Organisations these days pay sincere attention to employee health and financial security. This is why corporate health insurance is often a part of employee benefit packages. It allows employees to receive quality healthcare without disrupting their savings.
However, many employees are unaware of how corporate health insurance works in India. This guide will help in understanding corporate health insurance and how it works.
Understanding Corporate Health Insurance
Corporate health insurance is a type of insurance for SMEs and other businesses that provides medical coverage to their workforce. The plan covers hospitalisation, surgeries, daycare procedures and other healthcare treatments.
Most corporate health insurance plans cover employees and their immediate family members. The corporate health insurance plan is designed with the company’s size and employees’ healthcare requirements in mind.
How Does Corporate Health Insurance Work?
Corporate health insurance is generally a contract or agreement between the employer and insurance provider. Here is how the plan works.
- The employer purchases corporate health insurance based on the employee health requirements and company size.
- After purchasing a plan, employees enroll in the plan, which covers their medical expenses per the policy terms.
- During medical crises, employees can avail either cashless or reimbursement treatment at authorised hospitals.
- The medical coverage under the plan remains active for active employees. If the employee leaves the company, the coverage for them gets discontinued.
Key Features of Corporate Health Insurance
Corporate health insurance is packed with features and benefits that provide employees with access to quality healthcare. Here are some of the key features of the plan.
Pre-existing Disease Coverage
Many corporate health insurance plans cover critical illnesses such as heart disease, kidney disorders, cancer and more, depending on the policy terms.
Shorter or No Waiting Period
Compared with individual health insurance, the waiting period in corporate health insurance is shorter. Many insurance providers offer medical coverage to employees from day one with no waiting period.
No Medical Check-up Required
Employees can easily enroll in the corporate health insurance plan without any medical check-up or medical screenings. This makes the onboarding process very easy for the employees.
Maternity Coverage
Many insurance providers offer maternity coverage under the corporate health insurance plan. The plan covers the pre-natal, post-natal care, delivery expenses and more.
Newborn Coverage
Corporate health insurance plans may also provide coverage for newborn babies from birth for a specified period. This benefit helps cover hospitalisation expenses, treatment for congenital conditions, vaccinations and more.
Tips to Choose Adequate Corporate Health Insurance
With so many options available, choosing an adequate corporate health insurance plan can be daunting for employers. Here are some tips employers should keep in mind.
- Before finalising any corporate health insurance plan, evaluate your employee or workforce health needs. Choose a plan that aligns with your workforce.
- Another crucial step is to compare different corporate health insurance plans based on sum insured features, premiums and more. Select a plan that fits your budget requirements.
- It is essential to review the insurance provider’s claims process before buying a plan. Always verify the insurer’s claim settlement ratio on a trusted website.
Get TATA AIG Corporate Health Insurance Plan for Your Employees
Corporate health insurance offers financial security to employees during a medical crisis. It also creates employee satisfaction, which enhances the company’s efficiency and growth.
So if you are thinking of buying a corporate health insurance plan, TATA AIG offers a customised plan design based on your business needs.
With strong claim assistance, a variety of add-ons, and digital buying, they ensure their client gets best service at an affordable premium. You can explore their corporate health insurance now for extensive coverage and affordable premiums.
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