Changing job? Make sure your new employer has group health insurance  |  Photo Credit: BCCL
Other than salary hike, employees should also look out for other benefits being offered by prospective employers when negotiating a job offer. Group health insurance is perhaps the most important perk that your employer must have especially after the pandemic.
Employees get a comprehensive cover that safeguards them against health contingencies while the employer benefits from a healthier, more productive workforce.
Comprehensive group insurance also covers family members of the employees which take care of the financial stress than an employee goes through if their loved ones are hospitalised in the event of a medical emergency.
Group health insurance is a mediclaim policy or corporate health insurance plan which covers a group of people in an organisation. This is offered as additional benefits to the employees other than the regular salary and the premium is paid by the employer. The base policy is given free of charge to the employees and in some cases, the parents of the employee are also covered in the same. In some cases, employees can opt for additional cover by paying extra.
One of the major benefits of these policies is the fast turnaround time for claim settlement and an instant query redressal system. Companies opt for insurers that prioritise their employees for such issues.
Notably, buying a group insurance cover in individual capacity which covers not only the policy buyer but family members such as spouse, children and parents can be expensive. However, a group insurance policy covers upto five family members which can be difficult and expensive owing to the age and health conditions of family members.
The waiting period clause for pre-existing conditions, maternity benefits etc can be an irritant if group medical insurance policies are bought by an individual. These benefits can be covered only after a certain time period is elapsed from the date of buying medical insurance. This is not the case in corporate insurance policies offered by the employer. The benefits are given from day one for the employee and their family members.
Another benefit of insurance cover given by corporates is that coverage or premium is not dependent on the medical screening tests. If bought from the market, medical screening may increase the premium or limit benefits offered based in test results. The benefits offered to all employees under office insurance cover is uniform for all employees irrespective of their health status.