The costs of medical treatments these days have gone up quite a lot. Without an insurance policy backing an individual, it becomes quite challenging to handle the medical expenses, especially if the treatment has to go on for long, and the accident or illness has also caused loss of job or loss of wages for a certain period. Employers understand this, and hence, they often provide their employees with the benefit of Group Health Insurance.
Group Health Insurance offered by an employer is only available to employees who are on the regular payroll of the company. The benefits of this insurance cannot be extended to freelancers, part-timers, or any other kind of temporary service providers associated with the company.
Why Should The Employer Offer This?
Business houses get a particular advantage in terms of saving taxes when they offer Group Health Insurance to their employees. This saving of tax is on account of the employer paying for the insurance on behalf of the employee. Moreover, it adds value to the reputation of the company and makes it come across as a good one in the market.
Ideally, companies or employers indulged in activities where there is a potential threat to the health of the employees at work, such as those involved in construction, should go in for this.
Benefits for Employees
Employees, of course, get a lot of benefits under this form of insurance. For one, this kind of insurance turns out to be cheaper and more cost-effective than individual insurance policies. Secondly, a Group Health Insurance covers every employee in the office, regardless of his or her medical history. This is, of course, a huge benefit, as many insurance companies do not allow this in cases of individual insurance.
In some cases, if an employee has a severe pre-existing medical condition, it may require a few months to complete some procedures, post which the employee can be covered under the Group Health Insurance. This rule varies with every insurance company and must be checked upon while choosing the policy.
The good thing is that whenever an employee has to seek holidays from the office, on account of an illness or injury, they can claim support from the Group Health Insurance. This way, the employee can get benefits on the medical leave, and the employer will also have proof of the same.
How To Take The Benefits
Employers should ideally research thoroughly in the market to see the kind of options available, in terms of purchasing a Group Health Insurance. They should choose an insurance policy, which gives the best benefits to the employees. Some policies require the employees to visit only a particular set of prescribed doctors. In contrast, other policies are flexible and may give the benefit of choosing a doctor on one’s own.
Employees should seek more information on this from the HR department in their office. The policy may not be available to a new employee instantly, but can be made available after a specific time.