What is Group Medical Insurance and what are its Benefits?
A new job, new people, new culture, new salary, and most important, new health insurance. Yes that’s right. Each company has its own medical insurance which covers all its employees and you come under it as soon as you start. One question arises here? Are company group health insurance plans policies good enough?
The answer is yes. These insurance policies offer a lot of benefits and you should take advantage of it.
What is a group insurance?
When you buy health insurance for big groups of people like 50 or 100 or 500, then it’s a group health cover. Most companies cover their employees as soon as they join.
A group medical insurance is beneficial to the policy holder as well as the insurance company which sells the policy. Think about the amount of profits ICICI Lombard would make if they sold group health plans for TATA. On the other side, the TATAs get a better deal for buying group health insurance plan is cheaper compared to individual health policies for each employee.
Now let’s take what benefits the employees enjoy:
1. No Medical check-ups required
The premiums you pay for an individual health insurance plan depends on the results of your medical check-up. That’s not the case with your employer insurance. You and your dependents are covered without any medical check-up right from day one.
2. No Waiting Period
A great feature about group medical insurance is there is no waiting period. Say your parents suffer from diabetes or a heart problem, they are covered from Day 1 under group cover. With an individual health insurance, you would need to wait for a certain period of time before they could file a claim.