Today’s life has become quite hectic. Stress, a sedentary lifestyle, and unhealthy eating habits have deteriorated people’s overall health. With the depleting ozone layer, rise in infrastructure, and increase in pollution, breathing fresh air is challenging. The rising healthcare costs can be daunting. This makes it more important for people to buy Group Health Insurance.
Fortunately, many corporations have recognised the need for Health Insurance for their employees. Several employees are covered under this policy. The risk factor of the entire group is analysed to arrive at the policy’s premium, which the employer pays. Employers usually provide this plan to ensure loyalty and improve the efficiency of their employees. Here are reasons why it is beneficial:
- Costly health plans
Rising healthcare costs have led to increasingly expensive Health Insurance Plans. Not all employees may be eligible to opt for an Individual Health Insurance Plan. The plan offered by the Insurance company acts as a security measure in health-related mishaps. One can also buy an individual health plan along with the group medical plan, depending on the extent of coverage the employer provides.
- Family cover
In some cases, the group medical coverage’s benefits may also extend to the employee’s immediate family members, such as spouse and children. Dependent parents might also be covered, depending on the terms and conditions of the policy.
- Balancing your savings
A Group Insurance Policy is a supporting factor in creating your contingency fund. Depending on your coverage, you can manage how much you want to invest in your low-risk Mutual Funds or Fixed Deposits to create it. You will have options to choose which measure you want to utilise in case of a health issue.
These days, some companies also offer International Health Insurance, which offers a sum insured of up to $10 million, best suited for employer-employee groups and non-employer-employee groups, organisations, and societies.
- Cashless services
Most Group Health Insurance providers have tie-ups with a chain of hospitals. They also have an extensive list of network hospitals. In case of health issues, you can be admitted to one of our network hospitals and avail of cashless services. You do not need to pay out of your pocket. The Insurance company and the hospital shall settle the claim between themselves. However, this depends upon the coverage of your policy.
- Peace of mind
Whether your company offers domestic or overseas health coverage, you can be assured of peace of mind, both in terms of coverage and claim settlement. Some insurers offer group policies which you can convert to Individual Health Insurance Policies after a predefined number of years.
Conclusion
Buying Health Insurance safeguards your well-being with benefits like restoration coverage during medical crises. Choosing the best Insurance Plan protects your loved ones and employees in unforeseen events. It ensures that they remain financially secure, even in the face of the unexpected. Identify a cost-effective one using the Insurance premium calculator.
