Group health insurance is a health insurance policy which covers the hospitalization expenses of the employees and their family members due to any disease, illness or accidents.
1. Workplace Hazards
There are certain workplace Hazards which might lead to health issues, disability or death of the employees working in hazardous occupations. For instance employees working in a chemical factory are exposed to all kinds of chemical smokes which might lead to occupational illness in the long run and might require hospitalization.
In such cases it would be the responsibility of the employer to cover the Medicare costs of the employees affected due to occupational illness. This is where the group health insurance policy comes into picture, having a group health insurance policy can save the employer from being liable for such kinds of occupational illnesses.
Without a valid group health insurance policy the employer would end up paying the hospital bills of the employees suffering from any occupational illnesses. A group health insurance policy would benefit the businesses from being liable in case of any such incidents.
You May Read: Best Insurance for Healthcare Workers in USA!
There are certain lifestyle diseases which are on the rise in even young people due to the lifestyle. These diseases also can be covered under group insurance.
2. Cost Effective and Easy Premium Payment Options
The group health insurance policies are cost effective when compared to the retail health insurance policy. This is due to the fact that a large number of people would be covered under the policy and the risk is distributed among them. The premium to be paid by the employer or business for a group health insurance policy would be cost effective when compared to the retail health insurance which is costlier. In addition to the cost effectiveness, the group health insurance policy also provides vast coverage when compared to the retail health insurance. There would be no waiting period under the group health insurance policy and the employees can avail healthcare from day 1.
You May Read: How to Get Health insurance for Truck Driver?
The group health insurance policies are now available on installment basis where the businesses can pay the premium on installment basis which means that the employers would not be burdened with health insurance premium. Businesses can pay the health insurance premium in parts thereby paving the way for the employers to increase the sum insured under the group health insurance policy if required.
3. Employee Benefits
Organizations provide certain benefits to their employees such as Provident fund, health insurance, collateral free loans etc., as a part of the employee benefits. The most famous and important employee benefit is the group health insurance in which the health insurance premium would be paid by the employer on behalf of the employee and the employee can avail health care in case of any hospitalization due to accident, illness or disease.
You May Read: How Can You Save on Health Insurance Premiums?
The health insurance can be extended to the family members of the employees in which case the employees might pay full or part premium for the health insurance coverage for the family. The employees can also avail other add-ons under the group health insurance such as the free medical check-ups, employee wellness programs at certain intervals in the tie-up hospitals or diagnostic centers.