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What is group health insurance?
Group health insurance coverage is a type of insurance plan that covers a group of people who belong to the same organisation. This type of cover is also called an employee insurance plan or a corporate insurance plan.
What makes a group health insurance plan an essential benefit for all employees?
Well, you can extend the health insurance plan’s scope to cover the spouse, children, parents, or parents-in-law of employees. In addition, a group plan also covers personal accidents, maternity benefits, daycare treatments, room rents, among many other additional services. At Plum, we take great care to understand the needs of the employer and employee. Therefore, we structure plans that offer more value and benefits at affordable costs.
Why buy a group health insurance policy?
The pandemic has changed many things; one is how we look at our health. Medical costs are skyrocketing, and equal access to good quality healthcare has become the immediate requirement for everyone in India. Health insurance is no longer just an added benefit but a necessity for employees.
Here are three reasons why you should think about getting a group plan today:
Meet your employees' expectations
Create the best working space for your teams and workforce. A group health insurance plan is the first step in showing your employees that you care.
Give your employees' peace of mind
Providing your employees with medical cover makes them feel prepared for unforeseen events. This peace of mind helps in retaining employees & keeps them happy.
Good employee health improves productivity
Providing your workforce with regular health checkups at zero expense will keep your employees healthy, resulting in lower sick leaves and improved productivity.
Advantages of a group health insurance policy
The pandemic has changed many things; one is how we look at our health. Medical costs are skyrocketing, and equal access to good quality healthcare has become the immediate requirement for everyone in India.
More value at lower premiums
An employee health insurance allows you to provide coverage to the employee and their family at a much lower cost than an individual health plan.
Get tax benefits under Sec 80D
With group health insurance, everyone gets tax benefits. Your employees get medical protection, and as an employer, you can avail of tax deductions.
Pre-existing diseases covered from day 1
Group health insurance plans cover pre-existing conditions (like diabetes, etc.) right from the start of policy inception.
COVID-19 has impacted individuals and businesses alike. A group health insurance policy provides you with security in these unprecedented times.
A maternity cover is an additional benefit that you can add to your group health insurance plan at a low cost.
Features of group health insurance plans
Plan your treatments and get them paid for beforehand through cashless claims. For planned hospitalization, you can walk up to any insurer's network hospitals and avail of cashless treatment.
Group health insurance policies can be easily enhanced through additional benefits. You can add other benefits such as maternity coverage, pre-existing disease cover, accidental cover to the base policy.
Group health insurance plans cover your employees' family members at a much more affordable price than a family health insurance plan. Providing cover for employee's parents, spouse, and children are seen as a significant benefit.
Pre and post-hospitalisation
There are many medical expenses before the actual hospitalisation and many times after discharge. All these expenses are also typically covered under your group health insurance plan.
Hidden costs are prevalent with hospitalisations. High room rents, ambulance costs, medical expenses are a few examples of these hidden costs. Corporate health insurance will cover all these additional costs.
Tax saving benefits
With group mediclaim cover, you as well as your employer can avail of tax benefits! If you are a start-up founder, a group cover is an excellent way to boost employee morale.
Why should you buy group health insurance with MantraCare?
We understand that a group health insurance plan is not a one-size-fits-all type of plan. With Plum, we will walk with you every step of the way and help you choose the perfect plan for your team. It doesn’t matter whether you’re a 1000 person or a ten-person team; we provide the best plans for all.
With Plum’s group health insurance experts and industry-wide knowledge, we make sure to get you the best healthcare policy.
Admin dashboard for managing your group health benefits
Our admin dashboard provides you with all the functionality you need. Simply add and remove employees from your group health policy at any time, invite an employee to add their details and modify employee details at your convenience.
Employee experience for accessing their group health insurance
Insurance is no longer a hassle. Easily access your employee dashboard at any time. From the Plum employee dashboard, you can check your policy details, start a claim, and check the status of your claims.
India’s quickest claims process
Traditionally, claiming your insurance plan has always been a tedious process. With Plum, your employees can claim their group health insurance cover from WhatsApp. You can start a claim, check your policy details, download your health card, all from the comfort of WhatsApp.
When you buy group health insurance on Plum, it comes not only with our never-ending support and love but also loads of extra benefits. With a vast range of wellness sessions from Plum Wellness, you can provide your employees with an opportunity to unwind their minds and destress.
Things to know before buying an online group health insurance policy
Make sure you choose additional features that your employees will utilize. For example, maternity benefits are suitable for employees planning to start a family.
The essential part of health insurance is the ease of usability. Ensure you always check on the claims experience and process an insurer has to offer.
You get admitted to a hospital for medical treatment and walk out without worrying about the bills. That's genuinely the best experience you can give your employees.
Certain insurers have a waiting period from joining to the policy start date. Go for a plan that provides cover from day one. This will allow you to add new employees to the group health insurance plan.
High claim settlement ratio
The CSR is a percentage of the number of claims settled by an insurer to the number of claims received. Always go for an insurer with a good CSR and read all terms and conditions beforehand.
Always go for a plan that offers complete and seamless customization. This will help you manage new/old employees and their dependents easily.
Who should buy group health insurance?
Group health plan for startups
Right from the get-go, Plum has built its offerings around young and budding startups. Even if you're an efficient five-member team, we can get you a group health insurance policy.
Group health insurance for SMBs
A group health insurance policy is the perfect benefit you can offer your employees. This increases employee satisfaction and motivation. Get group cover at an affordable premium along with valuable add-on benefits on Plum.
Employees feel prioritized when providing them with a corporate health insurance plan with relevant benefits. As a corporate, the onus is upon you to take care of the people who take care of your business.
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Yes. All group health insurance policies cover COVID-19 and related illnesses.
Buying a comprehensive group cover scheme for young start-ups and small companies is a great way for founders to retain and attract good talent. Employees often prefer organizations with good health benefits and wellness programs.
Yes, you can avail of certain tax benefits through group health insurance.
Group health insurance costs vary based on the number of employees, sum insured, and benefits opted for. Get a group health insurance estimate using our premium calculator.
The minimum number of people that can be covered in a group health insurance policy is seven. There is no such fixed upper limit on the total number of employees that can be covered.
An employer purchases a group healthcare coverage plan for their respective employees based on the number of workers. The employer entirely bears the cost of group healthcare. In return, the employees can avail of medical insurance as per the sum insured.
Yes. A group health insurance policy is five to ten times cheaper than an individual policy.
Most of the group plans provide annual health check-ups for free. This depends on the type of group plan and benefits selected by your employer.