Group Health Insurance, just as the name plainly suggests, is a health insurance policy which has been designed to offer comprehensive healthcare coverage to a group of people. These groups can be of different kinds, such as employer-employee groups, housing societies, businesses, etc. The biggest advantage of opting for group insurance is that the individuals will not be asked to submit any kind of medical reports. There is no waiting period when it comes to group insurance. Another major advantage is that you can also opt for health coverage against pre-existing medical conditions.
Why opt for group insurance?
Group health insurance offers certain benefits over individual health insurance, which is why it is one of the most commonly chosen types of health insurance. In a group insurance plan, each and every member of the group for which the policy has been bought can enjoy the covers and the benefits of the plan. When it comes to a group insurance plan, all of the policy benefits, as well as the inclusions and exclusions, will be the same for each person who is part of the group policy.
It is important to keep in mind that every company offers group insurance policies, but the plans, inclusions and exclusion differ from one company to another. It is important to go through all of the details properly before choosing the right group insurance plan for your own group.
Another big reason to opt for group insurance plans is the fact that there is a lot of room available for customizations. The insurance company and company agent can customize the plans to suit the needs and requirements of all the individuals of the group. Another huge advantage is the fact that any individual suffering from a pre-existing medical condition can also get coverage on this condition. This is a very big advantage which most individual health insurance covers do not offer. This is why opting for group insurance is a good idea.
Advantages of group insurance explained
There are several great advantages and benefits that the individual members of the group can enjoy. Some of these are:
- No medical check-up is required: One of the biggest advantages of group health insurance is the fact that the individual members of the group do not need to submit any medical records or go for a medical checkup in order to get enrolled for group insurance. This is not the case with individual health insurance; hence, most people prefer to opt for group insurance covers.
- No waiting period: The no-waiting period is another huge advantage of opting for a group health insurance policy. The no waiting period means that it is not necessary for an individual to wait in order to avail of the full benefits of the group insurance policy. The individual members of the group can start to avail of the advantages of the policy right after purchasing the policy from the insurance provider.
- Full maternity cover: Another advantage of the group insurance policy is the full maternity cover with complete benefits that an individual can enjoy, right from day one. This means that the individual can start to enjoy all the benefits of the maternity cover from the day they purchase the group insurance, no matter how far along they are in their pregnancy already.
- Lower premium: Probably one of the best things about the group health insurance, as compared to the individual health insurance, is the fact that you will have to pay a significantly lower premium amount. This makes the group insurance policy a far more affordable and economical policy as compared to other health insurance policies.
- Including family members: Employers often provide their employees with group health insurance plans. It is important to know that you can opt to include your family members into your group insurance plan as well. This is a huge advantage and should be looked into with your employer and your insurance provider while purchasing the group insurance.
- A wide scope of insurance cover: The group insurance cover has a very wide scope and is extremely flexible. It can be easily customized as well to include and come to the benefit, needs and requirements of all the group members who are part of the policy.
There are several different insurance companies offering group health insurance schemes and policies. Most of the companies nowadays provide their employees with group insurance policies. These can be in the form of employer-employee group insurance as well. Since every company has a slightly different plan and policy, it is important to go through all the details of the group insurance plans and policies before picking the right one for your group. The customizable group insurance policies make it a popular choice of health insurance policy amongst most individuals.