Hello Gnees Army,
Good Evening,
Group Health Insurance is a financial contract between the insurer and the specific group (like any organization or company) to secure and cover employees health-related issues. Today we will know about what is group health insurance and its benefits, importance, eligibility and more. So, Here we go…
 Why Group Health Insurances is important?Â
In simple words, it’s very important as a group administrator for retaining your employees and for your business prospective. It’s very important as an employee to keep secure and support, you and your future generation.
In addition, for the company, it will help to boost the company’s expansion and growth. Usually, the majority of the companies offered a group health insurance plan to establish and offer protection to the employees.
 Group Health Insurance BenefitsÂ
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Tax Benefits: Companies who offer to their employees with corporate health insurance, can get benefit from some tax savings not only the company but also the employee!
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Cover existing diseases: If the insured has any pre-existing disease, it is usually covered by a group health insurance. There are no medical check-ups required for group health insurance.
- Maternity cover: Some insurance providers also provide maternity cover. Advantage of maternity benefit mostly comes with a cover for newborn baby expenses.
- Flexibility: An insured or covered employee to his/her respective company, has the option to extend cover to family members. It usually may include parents, wife, children’s and also for senior citizens (Even if they are suffering from critical illnesses, the cover will be provided).
- Hospitalization cover: Pre and post hospitalization expenses are also covered.
- Ambulance fees cover: Emergency ambulance charges are also covered
- Cashless hospitalization: This feature is available to the insured across the specific country hospitals.
- Value for money: Group health insurance provides a low premium cost compared to individual health insurance.
- No waiting period: Immediate cover without any waiting period in most basic health cases (Waiting period: refers to the amount of time you need to wait to get the coverage or the benefits of your current policy. For example, take Maternity Cover. In this case, most health insurers will give you a waiting period of 2-4 years. After that time you will get benefit/coverage from that maternity cover. And before that time you can’t claim for any benefits regarding your policy or you will be denied from them. The amount of time differs from health policy to policy, company to company).
 EligibilityÂ
To clarify, Not all companies or individuals get group health insurance or its benefits. They should meet the following criteria:
For Company:
- The company/organization must have at least 5 or more qualified full-time or full-time equivalent employee other than the business owner or a spouse. (The number of employees varies from country to country, company to company and group to group. So be take a look on it)
- The company must be considered a legal business entity according to its state’s regulations.
For employee
- The employee should be active in that group/company.
- Their age should be 18+
 Which thing makes Group Health Insurance more affordable?Â
- Fewer people mean higher risks for the insurance company which costs more money to insure a group.
- More people mean lower risks for the insurance company which costs lower risks cost less money to insure a group
So, Hope you now have a little bit clear conception about group health insurance. Thanks for reading. See you soon 
[Note: That is to say, All Information provided above is only for having the basic knowledge of group health insurance and their general terms. Don’t take this info too seriously because some of them may differ/vary from country to country, time to time or even company to company. So, applying for such insurances, read the official documents of terms and conditions of respective insurer carefully.]
Read Also:
- What are the types of group insurance?
- What’s the difference between group and individual insurance?
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