Having health insurance has always been an excellent and secure way of creating a safety net against emergency medical expenses, but the advent of COVID-19 amplified its importance.
Employers took this as an opportunity to woo the top talent in the country by offering group health insurance as part of the CTC. Today, many employees working in leading MNCs are covered under group insurance that comes with its set of benefits.
If you’re currently looking for a good job, try searching for companies that offer group insurance as part of employee benefits. Group health insurance covers several people working in a similar organization or group under the same policy. It offers numerous benefits to the employees.
Some of the top benefits are shared below.
Healthcare Benefits at Little to No Cost
Group insurance can be best referred to as a no-cost health insurance policy for employees. The best part of group insurance is employees don’t have to pay for the policy in most cases.
The employer pays the entire premium for all the employees covered in the policy. So the insured gets the advantage of standard coverage at literally no cost.
No Need for Medical Tests in Most Cases
What makes group insurance distinct from other health insurance plans is that employees can get covered without getting any medical tests done.
If you apply for any individual health insurance plan, the insurer will first ask you to undergo specific medical tests before approving the insurance application, but the case is entirely opposite in the case of group health insurance plans.
Option to Cover Family Members
Although not all group health insurance policies may offer this benefit, some do. If you have a dependent spouse, children, and parents, you can ask the employer about adding them to the coverage. The availability of this option will vary from one company to another, so it is best to get it confirmed with the employer before signing any papers.
Simpler Claim Settlement Processes
If you like simpler and shorter communications to get work done, you will love the claim settlement processes of group insurance. Since the employer is paying the premiums and is in direct touch with the insurer, employees are expected to route their claim settlement requests via the employer or the company’s HR.
Once an official email has been sent to the employer/HR with all the required claim details, they will pick it up from there, ensuring you get your claim reimbursement on time.
Sense of Medical Security
Who doesn’t like getting medical coverage at no cost? Well, a notable benefit of getting covered under group health insurance is getting a sense of medical security. It can be a big boon for those who don’t have separate individual health insurance for themselves during times of need.
No Waiting Periods for Employees
Health insurance is generally accompanied by a waiting period for certain diseases and ailments. But since the group insurance covers many people from the same organization, employees covered under this policy don’t have to wait for the completion of any waiting period to claim reimbursements.
Less Paperwork Involved
If you’re not good at managing several papers in one place, you will certainly like being covered under group insurance. Since the employer is responsible for paying premiums and is the first point of contact for both the employees and the insurer, employees don’t have to keep multiple insurance papers stored.
It is generally stored by the employer, and the employees can keep an online copy. Overall, the paperwork involved in group insurance for employees is minimal.
Downsides of Group Health Insurance for Employees
Group health insurance is undoubtedly a boon for many employees, but it comes with certain disadvantages too. It offers standard coverage to employees, but it doesn’t give them the option to customize the policy as per their needs.
Also, since an employee is not paying the insurance premium, they cannot claim the premium amount as a deduction while filing Income Tax (IT) returns. If you want complete control over the health policy, you should invest in comprehensive health insurance from a well-known insurer. Besides giving good coverage, it can also be used as a wise tool in financial planning.
Get Covered Under Group Insurance for Maximum Benefits
Although group insurance has pros and cons, the number of pros certainly outnumbers its cons. It can be great for bachelors who don’t have any family responsibilities at the moment.
But it can also be beneficial for others. If you’re planning to take up a job soon, consider getting a job that offers group health insurance as an employee benefit.