Group Health Insurance

Posted by Nixon John Antao on Wed, Jul 20, 2011  
No of Views(4075)

Group insurance business is growing faster than individual business. Group insurance business is socially very relevant. Having group insurance benefits the business.


In group insurance the amount of the cover is determined by the scheme. In group insurance there is one premium receipts, one policy and it is the responsibility of the employer. A group insurance cover is given only if there is a certain minimum number. In group insurance, the proposal is made by the employer. 

 

In group insurance policies, personal histories are not examined. The setting and conditions in group insurance is relaxed. It is cheaper when you compare purchasing group insurance policy on your own. Every individual is covered despite of any pre-exisiting health condition no high risk individual can be denied coverage. Group insurance covers you from day one even for critical illness (Major Heart Attack (MI), Cancer, Stroke, Coronary Artery by-pass Graft Surgery (CABG), Kidney failure, Major organ transplant, Paralysis, Loss of limbs, Aorta surgery, Major burns, Heart valve surgery, Blindness); and has more benefits than individual or family policies. 90% of household do not have the financial resources to deal with a Critical Illness without going into a severe debt. 

 

Individuals who suffer from several health problems are unable to purchase expensive mediclaim policy.

 

There may be situations when an Employee needs expensive treatment for his bad health at that time the whole group has to bear the cost of high premium. 

 

If this employee requires any extended care in hospital then group insurance companies always take care of this need of an employee by providing him complete health protection 

 

The premium under a group insurance policy will change from year to year and also change according to the mortality experiences of the group

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