One of the primary benefits offered as a part of the package by employers is corporate health insurance; employers cover their employees with a group health insurance plan as part of the payout benefits. Generally, the spouse and kids insured by employers will be covered and, in some cases, dependent parents too.
The sum assured is lower than comprehensive health insurance, and if you wish to increase it, you have to pay the additional premium from your pocket.
Companies use corporate health insurance to protect their employees. It is most commonly available to salaried individuals. Small businesses have also started offering this benefit to their employees.
It is essential to understand the inclusions of corporate health insurance to decide whether it is enough.
Benefits Of Corporate Health Insurance Policy
There are a lot of advantages of corporate health insurance. Let us look at a few of them-
The employer makes the payment of compensation towards this health insurance policy. This cover may include various expenses incurred towards OPD, including cash for medicines against bills, dental expenses (not elective), and so on. If you feel that the premium is not enough to cover your family and you do not wish to buy health insurance from an insurer, you can increase the coverage by paying an additional premium. The other tip would be lesser than what you would pay for a health insurance policy for an entire family.
2# No Medical Check-Up
When you wish to buy health insurance for senior citizens, most insurers demand a medical check-up. In the case of corporate insurance, there is no medical check-up required. This factor is beneficial when you, your spouse, or your parents are of advanced age, and you wish for them to be covered.
3# Cashless Claims
Companies collaborate with hospitals around the country to ensure that their employees receive the best medical care. No matter where you are in the country, the process of cashless claims will save time and provide convenience for your employees.
4# Online Process
Paperwork is a lengthy process and the time required to settle claims increases considerably. On the other hand, if the procedures can be done online, they save time and ensure there are no errors, and you don’t have to wait for a revert to identify and rectify the errors.
5# Cashless Hospitalization
This is one of the most significant advantages, and in the absence of a corporate health insurance policy, the amount required may be very high depending on the emergency.
6# Priority During Treatments
Most companies prefer to have a representative of the insurer working in tandem with the hospital, ensuring the best treatments for all company employees. These representatives guide you through the processes and do the needful in case you get stuck or need help.
7# Accidental And Illness-Related Hospitalization
The need for immediate medical attention is met, and most charges are met in case of an accident. The road ambulance, room rent, diagnosis, and other such factors are included under this benefit. In the same way, in case any illness requires hospitalization, then the charges are covered.
Why Is It Essential To Have Comprehensive Health Insurance Apart From Corporate Health Insurance?
Corporate health insurance has some attractive benefits, but most times, it is not enough for an entire family. In case of a critical illness or more than one person falling ill at the same time, this coverage may not be enough, and you may have to pay from your pocket.
It is advisable to review your advantages and opt for comprehensive health insurance and corporate insurance to ensure a complete package. Comprehensive health insurance continues to protect you irrespective of your employment status. Buying comprehensive health insurance is as easy as it can be purchased within minutes online.
This safety feature is sure to protect your family as it is customizable, unlike corporate insurance. If you wish to add more layers of protection, you can always choose add-ons and family floater options. This kind of freedom is rarely available in a corporate health insurance policy.
The ultimate goal is to provide your family the best care possible. Weigh the pros and cons before you decide!