Corporate health insurance https://www.ethika.co.in/group-health-insurance/ is also known as employee health insurance which is a type of group health insurance offered to the corporate companies. Corporate health insurance is usually taken by the employers to provide Medicare benefits to their employees. Here are the 5 important things to know about corporate health insurance policy:-
- It’s not Permanent: The most important thing to know about corporate health insurance policy is that it is not permanent. An employee would be covered under the corporate health insurance policy only as long as he/she is working with the corporate. Once the employee leaves the organisation then the corporate health insurance would cease to exist for that employee. Unlike the retail health insurance policies which can be continued lifelong even after changing your job on payment of premium, the corporate health insurance policies cannot be continued once you change your employer.
- Depends on the Corporate: The other important thing in corporate health insurance is that it is completely dependent on the employer to renew or not renew the policy. If the employer decides to renew the corporate health insurance policy, then the employees would be able to enjoy the Medicare benefits. If in case the employer decides to not renew the corporate health insurance policy or renew it with less cover and different insurer then the employee would not have any say in the process. Employee would be dependent on the mercy of the employer to renew the corporate health insurance policy and provide Medicare benefits.
- Can be converted to individual health insurance: The other important thing to know about the corporate health insurance policy is that it can be converted to an individual health insurance policy if the employee is leaving the organisation. For example an employee is leaving the organisation and wants to take an individual health insurance policy from the same insurance company as that of the corporate health insurance policy, he/she can apply for the same and the insurance company would provide him a retail health insurance policy considering the waiting periods satisfied under the corporate health insurance policy.
- No waiting periods: Corporate health insurance policy would not have any waiting period unlike the individual health insurance policy. There are certain waiting periods such as pre-existing condition waiting period, specific disease waiting period, initial waiting period, maternity waiting period etc. All these waiting periods would be exempted under the corporate health insurance policy.
- Family members can be added: The other thing to know about corporate health insurance policy is that the family members of the insured employee can be added to the policy. Family members such as spouse, children, parents or parents in law can be added to the policy on payment of additional premium. In certain cases the employer would bear the premium whereas in other cases the employees would be asked to bear the premium. Mid term addition of members is also possible under the corporate health insurance policy subject to occurence of an event such as marriage or child birth which should be initiated within 15 days to the insurance company.
