When you become a part of a company, you might have heard your HRs saying that “We provide group health insurance.” We assume it to be some minimal health cover provided by the company. But here’s the reality: group health insurance is more than just an insurance policy. It has numerous concealed benefits that your HR person may not have discussed in great detail.
Let’s find out these benefits in the simplest manner.
Free Coverage Without Waiting
Most of the time, when you purchase a personal health policy, you must wait several months before you can claim benefits for certain diseases. But with group health insurance, most of these waiting times are eliminated. That means you receive immediate coverage for most health conditions from day one. This will save you money and provide peace of mind.
Coverage for Your Family Too
Did you know companies even let you add your parents, spouse, or kids to the group plan? And the great thing about it is that it costs much less than if you purchase individual health policies for every family member. This way, you can protect your loved ones without emptying your pocket.
Maternity and Newborn Benefits
One of the largest unwritten advantages of group health coverage is maternity benefits. Most policies include delivery costs, care for newborn babies, and sometimes even vaccination fees. If you are looking to have a family, this alone will end up saving you a tremendous amount of money.
No Medical Check-Ups Required
When you purchase health insurance individually, you normally have to undergo a health check-up. However, with group health insurance, no tests are necessary. Whether young or aged, healthy or not-so-healthy, you can get covered without additional efforts. It is easy and hassle-free.
Coverage for Pre-Existing Diseases
This is a whopper! Most individual health policies don’t pay for pre-existing illnesses right away. You might have to wait for years. But with group health coverage, such illnesses tend to be covered right from the beginning. So if you already suffer from diabetes, high blood pressure, or some other illness, you still receive coverage.
Mental Health and Wellness Support
Most group health insurance policies today also cover counselling, wellness sessions, stress management workshops, and even mental health consulting. These are also largely free or of minimal cost. In today’s hectic lifestyle, this support is invaluable.
Lower Premiums, Higher Benefits
Group health coverage is significantly less expensive than individual health plans. Because the company purchases the policy in large quantities for a lot of workers, the premium decreases. Meanwhile, the benefits tend to be higher. So, you receive more for less money (sometimes you don’t pay at all, your employer picks up the tab.
Extra Perks You Didn’t Expect
There are some group policies that provide add-ons such as annual health check-ups, discounted membership in gyms, or partnerships with wellness apps. These may seem insignificant, but in the long run, they contribute significantly to your lifestyle and health.
Conclusion
Group health coverage is not a dry HR perk. It’s the best-kept secret that safeguards you and your loved ones in so many unexpected ways. From day-one coverage to maternity benefits, from mental health care to affordable costs, there are surprises galore that employees are not aware of.
So the next time your company’s group health insurance comes up, take a closer look. You may find more value in it than you ever knew. And after all, good health is the best wealth, and your employer may already be providing you with more of it than you are realising.
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