Group Health Insurance is a comprehensive Health Insurance policy that covers a specific group of people, usually employees of a company. A Group Health Insurance plan can be extended to provide coverage also to the family of the insured employees including spouse, dependent children and at times dependent parents. It is also known as Corporate Health insurance, Employee Benefit plan or Group Mediclaim Insurance.
Group Health Insurance is beneficial not only for the employees but also for the employers. It provides financial security to the employee during a medical emergency.
At Tata AIG, we offer an all-encompassing Group Health Insurance policy for your employees to cover them against accidents, illnesses, and other medical emergencies.
Why Buy Group Health Insurance?
Employees are the invaluable assets for any organization. Their welfare and care are of utmost importance for the organization. With changing lifestyle, rising medical cost & the recent pandemic has demonstrated us how important it is to have an insurance for employees.
The Covid induced lockdowns had a great impact on the work of the Small and Medium Enterprises. To come in terms with the new reality and emerge from this downturn, SMEs have to find new ways to meet these challenges and pave the way for growth.
One of the ways is to invest in the Employees and their well-being by means of Group Health Insurance which goes a long way in making sure that Employees appreciate the health and financial security provided through Insurance coverage, now, more than ever.
As more and more people nowadays look for work-life balance and a fair set of benefits from their organisation, hiring and retaining good employees is no longer an easy task.
As an employer, a Group Health Insurance plan equips you to work towards employee wellness in several ways.
Better employee retention
A group health coverage from the employer gives a sense of security to the employees and their families. Moreover, it creates a feeling of belongingness and employees feel cared for. This inclusiveness goes a long way in gaining loyalty, trust, and sincerity from the employees.
The rising cost of medical treatment is often a cause of worry for many. Securing your employees with group health insurance frees them from the mental stress of unplanned medical expenses. A Group Health Insurance plan frees your employees from the mental burden of high treatment costs and results in better mental health for them.
Happy employees are motivated employees. The value and care your employees feel with Group Health Insurance boosts their motivation and contributes to a supportive and healthy workplace culture.
Who Should Buy Group Health Insurance?
- Startups and Small Businesses: New startups and small agencies stand to benefit the most from including group health insurance as one of their employee benefits. It can increase employee retention and attract new talent to the organisation. So if you have just started your company, offering a group plan will inspire trust and goodwill from your employees and help save on taxes in the long run.
- Growing Startups, Mid-Size Companies and Agencies: In the case of growing startups and agencies, offering our Group MediCare Policy to your employees as an added benefit can boost employee morale. This is because a group health plan can reduce any stress or financial burden your employees may feel, as we will take care of most of their medical expenses This can increase productivity, giving you a competitive edge over other businesses.
- Established Organisations and Large Corporations: If you operate a large or established organisation, then a group health policy is an expected benefit for all your employees. It can also help sustain your organisation’s brand name and help potential hires view your company more favourably. Offering our Group MediCare Policy to your employees and, by extension, their family members can also help strengthen employee-employer relationships in the long run by inspiring a sense of trust and security when working for your organisation.
What is not Covered in Group Health Insurance for Employees?
Any claim made during the policy waiting period, the waiting period for specific diseases and pre-existing diseases will not be covered. However, there are exclusions available for these.
Investigation and Evaluation
Expenses related only to primary diagnostics and evaluation purposes. Any diagnostic expenses which are not related or not incidental to the current diagnosis and treatment.
Rest and Respite Care
Expenses related to enforced bed rest and respite services for terminally ill people.
Expenses related to the surgical treatment of obesity that does not fulfill all the below conditions:
- Surgery to be conducted is upon the advice of the Doctor.
- The surgery/procedure conducted should be supported by clinical protocols.
- The member has to be 18 years of age or older.
- Body Mass Index (BMI) of the patient is greater than or equal to 40 or greater than or equal to 35 in conjunction with any of the following severe co-morbidities following failure of less invasive methods of weight loss:
- Obesity – related cardiomyopathy
- Coronary heart disease
- Severe Sleep Apnea
- Uncontrolled Type2 Diabetes
Gender Change Treatment
Expenses related to treatment and surgery for gender change.
Cosmetic or Plastic Surgery
Expenses for cosmetic or plastic surgery or any treatment to change appearance unless for reconstruction following accidents, burns, or cancer or as part of medically necessary treatment.
Expenses for treatment for alcoholism, drug or substance abuse, or any addictive condition and their consequences.
Expenses related to any unproven treatment, services and supplies for or in connection with any treatment.
Expenses for some cases of refractive error treatment, injury due to adventure sports, breach of law, and sterility and infertility treatment.