Employee Health Insurance: Top 5 Companies

What Is Employee Health Insurance?

Employee health insurance is a type of health insurance plan that an employer provides to their employees as part of their employee benefits package. It typically covers medical expenses, such as hospitalization, surgery, prescription drugs, and preventive care, for employees and their dependents.

Employers may offer various types of health insurance plans, such as a preferred provider organization (PPO), health maintenance organization (HMO), or a high-deductible health plan (HDHP) with a health savings account (HSA).

The cost of employee health insurance is often shared between the employer and the employee, with the employer typically paying a larger portion of the premium. The exact coverage and cost will vary depending on the employer and the specific plan offered.

Why An Employee Should Have Health Insurance?

There are several reasons why having employee health insurance is important:

• Access to medical care: Having health insurance can help you and your dependents access medical care when you need it, without worrying about the high cost of healthcare.
• Preventive care: Most health insurance plans cover preventive care services like check-ups, screenings, and vaccinations, which can help you stay healthy and detect potential health issues early.
• Financial protection: Health insurance can help protect you from financial ruin in case of a serious illness or injury, as medical bills can quickly add up and be very expensive.
• Improved employee morale: Providing health insurance as an employee benefit can improve employee morale and job satisfaction, leading to increased loyalty and retention.
• Tax benefits: Employers may be able to receive tax benefits for offering health insurance as an employee benefit, which can be a cost-effective way to attract and retain talented employees.

Therefore, having employee health insurance provides peace of mind, financial protection, and access to medical care that can help you and your family stay healthy and productive.

What Is Covered In Health Insurance?

The specific coverage offered in employee health insurance plans can vary depending on the plan and the employer. However, in general, health insurance plans typically cover the following:

• Doctor visits: This can include primary care physician visits as well as visits to specialists.
• Hospitalization: This includes inpatient care, such as surgery, and may also cover outpatient procedures.
• Prescription drugs: Health insurance plans may cover the cost of prescription medications, either partially or in full.
• Preventive care: Many health insurance plans cover preventive care services, such as annual physicals, routine screenings, and vaccinations.
• Emergency care: Health insurance plans may cover emergency room visits, ambulance services, and urgent care.
• Mental health care: Health insurance plans may cover mental health services, including therapy and medication.
• Vision and dental care: Some health insurance plans offer coverage for vision and dental care, although these are often separate plans.

It’s important to note that the specific coverage and benefits will depend on the employer and the health insurance plan they offer. Employees should review the plan details carefully to understand what is covered and any costs they may be responsible for, such as deductibles, copays, and coinsurance.

How Many Types Of Health Insurance Are There?

There are several types of health insurance covers available, including:

• Indemnity Plans: These are traditional insurance plans that allow you to see any doctor or specialist you choose. They often have higher premiums and deductibles than other plans.
• Health Maintenance Organizations (HMOs): HMOs typically require you to choose a primary care physician who will coordinate your care and refer you to specialists as needed. You generally have to stay within the HMO network for services, and they typically have lower premiums and deductibles than indemnity plans.
• Preferred Provider Organizations (PPOs): PPOs offer more flexibility than HMOs, allowing you to see any provider in or out of the network, although you may pay higher out-of-pocket costs for out-of-network services. PPOs typically have higher premiums than HMOs.
• Point of Service (POS) Plans: POS plans are similar to HMOs, but they allow you to see providers out of network if you’re willing to pay higher out-of-pocket costs. They typically have lower premiums than PPOs and higher premiums than HMOs.
• High-Deductible Health Plans (HDHPs) with Health Savings Accounts (HSAs): HDHPs have high deductibles and lower premiums than traditional plans. They often come with an HSA, which allows you to save pre-tax dollars to pay for qualified medical expenses.
• Catastrophic Health Plans: Catastrophic health plans have lower premiums than traditional plans but high deductibles. They’re designed for people under 30 or those who qualify for a hardship exemption.

It’s important to carefully review the details of each type of plan to understand the costs, benefits, and restrictions before choosing a plan that is best for your needs.

