Health insurance premiums have risen over the last 24-36 months in India. In previous years, insurers would price your health insurance based on healthcare inflation and historical trends as per their health insurance portfolio. But with the pandemic these trends have gone for a dramatic shift. In India alone, over 25 Lac COVID-19 claims have been reported adding up to a total of INR 30,000 crore. This is almost 50% of the overall health insurance market in India.
The biggest benefit of a group health insurance plan in addition to the extensive coverage it provides to employees and their families, is the average cost of insurance each member pays. In general, group policies are cheaper because the insurer considers the group of members under a single homogenous group and provides discounts on the premiums.
The total cost of owning a health insurance under a group plan is far more affordable than individual plan.
- Group plans do not have health check-up restrictions
- The wider coverage for any pre-existing diseases condition and other existing ailments from the day you enrol in a group plan will ensure claims are payable without any waiting periods. This will ensure very little out-of-pocket expenses in a group plan as compared to an individual policy thereby reducing the overall cost of health insurance.
If you are an employer and thinking of purchasing group medical insurance for your employees, PlanCover is your ultimate guide. They have been consulting on group healthcare plans to employers of businesses, startups, and small to mid-capacity organizations. If your company has employee strength between 7 to 450, PlanCover is the best place to buy the insurance.
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