Medical insurance provides strategic and effective protection against the high cost of receiving preventive medical care and emergency medical services.
These policies can be employed to insure a family or employees in an organization as well.
Group Health Insurance
This type of policy covers a group of people who are usually members of society, employees of a common company, or professionals in a common group.
With Group Health insurance, the company can identify and mitigate risks faced by their employees.
With the rising cost of healthcare, it has become crucial for every employer to cover employees as well as their families from financial instability that may arise in case of hospitalization.
Almost all insurance companies offer flexible covers at an affordable premium rate, which depend on collecting of factors, like size of the group, profile of members etc.
The policy works under certain terms and conditions, which are applicable to all insured members.
Features of Health Insurance Plans
There are several group insurance policies in the market.
Some of the salient features offered by all major employee health insurance plans are listed below.
- Employee health insurance companies typically cover medical benefits for insured (self), dependents such as spouse and children.
- Some health insurance providers cover pre-existing illness and maternity as well.
- Some policies may cover boarding expenses apart from surgeon, anesthetist and consultant fees; charges for anesthesia, oxygen and diagnostic materials in addition to X-rays and dialysis costs among others.
- All policies offer cashless facility and direct settlement of bills at the network hospitals.
- Every policy covered pre and post-hospitalization charges.
- Some of the optional benefits include waiver of waiting period, dental surgery or appointments and optical benefits.
Individual Medical Insurance
Individual health insurance primarily includes a policy purchased on an individual or family basis, as opposed to one offered by an employer.
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