Group Health Insurance

A group health insurance policy is a type of insurance that offers medical coverage for several individuals. Organisations often purchase such an insurance policy to provide medical coverage to their employees. Group health insurance policies are typically very affordable. Learn more about this in the following sections.

Here are a few features offered by the Group Medical Health Insurance Plan:

• Employees can seek cashless claim facilities at any of the insurer’s network hospitals

• Some Group Health Insurance plans also cover pre-existing illnesses after the completion of the waiting period

• Group Health Insurance policies may also extend coverage to the dependents of the insured

• Certain Group Health Insurance policies also cover ambulance costs

• Employers can claim health insurance tax benefits under section 80D of the Income Tax Act, 1961

Here are a few details about the inclusions and exclusions of a Group Health policy:

When a company chooses a Group Health Insurance policy for its employees, it typically covers the premium expenses. The purpose of securing Group Medical Health Insurance is to ensure employees have access to healthcare benefits and financial protection for medical treatments.

Under this plan, the basic coverage and sum insured remain uniform for all corporate employees. However, employees may opt to include additional beneficiaries, such as their spouse, children, and in certain cases, elderly parents, by paying a higher premium.

Here are the types of organisations that should purchase the Group Medical Insurance Policies for their employees:

1. Small Businesses & New Startups

Recently launched businesses having a minimum of 15 team members should consider a Group Health Insurance plan. This will not only cover employees against medical emergencies but also enable firms to save money on taxes. 

Furthermore, there's no need for concern regarding expenses, as Group Health Insurance plans are tailored to fit the company's financial capacity and the robustness of its workforce.

2. Medium-sized Enterprises 

Medium-sized companies may also provide Group Health Insurance to financially safeguard their employees from medical emergencies. This will not only increase employees' motivation but also help retain them for a longer period of time. 

3. Big Ventures 

Employees at large, well-established startups anticipate perks like health insurance as a part of their compensation. Hence, if your firm employs 1,000 people or fewer, offering a Corporate Group Health Insurance Plan not only offers them peace of mind but also enhances your company's reputation.

Group Health Insurance and Employee Health Insurance are essentially synonymous. Both terms refer to health insurance provided by employers. These insurance coverages aim to offer medical benefits to employees, enabling them to cover expenses such as hospitalisation, medical treatments, and surgeries. However, to ensure a smooth claims process and avoid any complications, it's essential to review the specific services the policy offers.

Here are a few steps you can follow to claim your Group Health Insurance Plan:

1. Get in touch with your insurer to register the claim

2. Fill up the claim application form

3. Upload the necessary documents/medical bills

4. Wait for the insurer to assess your application

5. Check your claim status online or contact your insurer for more details

The following are a few documents that play a vital role in getting your health insurance claim approved:

• Duly filled and signed claim application form

• Final investigation report

• Doctor’s prescriptions

• Medical reports

• FIR (if any) 

• Hospital and pharmacy bills

• Hospital discharge summary

• Any other related document

Health Insurance Plans Available at Bajaj Markets