A health insurance plan that offers financial coverage to a group of people is termed as a group health insurance plan. The group can be members of a society or employees of a firm. Most group health insurance plans are offered by employers as a benefit to the employees and the plan is designed either by the employer or the health insurance provider. These plans are mostly uniform and offer the same benefits to all the group members.
Group health insurance plans are advantageous for both the employer and the employee. Employers use group health plans as a vehicle to motivate employees by covering for their medical expenses which otherwise can cause a financial burden on the employee. Since the policy is bought for a large number of people, employers can get a discount on the premiums and they can also enjoy decreased tax liabilities. Group health insurance plans are also used to attract potential employees and retain the existing ones.
On the employee front, group health plans can be really beneficial as the rising medical costs can leave the employee in financial distress when he/she is struck with a medical calamity. Employees also do not have to go through the hassle of undergoing any medical health checkup for enrollment. There is also no waiting period and most illnesses are offered coverage from day one.
To cater to the healthcare needs of members in a group or firms, Aditya Birla Health has launched 2 group insurance products called as Group Activ Health and Group Activ Secure. Both these products provide a comprehensive coverage for hospitalisation expenses arising out of an accident, critical illness and other ailments. Before we get into the individual features of both these plans, let us first see the features of group health insurance plans.
Features Offered by Group Insurance Health Plans:
- In a lot of cases, group health insurance plans extend coverage to the family members of the employee.
- Maternity expenses are provided cover starting from day one, under a group insurance health plan.
- For illnesses like diabetes, hypertension, asthma, etc. there is no waiting period and the beneficiary is covered from the first day of the policy issuance.
- As stated above, there is no need for beneficiaries to undergo a health checkup to be a part of a group insurance plan.
- Cashless facility is available for hospital treatments where the bill will be directly settled between the health insurance company and the hospital.
- Ancillary charges like to and fro travel to hospital, ambulance costs, etc. are also generally covered under group health insurance plans.
- The health status of the individual is not taken into account for enrollment under the group health insurance plan. So, it is highly beneficial for people who suffer from certain ailments but cannot get an insurance plan at affordable rates.
- A group insurance plan can come really handy for an individual who does not have any health cover at all. All group members are ‘auto-covered’ under a group health insurance plan without having to enroll individually.
Group Activ Health Plan:
This offering by Aditya Birla offers group hospitalisation cover for medical treatments in network hospitals. The Group Activ Health plan can be completely customised by the employer or the insurance company to meet the health needs of the group members. Some of the other benefits offered under the plan are given below:
- Provides coverage for in-patient, pre and post-hospitalisation expenses.
- Diagnostic, physiotherapy and medicine costs will also be covered under this plan.
- If the policyholder needs to receive a medical treatment at home, the expenses will be paid by the insurance provider.
- On critical illnesses, an option of second opinion from specialist medical practitioners will be provided to the policyholder through an online medium.
- Underwriting and policy issuance is quick and simple.
- Features, waivers on restrictions, and limits can be personalised according to the needs of the policyholder.
- For the benefit of policyholders, there are various optional covers available which they can opt as per their needs.
- Documentation for the entire policy enrollment process is simple.
- Offers cashless claim settlement in case of hospitalisation of the policyholder.
Group Activ Secure Plan:
The Group Activ Secure plan is meant to provide coverage for accidental death, critical illness and daily hospital cash allowance. The plan offers the below-mentioned features:
- Provides cover for accidental death, permanent or partial disablement.
- All major critical illnesses are offered protection under the Group Activ Secure plan.
- Optional wellness coach to help achieve an active and healthy lifestyle.
- Upon hospitalisation of the policyholder, a daily hospital cash allowance that can range from Rs.500 to Rs.10,000 will be given to meet the hospital expenses.
- The policyholder will be entitled to a lump sum amount in the event of a medical crisis.
Both the group insurance products offered by Aditya Birla Health - Group Activ Health and Group Activ Secure are highly beneficial for anyone who is looking for a comprehensive coverage for its group members.