What Are The Benefits Of Corporate Health Insurance?
A corporate health insurance plan is a type of insurance that protects groups in businesses from a range of risks, including those related to the health of employees, accidents, financial losses, and more. Corporate health insurance and group health insurance are interchangeable terms.
Corporate medical insurance is becoming more common in India as more businesses offer health benefits to protect their employees’ well-being.
10 Benefits Of Corporate Health Insurance
Corporate health insurance is very famous and is seen as an important aspect of employment because it becomes an additional aspect for employees to consider when choosing a company to work with.
Hence, here we explore the 10 different benefits of having corporate health insurance and why important to have one.
1. Provide Insurance At Free Cost Or For A Minimal Fee: Corporate health insurance is group insurance which is available at a low cost compared to any other existing individual insurance. Additionally, benefits such as the health of employees, accidents, financial losses, and others are all covered under health insurance which is considered a good deal compared to other insurance.
2. Employees are protected from the moment they start working: Corporate health insurance is an important aspect for employees when choosing which company to work with. Apart from that, it is also important for the employer as the employee gains protection from the moment they join the company. So in case of emergencies, it becomes an important aspect to have corporate health insurance.
3. Offer a cashless payment option, and direct billing to the hospital: Employees need to trust the company they work with, and providing security in the form of insurance is one of the most important things. Corporate health insurance helps employees settle medical bills in case of emergencies and this helps maintain transparency between the company and the insurance provider.
4. Offer to pay for pre- and post-hospitalization costs for a predetermined amount of time: Corporate health insurances also offer pre-and-post hospitalisation which is also very important and something people seek in insurance. Patients may need a lot of pre-and-post hospitalization care and often lose a lot of money at the same. Hence corporate health insurance may help with the same.
5. Maternity benefits may be included in some policies: Some corporate health policies may even offer benefits for maternity. However, it is not quite widespread.
6. Added protection against serious illnesses: Corporate health insurance many offers added protection against serious illnesses which is one of the key features of any health insurance. The employee who is covered by this insurance is sure to see this as an added benefit of associating with a company and also continuing with the company.
7. Some policies may cover pre-existing conditions: Most health insurance policies do not cover existing illnesses, however, corporate health insurance is specially designed for corporates to help them serve better as employers. Hence some policies offer extended cover to existing health issues.
8. The removal of the waiting time and the first year’s exclusions, in addition to the reimbursement of ambulance costs, are some of the optional perks. These perks are very important in addition to cover as people look for end-to-end service for the premium being paid.
9. Might offer protection to the family: Some corporate health insurance not only offers protection to the employee but also extend the cover to family or spouse. This helps make the employee feel secure and also assured about the family’s health.
10. No pre-medical screening: While most health insurance needs a person to go through medical scans corporate health insurance, and group insurance does not require you to go through tedious processes.
11. Offers cover for existing and newly evolving diseases: Covid has made health insurance providers realise the possibility of new diseases developing. Making this an important feature in a health cover. Corporate health insurance can help you get cover for not only existing diseases but also any possible newly evolved disease.
Corporate health insurance is important to employees as much as they are important to corporates. Providing health insurance is seen as an added benefit which ensures the employees feel safe and are retained by the company. This also is very important, especially in the way the world is evolving, and the evolution that office cultures are going through.
Robust corporate health insurance can help you stand out as a recruiter in evolving times and also ensure your employees stay for longer.
Get The Expert Advice On Corporate Health Insurance?
Wondering which corporate health insurance would work best for your company? We will help you. We understand that finding the right insurance can be daunting especially considering the number of insurances present in the market.
Get in touch with us and we will find you the best corporate health insurance that serves both you and your employees.