“Ap swasth hai to sab theek hai” heard it? Nothing new that we don’t know. Health is wealth we have heeded this over the years. A severe medical situation is no one’s choice of life but that very circumstance is unpredictable.
“Bimariyon se to Bhagwan hi bachaye” but when our lifestyle has changed in the ways we work, the food we eat and physical activity we pursue, illnesses are dreaded to happen. And to prevent unforeseen expenses tax your pocket due to severe illnesses we have health insurance policies. Keeping this in mind when employers buy a health insurance policy for a large group of their employees then it is called a Group Health Insurance Policy. Let us look at the policy in detail.
What is a Group Health Insurance Policy?
When a health policy is taken by a large corporate house that employees hundreds or thousands of employees then it is called a Group Health Insurance. The employees are the assets to the company hence their protection is a liability to the employer. A Group Health Plan is an offering for risk coverage to a specific group of people against the health expenditures.
There is an option to customize the plans according to the need of the employees to a specific group.
Benefits of Group Health Insurance
You are engaged in your projects and hardly get time to look for a health insurance product. And to your surprise, the owners of the company announces to buy a Group Health Insurance Policy. Let us look at the benefits of the policy.
Disadvantages of Group Health Insurance
A few things in life comes with a cost and has some disadvantages. Let us what are the cons of a Group Health Insurance Policy.
How Group Health Insurance is different from an Individual Health Insurance policy?
Do you want to be sure of which cover is better for you a Group Health or an Individual Health Policy? Let us look at the difference between the two:
|Particulars||Group Health Policy||Individual Health policy|
|Contract||It is a contract between the employer and the insurance company.||It is a contract between the insured and the insurance company.|
|Premium||Group Health Policy is available at a low premium.||Individual Health Plans are expensive.|
|Employment Tenure||Employment Tenure affects the policy like if you leave the company, you will not be covered.||Employment Tenure does not affect insurance coverage.|
|Cancellation||The insurance company has the power to cancel the policy.||The insured has the power to cancel the policy.|
Is group health insurance enough?
No, Group Health Insurance Policy is not enough. You should always buy an individual health insurance policy for yourself as:
Note: A Health Insurance does not prevent diseases from happening but it protects you from the financial expenses you may incur for the treatment. A Group Health Insurance Policy is good but not sufficient and one must have an individual health policy also.
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