Corporate health insurance is a form of group coverage that is given to the employees of a particular organisation. Being included in this group health insurance plan holds many benefits for the individual covered. Quite often, it forms the first type of medical insurance plan that most people are protected by. Being offered coverage from corporate group insurance is thus, one of the major perks of being employed by a particular organisation.
Now, if you are already covered by corporate health insurance or are about to join a company that offers this benefit, you might have queries in mind. To help you out, we have got the answers to some of the most common FAQs on corporate health insurance just for you.
- What does corporate health insurance normally cover?
A corporate group health insurance plan generally covers hospitalisation costs (boarding up to sub-limits, doctor’s fees, etc.), pre- and post-hospitalisation costs, day care procedures, and ambulance charges, among other things. Thus, it provides for the major expenses that arise during an illness. Do note that the exact specifics of coverage can vary between insurers.
- Does corporate health insurance have a waiting period?
Corporate group health insurance plans generally do not have any waiting period. This means that you enjoy coverage from day one. However, do make sure to discuss the specifics of your coverage with the insurer or point of contact at your workplace.
- What are the common exclusions in corporate health insurance?
Corporate group health insurance plans generally do not offer coverage for hearing aids, spectacles, cosmetic surgery, illness due to war, vaccinations, injuries due to substance abuse or self-harm, injuries due to certain dangerous sports or activities, experimental medicine treatment, and cosmetic dental treatment, among other things. For a full list of the exclusions, do go through the fine print in your policy.
- Do corporate health insurance plans have cashless facility?
Yes, corporate health insurance plans generally offer cashless treatment at network hospitals.
- Does your family get covered by corporate health insurance?
Yes, you are generally allowed to add family members to your corporate health insurance plan at an extra premium charged to you. You may include your spouse, children, and parents for coverage up to the limits specified by the insurer.
- Do I need to buy an individual health insurance plan if I am covered by corporate health insurance?
The answer to this question will vary from person to person, depending on their unique needs for coverage. If you are included in a group insurance plan at work, it could be considered wise to also have your own private health insurance as an individual plan or a family floater plan. Having this extra coverage will come in handy as your group health insurance plan might have certain limitations. You may also want to opt in for a standalone critical illness insurance plan too.
We hope that the questions in this article have helped better your understanding of corporate health insurance.