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What Is Corporate Health Insurance?
Corporate health insurance is health insurance for the entire corporate organisation and provides the same benefits for the company’s employees, including coverage for accidents, illnesses, operations, treatments, dental work, recuperation costs, and other things. Group health insurance is another name for corporate health insurance, and group health insurance plans or policies are other names for insurance plans.
It is similar to an individual buying health insurance for himself or his family, but the difference here is that corporate health insurance is provided by the office.
How Does Corporate Health Insurance Work?
Corporate Health Insurance is purchased as group health insurance and provided to each employee at the time of joining. The benefits provided to each level of an employee may differ from the other. But health insurance benefits, which a basic policy might cover, are covered for each employee in the office.
The employees do not need to go through medical tests to be eligible and are provided as a default service by the office.
Corporate Health Insurance Online Policy Coverage
Corporate health insurance policy coverage may differ according to the size of the company and also the level the employee is being recruited at.
For example, an executive or a management trainee will be offered lower insurance as compared to a manager. Whereas a manager will be secured at a lower amount than a senior manager or business head.
Benefits Of Corporate Health Insurance
Corporate health insurance has two main levels of advantages. It bestows several advantageous benefits on corporate structures or employers as well as numerous advantages on the intended audience, namely the employees. To learn how corporate health insurance benefits both the employer and the employees, continue reading.
Benefits Corporate Health Insurance For Employees:
- Compared to individual health insurance, corporate health insurance has a more expansive application in terms of the insurance coverage it offers for various ailments. Generally speaking, the list of illnesses covered by group health insurance policies is unrestricted.
- The maternity benefits provided under corporate health insurance plans are of utmost significance to the nation’s steadily growing female workforce. If they want to start a family, it enables female employees to pursue their career goals without worrying about money.
- Standard individual health insurance plans stipulate a minimum waiting period before insurance coverage begins to apply for a condition that the policyholder already has at the time of enrollment.
Benefits Corporate Health Insurance For Employers
- A group health insurance plan for employees is a huge incentive for qualified candidates to join the company, which is the main benefit for employers. Since most workers wouldn’t want to forgo a comprehensive health insurance plan, it also enables employers to benefit from greater customer loyalty from their workforce.
- By providing comprehensive group health insurance plans for your employees, you show that your business is concerned about their well-being.
- The corporation can provide broad benefits to employees at a low cost by purchasing group health insurance policies for them.
- Last but not least, the company will receive certain tax advantages from obtaining corporate health insurance policies for the personnel.
Apart from this employers must also ensure that the health insurance that they select offers the following benefits:
- Round clock coverage is ensured for all employees.
- The total insured amount and also the increase in amount when the insurance goes claim-free
- Features like benefit customization choices, cashless care at partner hospitals, daily cash benefits in the event of hospitalisation, etc., are essential for business health insurance policies. This will go a long way toward ensuring that your group health insurance plan serves its aim of protecting and motivating your personnel.
Who Is Eligible For Corporate Health Insurance?
Group health insurance programmes are often between a company and an employee. Non-employer to employee groups, however, are also eligible.
So long as you meet the employer group health insurance standards, you can obtain employee group health insurance coverage whether you run a small business, a large organisation, an emerging start-up, or a group with a shared interest.
Here are the requirements:
- Meeting the minimum number of employee criteria
- Your company needs to be a registered business
- Single entrepreneurs are not eligible
- Family businesses are also not eligible for the insurance
How To Select The Best Corporate Health Insurance Plans
It is impossible to have a single health insurance plan that satisfies all of your needs. There are numerous health insurance plans accessible, and each plan has certain special features for coverage. Before choosing the finest health insurance plan, you must determine the benefits and understand everything that is covered and excluded. You can choose the option that best meets your needs by conducting online research or by speaking with our customer service team.
