Employers often show a gesture of care towards their employees by providing them with group health insurance for employees. While this gesture is a great one, some organization’s go a step ahead and include the employees family members in the group insurance.
By providing family cover in group insurance policy, employers showcase a great level of dedication and thought towards the employees and their dependents. Discover more interesting details about family coverage in group insurance in the blog below.
Family Coverage in Group Health Insurance: An Overview
Employers who want to provide family coverage for group health insurance have the option to choose from two types of plans; employee only plan and employee plus family coverage plan.
The employee only health insurance plan is a suitable option for employees who are single or have no dependents to take care of. However, the employee and family coverage plan is preferred by employees who have a dependent family.
Features of Group Health Insurance for Family
- Dependent Coverage
Employer provided health benefits plans offer coverage to the dependent family members of the employee. One can include their spouses, children and parents in the insurance policy.
- Multiple Benefits
When family members are included in the group insurance, it provides several benefits, such as hospitalisation expenses, cashless treatment cover, daycare procedures, domiciliary benefits, and much more. Some plans may also provide maternity cover after a specific waiting period, as per the policy’s terms.
- Tax Deduction
Group health insurance for family benefits both the employer and the employee. While employees enjoy benefits for themselves and their families, employers get benefits by way of tax deductions. The premium of the group policy is available as a tax deduction for employers, which reduces their tax liability.
- Customised Policy
Some plans also allow the employees to customise the policy and get wider coverage by paying a higher premium. Thus, employees can add benefits for themselves and their family members.
- Free of Cost
In most cases, group insurance provided by employers is free of cost for the employees. The employer entirely pays the premium amount. Thus, employees can enjoy the insurance benefits without spending anything from their pockets.
Benefits of Group Health Insurance for Family
Group health insurance plans are an excellent product because their benefits are available to both the employer and the employee. Here are some benefits that both can enjoy.
● Comprehensive Health Care Cover
Employees and their dependents get access to comprehensive medical coverage. It assists them in times of medical emergencies, allowing them to get the best medical care without breaking the bank.
● Free Access
Group health insurance for family does not involve any cost for the employee or his dependents. The covered individuals can benefit from the insurance at zero cost.
● Employee Satisfaction and Retention
When employees receive protection for themselves and their families in the form of insurance, it increases their satisfaction with the organisation. They feel safe and protected and love being a part of the company.
Satisfied employees work for a longer time in the company, leading to employee retention. Thus, it saves on employer recruitment and other costs.
● Improved Productivity
Employees who receive good treatment and care from their employers put their best foot forward at work, as they feel secure. It enhances their productivity, bringing prosperity and success to the organisation.
Choosing the Right Insurer for Group Health Insurance for Family
- Choose a provider with flexible plans, such as TATA AIG, so that it can accommodate the requirements of the employees and their families.
- Opt for insurers with a simple claim settlement process.
- A credible insurance provider is one with a high claim settlement ratio. It ensures that when your employees make a claim, they will receive the compensation.
- Watch out for the waiting period for certain facilities to be availed.
- Look for insurers who provide cashless treatment options.
- Select insurers who allow coverage enhancements to accommodate additional expenses.
Summary
Providing group health insurance for employees with family coverage benefits the organisation in the long run. From employee retention to productivity enhancement, it brings in plenty of benefits. It not only satisfies the employees but also encourages them to work harder and repay the company for its kind gesture.
Frequently Asked Questions
What is the eligibility for group health insurance?
Employees who are a part of the organisation are eligible to be a part of the group insurance. Once they leave the organisation, they are no longer a part of the insurance plan.
What expenses are covered under GHI?
Some expenses generally covered under GHI include hospitalisation, medication, check-ups, diagnostic tests, etc.
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