It’s great you have decided to give your employees health benefits. Group health insurance policy is beneficial not just for the employees but, in many ways, even for the employers.
But understandably, before you commit to it, you would have several questions in mind that you want to address first. It’s a big investment, after all.
In that context, here are 14 common questions – along with answers – about group insurance for employees that we get asked regularly:
(1) What do you mean by group health insurance?
Group health insurance provides health insurance coverage to employees in an organization. It’s a type of medical insurance policy, designed specifically around the needs and requirements of employees. It covers employees’ hospitalization expenses, as well as various other healthcare costs as defined in the policy.
(2) Why buy group health insurance?
Providing health benefits to the people who are responsible to grow your company is a good idea. It results in many benefits, including improving the performance and productivity of the insured employees, which subsequently helps the company achieve more.
(3) How to get group health insurance?
You approach an insurance company, check out its group health insurance, and buy it.
Now note that there’s much more to this process. You have to find the right insurer and group plan. If needed, you may also be required to customize the plan.
We have covered this topic comprehensively in another post. Please check out A Comprehensive Guide to Buy Group Health Insurance.
(4) What does group health insurance cost?
The group health insurance cost depends on many factors, including whom you’re purchasing the policy from and the kind of coverage you’re getting. So, there’s no definite answer to it without first establishing your needs and requirements. Consider consulting an insurance broker.
(5) Where to buy group health insurance?
Many top insurance companies in India offer group health insurance. But, of course, don’t just rush to them and make your purchase. Take your time and do your research. Here are 5 Factors to Consider When Buying Group Health Insurance.
(6) Are group health insurance premiums taxable?
No! The employer can claim a tax deduction on the premium paid for group health insurance policy. The amount can be claimed as a business expense in the P&L account.
(7) Is group health insurance better than individual?
Group health insurance is generally considered better than individual health insurance for various reasons.
For one, it’s cheaper. Second, the waiting period can be waived off by paying an extra premium; meaning, the employee can claim the insurance amount without waiting.
There are many such benefits of group health insurance that makes it a great investment.
But that said, even if an employee is insured by the employer, they are still advised to invest in individual health insurance policy to ensure adequate coverage.
(8) Can group health insurance exclude pre-existing conditions?
It depends on the kind of plan you’re buying. Generally, group health insurance covers pre-existing conditions. Incorrect sentence and grammar. This is perhaps one of the biggest benefits of this policy. But again, group health insurance provides coverage for the pre-existing disease.
(9) Can you cancel group health insurance at any time?
Yes, you can cancel your group health insurance anytime you want.
However, you will have to inform your insurance company about the cancellation in advance. Usually, the notice period is 30 days. You’ll have to check out the terms and conditions of your policy.
(10) How do group health insurance plans work?
It’s fairly simple and works just like any health insurance policy. You buy group insurance for your employees. Per the terms of the policy, if your employees fall sick, meet with an accident and get hospitalized, they can avail the insurance. Incorrect sentence . Who are they here?
(11) How do I get group health insurance for my small business?
Research is the first step. You want to research more. The more informed and educated you are, the better will be your decision.
Also, it’s better to work along with an insurance broker. They can assist you throughout the process, helping you find the best group health insurance that maps to your unique needs, requirements, and budget.
(12) Does group health insurance include dental?
Health insurance plans do not provide dental care. So, even group health insurance won’t include dental.
However, you can customize your plan and make sure the dental gets include.
(13) Does group health insurance cover pregnancy?
Yes, group health insurance covers pregnancy. In addition, you have an option to cover maternity related expenses without any waiting period.
(14) How do you qualify for group health insurance?
The company must be registered as a legal business entity. Also, you must have at least 7full-time employee. These are two very basic requirements that you must check off to be qualified for group health insurance.
In addition, different insurance companies may have more criteria. Please check with the insurer to find out if you’re qualified for group health insurance.
Buy Group Health Insurance
The mentioned health insurance questions and answers hopefully helped you understand the basics of group insurance policy. Now coming to the most obvious part of this whole conversation: How to buy group health insurance?
Unfortunately, the answer to this question is far from simple. There are many factors that must be considered in the process so as to ensure you’re buying a group insurance policy that provides adequate health benefits to employees. One of the considerations is obviously your employees’ needs and expectations. Asking them insurance questions and clarifying on the kind of group insurance they want can navigate you in the right direction.
Next, you also need to keep an eye on the budget. While you may want to offer your employees great health benefits, your balance sheet might not allow that. You have certain financial caps that you must follow. Based on that, you should browse through different plans and find the best group insurance policy that maps to your employees’ expectations, as well as your finances.
These two are the critical factors to consider when you’re planning to buy group health insurance. In addition, attend the type of business you have (certain types of businesses where health risks are high should offer bigger coverage to employees) and government’s laws.
This whole process can take time. And if you don’t have the patience to learn, you may find things challenging. This is why it’s recommended to seek help from experts. Get in touch with a licensed insurance broker and get assistance from them throughout the buying process. In addition to answering all your group health insurance questions, they can help you find better group insurance policy from top insurers and even customize the plan to sufficiently meet your needs. Connect with our licensed insurance brokers and get end-to-end support in buying group insurance policy.
Do You Have More Group Health Insurance questions?
At PlanCover, as one of the leading insurance brokers in India, we have helped thousands of clients buy the best business insurance policies. Our team commits to deliver the best solution and a remarkable experience to everyone we’re working with. Get in touch with us today and let’s work together.
If you have more questions about group health insurance, talk to our certified insurance brokers. We’re more than happy to address all your queries and help you find the best insurance plan. Contact us.