Important Benefits in Group Health Insurance Plans
Group Health Insurance Plans is usually awarded to the employees in an organization. The employees can claim their medical bills through this insurance plan in case of emergency. The organization usually buys it from an insurance firm in bulk. That is why it is frequently regarded as a cost saving idea by majority of business owners.
What are the Advantages of Group Health Insurance?
Following are some important benefits of Group Health Insurance Plans;
1) Group Health Insurance is Cheaper than its Counterparts for Individuals
The employer contributes in the premium a certain percentage, while the employee pays the rest from their salary. Since this policy affects a whole group of employees, its liabilities and charges are shared equally as well. This is especially true for the employer. They have to pay significantly less amount for it than what they would have had to pay for individual healthcare plans.
2) A Great Motivation Tool for Employees
Group Health Insurance acts as way to encourage the employees into gaining employment with organizations that offer this boon. It takes away a lot of their mental and financial tension if they were to contract a sudden illness. The employees also utilize their tax benefit money through this insurance.
3) Group Health Insurance is a Great Tax Saving Scheme
This policy is an excellent way to get rid of tax deductions from salary in a meaningful way. However, not only employees, the employers can also benefit equally from this policy in saving their tax money. The amount of tax deduction varies with the gross salary. The deducted amount is usually regarded as the tax-free amount.
4) Group Health Insurance is Easy to Claim
The employee can receive their required healthcare and simply forward the bills to the employer. They do not need to contact the insurance firm directly. It is the employer’s responsibility to ensure the insurance firm honors the claim as soon as possible. The employee can even get a critical illness treated through the cashless option.
5) The Employees are Not Required to Pay at Network Hospitals
The network hospitals do not require payment from employees. They are provided with a card, through which they can easily avail the cashless treatment option. The employees will be required to send all the bills to employer, who in turn submits them to the insurance firm. This allows the claim to be entered into their database and deducted from the total sum assured money.
6) Group Health Insurance Benefits for the Family of Employees
The spouse or the dependents of an employee can also benefit from this policy. A given amount is allocated to the family of an employee from the total sum assured money. This policy can provide reimbursement for daycare, employee spouse maternity leave, medicine and shifting charges.
7) Coverage of Minor Sickness
This Insurance provides the employees with appropriate coverage in dental care, common cold, ENT related minor illnesses etc. Any expenses in the illnesses that require just a single day of hospitalization are reimbursed. This includes the doctor fee, room rent, medicines etc.
8) Providing Protection to Both Employee and Employer
The employers will not only have the gratitude of employees but also their pick of the selection in hiring. They will need not worried about too much loss of work due to an employee’s sickness, disability or injury. On the other hand, the employee can rest easy knowing that all medical bills in case of an illness or injury will be covered for. They will also be free of the headache of dealing with insurance firm directly.