- Choose an adequate sum of insured
- Choosing the right coverage type
- Verify Your Flexibility to Increase Your Total Amount of Insurance
- Check the waiting period for pre-existing disease
- Check the maximum renewal age
- Choose the insurer with a higher claim ratio
- Choose a smooth claim settlement process
- Ensure the provision of cashless hospitalisation
- Compare premium prices
Best Corporate Health Insurance Plans In India
Here are some of the best Corporate Health Insurance Plans in India
1) Aditya Birla Active Assure Diamond Plan
2) Bajaj Allianz Health Guard
3) Bharti AXA Smart Super Health Plan
4) Care Health Care Plan (Formerly Religare Care Health Insurance Plan)
5) Cholamandalam Chola Healthline Plan
6) Digit Health Plan
7) Edelweiss Health Plan
8) Future Generali CritiCare Plan
9) IFFCO Tokio Health Protector Plus
10) Kotak Mahindra Health Premier
Future Of Corporate Health Insurance
The future of Corporate Health Insurance in India is very bright as it is an added benefit for the new age employees who are newly entering the job market. Additionally, corporate health insurance becomes very important for employee retention.
How Are Corporate Health Insurance Policies Different From Regular Plans?
1. Premium Cost:
Individual health insurance premium costs could be a little excessive. The policy does, however, provide a wide range of coverage, which makes it a good investment.
Corporate health insurance has a low premium cost. It offers some coverage, but not much.
Your medical requirements can be met by individual health insurance.
You must accept the coverage that your employer offers in the event of business health insurance. The coverage is not set up to meet the medical demands of you and your family.
3. No Claim Bonus:
The NCB benefits are available through your health insurance plan.
Some business health insurance programmes may not provide the insured with NCB benefits.
4. Job Limitation:
Personal health insurance policies do not terminate when you leave a job, in contrast to corporate health insurance.
After you quit a firm, health insurance plans are no longer valid.
Things To Look For When Buying Corporate Health Insurance
Here are a few things you should consider before buying corporate health insurance:
- Claim process how is the claim process and is it a hassle free.
- Family Health Insurance: Is your family also being insured by the insurance
- Selecting the right insurance amount for the benefits being offered is important
- Network of hospitals that fall into the insurance bandwidth
- Consider if maternity benefits are being offered in the insurance
- Pre and Post care: If the health insurance pre and post-hospitalisation services
- Free medical check-ups: Remember to check if free medical check-ups are being offered.
FAQs About Corporate Health Insurance
Let’s look at answering some FAQs about Corporate Health Insurance.
Q1. Can I Increase the Cover Of My Corporate Health Insurance?
Almost all insurers will give you the choice to raise your current policy’s sum covered when you renew it. This way, you can be sure you have enough coverage for your and your family’s medical requirements without having to pay too much out-of-pocket. It will slightly increase your premium, though.
Q2. Can I Port Corporate Health Insurance Policy?
No, you cannot port corporate health insurance offered by one corporate into another corporate because the plans offered by each company may differ.
Q3. Can I Port Corporate Health Insurance Policy To Individuals?
Change at the insurer’s discretion, in accordance with IRDA regulations, a group plan participant may choose to convert from an employer-provided health insurance policy to an individual health insurance plan with the same insurer by following the necessary procedures.
Q4. Do Health Insurance Provided By Corporate Companies Covers Everything?
There are often limitations to what is provided under health coverage and may differ from policy to policy. It is always better to consult HR for another clarification or talk to an expert at L&G.
Q5. Is Corporate Health Insurance Enough
Depending on the lifestyle of an individual and the cover being offered by the office it is important to take a call. It is important to understand that in case an individual decides to leave office, then the cover will not apply in such a situation. Additionally, the cost of health insurance premium increase with age. In case a person decides to stop working the premium cost will be higher at that time.
Depending on what a company is looking to offer their employees, there are different things that affect the policy selection – especially corporate health insurance policy. So it is important to understand in detail what is being offered and how can information about corporate health insurance be utilised to the best to offer employee benefits that are relevant to them.
Get The Expert Advice On Corporate Health Insurance?
Looking for expert advice on corporate health insurance policies give us a call and we can help you decide and draw custom-made plans to fit your requirements.