Curious About Group Health Plans? Here’s All You Need To Know! 💡
Is your Group Health Plan really helpful? Are you familiar with all the T&Cs? What are its pros and cons? Let’s cross this bridge today…
If you are an employee of an organization, chances are that you are enrolled under a Group Health Plan. It is a type of health plan purchased and managed by your employer and shared with all the employees.
But what are the salient features of a Group Health Plan? Let’s check it out…
Easy on your pocket
A group health plan is cheaper than an individual or family plan. That’s because your employer buys it for a group of people, so they get some discount on the total premium. And no, contrary to popular belief, purchasing a health plan for employees doesn’t burn a hole in your employer’s pockets.
Managing different health plans for family members can be a hassle. Don’t worry; Group Health Plans generally cover your family members so you can have a peaceful night’s sleep.
The benefits vary depending on the plan provider and the employer. However, with Kenko’s group health plans, you get benefits on basic costs like maternity, daycare, medicines, diagnostic tests and daily healthcare.
You might have to produce multiple documents to get your health benefits. It’s also a time-consuming process. However, Group Health Plans have an easy settlement process. In most cases, all you have to do is submit your hospital bills to your employer. And they will reimburse your costs.
With Kenko, all you need to do is download our app and relax!
No waiting period for pre-existing diseases
Traditional health policies require you to wait for a certain period before accessing your benefits for your pre-existing diseases. That’s the most significant disadvantage. But, Group Health Plans don’t have any waiting period for pre-existing conditions.
Thus, you can get your health benefits from day 1.
All of this sounds too good to be true. Is there any catch? Yes, there are some disadvantages of Group Health Plans. Read on…
Can get discontinued
Your Group Health Plan will get discontinued if you lose your job. Furthermore, you will also stop receiving benefits if you resign or start your own business.
That means the plan will cover you only as long as you are an employee.
Lack of control
Since your employer chooses the plan provider and decides the benefits you should get, you don’t have any control over the plan. Thus, you get generic benefits as the plan doesn’t consider individual needs.
You won’t have the freedom to customize your health plan according to your needs. Even if you get a chance to access additional benefits, you will have to pay the extra premium from your pockets.
By the way, Kenko Group Health Plans offer benefits that don’t leave any corner untouched.
Inadequate cover for your needs
Sometimes, the benefits of your Group Health Plan are insufficient to meet your medical expenses. The soaring healthcare costs start eating into your wallet. Moreover, your expenses for health increase if you live in a metro city.
Have you ever wondered why healthcare costs differ across the country? Check out our blog to find out!
No other benefits
Why would you get tax benefits if your employer pays for your health plan? You must purchase a separate individual or family plan to claim tax exemptions.
Check out the 5 personal finance terms you must know to make your life easier!
Is an Individual/Family health plan better?
An individual or family plan tends to give you complete control. If you have a plan from your employer, you can consider topping it up with another plan that covers something your employer has left out.
Plus, no fear of discontinuation, no matter how often you switch jobs.
Health Plans by Kenko are super affordable, starting only at Rs 299/month! Check out now to secure your future!