pre and post-hospitalization care. Employee health insurance includes these charges in its coverage, thus relieving your employee from paying extra out of pocket.
4. No waiting period
Individual insurance has a waiting period of around 3 to 4 years, before which you cannot claim your health insurance coverage.
However, corporate healthcare insurance does not have a waiting period, meaning that the medical coverage is activated for your employees and their dependents from the very first day.
Click here to read in detail about the waiting period with group health insurance plans.
5. Covers pre-existing diseases
If an individual suffers from any medical condition or disease before taking a group health insurance plan, such a condition is termed a pre-existing medical disease or condition.
With corporate health insurance, your employees can be covered despite having pre-existing or chronic diseases.
Now that we have covered the features of corporate health insurance, in order to see if corporate health insurance is the right choice for you and your employees, let us look into its pros and cons carefully before concluding a sale.
Top 5 Advantages Of Corporate Healthcare Insurance
Let’s look into a few advantages of corporate healthcare insurance.
1. Minimal intervention
One of the most significant advantages of group health insurance is that health coverage is purchased from corporate healthcare companies. From the start of the process to the end, the companies take care of every aspect.
Some corporate healthcare insurance companies like Loop even handle claims processes and provide HRs with a dashboard to automate processes. This ensures there’s minimal intervention from a third party and from your end as well. Thus making the entire process quick, simple, and hassle-free!
2. Improved employee satisfaction and engagement
Offering corporate healthcare insurance is not only beneficial for employees but for employers, too. Employers enjoy growth in their organizations with increased employee engagement and satisfaction and can retain talented employees.
3. Tax Benefits
Providing corporate health insurance is not just beneficial to employers in terms of offering medical and financial security to employees, but it also comes with tax benefits. Employers pay the premium to insure their employees, which is classified as business expenditure.
This expense is recorded in the profit and loss statement of the employer and is eligible under the Indian Income Tax Act, 1961.
You can read more on the tax benefits of corporate health insurance here.
4. Increased employee retention:
By offering employees corporate health insurance, you are giving them better reasons to stay back at your company.
This will reduce your employee turnover rate, retain talented and experienced employees, and save a lot of money on hiring replacement employees.
5. Hassle-free and less time consuming
Corporate Health insurance is simpler and all the more hassle-free than individual plans as it requires no medical screening in order to receive coverage.
This means that in order to be included in a corporate insurance plan, your employees or the dependents do not need to undertake any prior medical tests or check-ups.
Top 3 Disadvantages Of Corporate Healthcare Insurance
Let’s look into a few disadvantages of corporate healthcare insurance
1. Policy Tenure
One downside to corporate healthcare insurance is that the policy will cover you as long as you are an employee of a certain company. Your coverage will not be extended further than your employment.
2. Coverage Amount
Insurance companies limit the sum insured of corporate health insurance, and it’s decided by your organization. However, your employees can choose to top up the premium amount at any point they wish to.
3. Lack of control:
Another downside to corporate coverage is that the entire thing is designed and decided by the employer, and thus the employees of your company have minimal control over their coverage and premium.
Top 3 Best Corporate Healthcare Insurance Providers
Let’s look into a few top healthcare companies in India.
Loop was founded in 2018 and since then, we’re one of the fastest-growing health benefits and employer insurance providers in India.
Besides competitive rates, what makes Loop stand out from competitors is the in-house medical team of doctors. We also extend personalized health benefits along with dedicated 24X7 claims and customer support.
We have our own app along with an easy-to-use interface that serves as a single source of information for all our clients. Our pan-India presence enables us to serve customers across all states in the country.
Unlike other insurers, we focus on preventive care. This means that we pay doctors to keep your employees healthy rather than treating them only when they’re sick.
Currently, we have 130K+ happy customers and 200+ HR teams. By the end of 2022, we’re targeting to cover over 1 million members and in the next 5 years, cover close to 5 million members across Southeast Asia.
Recently, in a Series B round of funding, we raised $25 Million. This round was co-led by Elevation Capital and General Catalyst along with leading Silicon Valley investors like Khosla Ventures and Vinod Khosla. Prior to this, we raised $12 Million in a Series A round. Thus far, the total investment we have received is $40 Million.
The fresh funds are going to be utilized in different avenues like product development, sales, and development of new insurance and wellness products.
Some new introductions you will get to see in the future are physical healthcare clinics.
Anviti is an insurance broker who delivers insurance and reinsurance products to corporate clients. Along with their strong relationship with leading insurers and deep subject knowledge, they’re able to provide customized solutions.
From employer health insurance to marine insurance to reinsurance to energy insurance, they offer a plethora of specializations.
With their headquarters in Bengaluru and offices spread out throughout India in cities like Hyderabad, Chennai, Pune, Noida, and Kolkata, their services are accessible to all.
Prudent Insurance Brokers Pvt. Ltd. has its headquarters in India in Mumbai. Other branch offices are scattered across the country in cities such as Pune, Ludhiana, Hyderabad, Chennai, Bengaluru, and Gurugram.
They offer general and life insurance products to businesses of all sizes, both in India and abroad including public sector entities, and foreign and Indian MNCs.
Throughout their many years of service, they have established a reputation of uncompromising integrity, value enhancement, and technical expertise for their customers. They are known to provide unique products to their clients.
Choose Loop To Cater To All Your Corporate Healthcare Needs!
Corporate healthcare insurance is beneficial to both the employees as well as the employers, and it paves a path to the betterment of overall health problems and medical security. It helps to cover multiple issues at once: with corporate health insurance, you get all the benefits, at a much lower cost.
Download an quick and easy-to-read guide for implementing corporate benefits that work for you and your organization.
As an HR manager, offering corporate health insurance to your employees' guarantees increased employee satisfaction and growth, so that even if you can't predict the future, you can protect it!
Loop Health provides the best group health insurance plans with free primary care and round-the-clock customer service. Our team of specialists provides you with comprehensive care at no cost!
You can always see a professional of your choosing at any time, whether tiny issues are delaying you from attaining your productivity goals or significant issues are getting in the way of your life!
So why go anywhere else!
Let us take care of your team!