Top Employee Health Insurance Companies In India

Several health insurance companies in India offer employee health insurance plans. Here are some of the top ones:

ICICI Lombard 

ICICI Lombard Health Insurance offers several employee health insurance plans, including the Health Booster plan, Health Advantage Plus plan, and Complete Health Insurance plan. These plans offer coverage for hospitalization expenses, inpatient and outpatient treatment, diagnostic tests, and daycare procedures, among others. They also offer a range of additional benefits, such as coverage for pre-existing illnesses after a waiting period, maternity benefits, and optional add-ons like critical illness cover and personal accident cover.

HDFC ERGO 

HDFC ERGO Health Insurance offers several employee health insurance plans, including my: health Suraksha Silver Smart plan, my: health Suraksha Gold Smart plan, and my: health Suraksha Platinum Smart plan. These plans offer coverage for hospitalization expenses, inpatient and outpatient treatment, diagnostic tests, and daycare procedures, among others. They also offer a range of additional benefits, such as coverage for pre-existing illnesses after a waiting period, maternity benefits, and optional add-ons like critical illness cover and personal accident cover.

HDFC ERGO Health Insurance also offers a range of value-added services to its policyholders, such as access to a 24/7 health helpline, free health check-ups, and cashless hospitalization at network hospitals.

Bajaj Allianz 

Bajaj Allianz Health Insurance offers several employee health insurance plans, including the Health-Guard plan, Health Care Supreme plan, and Health Care Supreme Plus plan. These plans offer coverage for hospitalization expenses, inpatient and outpatient treatment, diagnostic tests, and daycare procedures, among others. They also offer a range of additional benefits, such as coverage for pre-existing illnesses after a waiting period, maternity benefits, and optional add-ons like critical illness cover and personal accident cover.

Bajaj Allianz Health Insurance also offers value-added services to its policyholders, such as a health and wellness portal, 24/7 customer support, and cashless hospitalization at network hospitals.

Reliance Health Insurance

Reliance Health Insurance is a popular health insurance company in India. The company offers a range of health insurance plans, including employee health insurance plans that provide coverage for medical expenses incurred by employees and their dependents.

Reliance Health Insurance offers several employee health insurance plans, including the Reliance Health Infinity plan, Reliance Health Gain plan, and Reliance Health Wise plan. These plans offer coverage for hospitalization expenses, inpatient and outpatient treatment, diagnostic tests, and daycare procedures, among others. They also offer a range of additional benefits, such as coverage for pre-existing illnesses after a waiting period, maternity benefits, and optional add-ons like critical illness cover and personal accident cover.

Mantracare

MantraCare is a relatively new entrant to the health insurance market in India, but it has quickly gained popularity for its innovative approach to employee health insurance. It offers a range of customizable health insurance plans that provide coverage for medical expenses incurred by employees and their dependents.

MantraCare’s health insurance plans are designed to be flexible and affordable, allowing employers to choose the level of coverage they want to provide to their employees. The plans offer coverage for hospitalization expenses, inpatient and outpatient treatment, diagnostic tests, and daycare procedures, among others. They also offer a range of additional benefits, such as coverage for pre-existing illnesses after a waiting period, maternity benefits, and optional add-ons like critical illness cover and personal accident cover.

Some other known employee health insurance companies in India are:

• Max Bupa Health Insurance
• Tata AIG Health Insurance
• Apollo Munich Health Insurance
• Star Health Insurance
• Aditya Birla Health Insurance
• ManipalCigna Health Insurance

Each of these companies offers a variety of health insurance plans for employees, with different levels of coverage and benefits. It’s important to research and compares plans from different providers to find the best one that meets your specific needs and budget.

Conclusion

Employee health insurance is an important benefit that can help employees stay healthy and productive while also providing financial security in the event of a medical emergency. It is a form of group health insurance that is offered by employers to their employees, and it typically covers a range of medical expenses, such as doctor visits, hospital stays, prescription drugs, and diagnostic tests. However, the cost and availability of employee health insurance can vary greatly depending on the size of the employer, the industry, and the location. Some employers may struggle to afford the cost of providing health insurance, while others may choose not to offer it at all.

Employee wellness programs are the key to improving employee motivation, productivity, and retention. At MantraCare, we have a team of health experts, counselors, and coaches who serve corporate employees with 10+ wellbeing programs including EAP, Employee Diabetes Reversal, Corporate MSK, Employee Fitness, Corporate Yoga, and Employee meditation.