Corporate Health Insurance

A Corporate Health Insurance Policy is a type of insurance that provides coverage to an employee employed by an organization and protects them against a range of health-related challenges, such as illnesses, accidents, and various health issues. Essentially, Corporate Health Insurance functions as a Group Health Insurance Plan, with employees collectively insured under a single policy.

 Before the COVID-19 pandemic, it was not compulsory for companies to offer health insurance to their employees. Nonetheless, some companies offered a basic health insurance plan as a prerequisite to attract and retain top professionals for their association with the company. After the COVID-19 pandemic the insurance regulator, IRDAI, has introduced a mandate regarding health insurance for employees. According to this mandate, companies operating with an active workforce are now required to provide health insurance with an appropriate sum insured.

Features of Corporate Health Insurance Policy

These policies offer a range of features to address the unique healthcare needs of employees and their families. At Money Marche, we understand the importance of comprehensive corporate health insurance, and our policies offer the following key features:

Customizable Plans: We offer flexible plans that can be tailored to meet the specific needs and budget of your organization. You can choose coverage levels, deductibles, and add-on options to suit your workforce.
Inpatient and Outpatient Coverage: These policies cover both inpatient and outpatient medical expenses, like doctor's consultations, hospitalization, surgeries, and diagnostic tests.
Family Coverage: Employees can extend coverage to their families to promote employee retention.
Wellness Programs: We encourage preventive healthcare with wellness programs, health check-ups, and screenings to keep your employees healthy and reduce long-term healthcare costs.
Cashless Claim Process: We facilitate a hassle-free, cashless claim process at our network of hospitals and clinics to make it easier for employees to receive medical care without upfront payments.
Pre-existing Condition Coverage: Depending on the policy, some pre-existing conditions may be covered after a waiting period.
Emergency Services: Health insurance policies cover emergency services, such as ambulance services to ensure that employees receive immediate medical attention during critical situations.
Health and Wellness Resources: We offer resources and tools to educate employees about maintaining a healthy lifestyle and managing their health effectively.

Key Considerations While Buying Corporate Health Insurance Policy

Few things to be kept in mind while choosing a health insurance plan for your employees.

Employee Needs: Evaluate your employees' profiles by considering factors such as their age, location, health habits, and medical history. For example, younger employees might prioritize wellness programs, while older ones may need comprehensive coverage.
Budget Constraints: Determine your budget and find a balance between affordability and comprehensive coverage. Compare premiums, deductibles, and out-of-pocket expenses.
Policy Flexibility: Opt for a plan that can be customized to your organization’s specific needs. Flexibility is important as your employees and business evolve.
Employee Involvement: Involve your employees in the decision-making process. Their feedback can be valuable in selecting a policy that truly serves their needs.
Sum Insured: Assess the sum insured amount carefully. Make sure it aligns with the rising healthcare costs in your employees' regions. Adequate coverage ensures financial security in times of medical emergencies.
Claims Processing: A simplified claims process benefits both your HR team and employees. We are offering policies that streamline the claims process and reduce administrative hassles.

What is not included in the Corporate Health Insurance Plan

Following are the exclusions of a Corporate Health Insurance Policy.

End of Employment: When an employee is terminated, the health insurance coverage provided by the company will also end.

Health-Related Exclusions: The corporate insurance plan does not cover certain health issues such as self-inflicted injuries, undisclosed pre-existing conditions, or addiction to alcohol or drugs. These exclusions are in place because they are considered medical situations that might result in job loss.

Covered Situations Only: Employees can only make a claim for situations or conditions that are specifically mentioned in their Corporate Health Insurance Policy. If a situation is not included in the policy, the insurance will not cover it.

Customized Corporate Health Insurance Plans with Money Marche

At Money Marche, Corporate Health Insurance Plans are flexible and customizable. We offer you the option to select and combine coverage options that align perfectly with your unique objectives and requirements.

Tailored Coverage

We will tailor the coverage to meet the needs of your employees. You can choose the types of coverage, the network of healthcare providers, and the level of benefits.

Cost-Effective Solutions

Our team will work with you to find cost-effective solutions that provide the best value for your investment. We’ll help you strike the right balance between comprehensive coverage and affordability.

Streamlined Administration

We make managing your corporate health insurance plan as simple as possible. Our digital tools and dedicated support team will assist you in streamlining administration and make it easy to handle enrollment, claims processing, and ongoing management.

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FAQ

You can learn more from our asked questions

In some cases, you may have the option to continue your health insurance through COBRA (Consolidated Omnibus Budget Reconciliation Act) for a limited period after leaving your job. However, this usually involves full premium payment.

It varies by company. Some employers cover the entire cost of health insurance for their employees, while others require employees to contribute to the premium cost.

It depends on the employer's policies. In most cases, full-time employees are eligible, but part-time, temporary, and contract workers may also be covered depending on the company's policy.

It varies by employer and can depend on company policies. Some employers cover the full premium, while others may require employees to contribute a portion of the premium cost.

Health insurance can attract and retain quality employees, improve overall employee well-being and productivity, and also provide tax benefits to the employer.

Yes, employers can offer different plans to various employee groups, provided they comply with anti-discrimination laws and the terms of the insurance provider.

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