How is group health insurance beneficial?

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How is group health insurance beneficial?
Though it is suggested to have an individual or family health insurance policy to cover your healthcare needs, nonetheless group health insurance cover extended either by your employer or a particular society comes with its own pack of advantages.

Here are listed few such advantages on account of which you should without fail subscribe to such a plan.

Comprehensive cover available at a lower cost: The group health insurance scheme offers an all-inclusive cover that provides against nearly all the diseases at a premium amount which is lower by approximately 30%. The lower premium rate is on account of the similar sum assured value which is similar for all the members covered under the policy and also as the risk is divided among so many members. The cos

Disregards past medical as well as mediclaim record of the insured: The group health insurance scheme provides coverage regardless of your medical history and lifestyle. While, the usual individual and family health covers, in some cases do not provide the cover and even if the insurer extends, such a cover can be availed at a higher cost.

Medical check-ups that is a prerequisite in case of individuals aged 45 years is waived off in case of group health cover.

Aged parents covered under the scheme: Group health insurance extended by employers or a particular institution to its members cover the individual, spouse, children as well as the dependent parents. So, as otherwise, you may find hard to procure a helath cover for your aged parents, group health insurance offers a cover. Know about health insurance plans for senior citizens.

Few group health insurance provided with no waiting periods: As against the regular individual or family health cover, some such schemes have a lower waiting period or offer cover from the first day of coverage. Some other cover pre-existing diseases. Nonetheless, the waiting period as well as exclusions in respect of the coverage differ from plan to plan.

Some arguments against group health cover

Individual covered under group health insurance  not eligible to claim for any healthcare cost in case they leaves the group: The group insurance scheme offers you cover as long as you are part of the group i.e. after leaving the membership of the group you can no longer make the claim, this is when a personal health cover can serve you. For instance, when you leave the service of your employer, group health cover extended by that employer stands void. So, group health insurance scheme should be taken as a top-up to your individual or family insurance scheme.

Not enough in the current regime of high healthcare costs: Rising healthcare cost makes it imperative to get the coverage amount enhanced by securing a individual or floating cover that may come hand in an exigency in case of job loss or in the event when you require an additional backing to meet the healthcare expenses.

Also, it makes sense to have an additional health insurance cover, as in case the policy provided by the employer or other institution such as a trust or bank terminates, then you may not have to wait to claim the benefits of the cover.

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