What is group health insurance and why you should buy this.


Hello reader, Today I Lakshya pal is going to tell you about another cheap and cost-effective policy which is group health insurance.If you want to know what is group health insurance, then continue to read as I am describing every aspect related to group health insurance and you will also get to know about the benefits of group health insurance.This is an insurance policy which best suits who want to protect themselves financially but their budget is low then they can consider buying this policy.Now let’s move on to the core.

What is Group Health Insurance?

When one member buys a policy in which there is more than one member covered in a single premium, then this plan is considered as group health insurance.Usually, These types of plans are taken by companies to provide coverage to their employees.

How useful are group health covers

When you are buying a group health insurance policy, then you will not be asked to submit your medical records this is the primary benefit of the group health insurance.Covers and one thing are that you will need to wait for the period to end you can take this policy at any time, and the one more important thing is that you will get coverage for pre-existing diseases.And these all benefits will make your policy best, and you will be getting all this at a reasonable price and make the policy fit in your budget.

An MNC`s give these policies to their employers.These policies provide coverage to the employers of the company, but you should mind that not every company will give this coverage to their employers it is the decision of the company whether it will give it or not.

TIP– If your company is offering this plan to you then take this as the opportunity as these plans cannot be availed at the individual level.

How does group health insurance work?

The group, health insurance policy, has a master policy which is bought by a company and this company will issue coverage to every individual of the group for which the ha been bought.In these policies, terms and conditions are same for every individual who is being covered under the policy.

As now every company wants to save from their side, so every big company in the market is offering group health insurance to their employers.Now In the market, every insurance company is offering this type of policies as these are beneficial for both the insurance company and the policyholder.But this should be kept in mind that a large number of customization are taken to design a group health insurance policy.In fact, the company decides the coverage which they want to give to their employers.

How group health insurance different from Normal health insurance policy.

As described above you know that group health insurance policy provides coverage to a large number of groups such that a company offering a group health insurance policy top their employers.Whereas normal health insurance policy provides insurance to the individual alone.Under the group insurance plan, every policyholder will have the same date of renewal and premium whereas under the individual health insurance plan every policyholder will have different renewal date and premium.

a group, health insurance policy, cannot be customized for the needs of the individual but normal health insurance policies can be fully customized by the policyholders according to his needs and the fulfillment of the insuring company.

under the group health insurance policy you will be provided with the coverage to pre-existing disease whereas at the individual level a company has the right to reject the insurance policy if they consider it as not beneficial for them.

Advantages of group health insurance

Low premium

The premium amount of the group health insurance is cheap when we compare it with the normal insurance plans.Thus it comes in the budget of the policyholder.according to stats we can observe that there is the difference of 30% in the premium of group health insurance and individual health insurance.

waiting period

This is the advantage that there is no waiting period under the group health insurance policy whereas when you go to buy policy individually, then you will have to wait for the period.

No medical check-up

when your company is offering group health insurance policy to you then is not necessary for you to take medical check-up before becoming a policyholder who is required in the normal policy plans.

Maternity cover

Group health insurance policy provides the benefit of the maternity from the day when you become policyholder.

Disadvantages of group health insurance

leaving the job

This is the major disadvantage of the health insurance policy that if you are going to leave your job, then your policy will also be discontinued.This is one of the biggest disadvantages of the group health insurance policy.

Retirement from job

After your job period ends then your policy will automatically discontinue leaving you in a case with no health insurance policy and all your benefits will also be gone with the policy.But In some cases, employers have the choice to buy very very similar plan to their group health insurance plan if the company is offering that then you should consider it to buy.

Final Words

Now I even have coated nearly every aspect that you simply ought to check before buying insurance till if you have got some queries be at liberty to contact me through the comment section below. If you’re feeling my articles are helpful then share these with your friends conjointly and don’t forget to follow my website as I write such helpful articles daily on this website


















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