What Makes Group Medical Insurance Cheaper than Individual Insurance
The rise in health-related issues has made buying medical insurance a necessity for everyone. But many people find it hard to afford because of other financial liabilities. This is one reason why most of the organizations offer health insurance benefits to their employees.
If you own a firm, you’d also want your employees to stay healthy and productive. But buying an individual insurance policy for them all may not be a budget-friendly idea. To your rescue, there is a group medical insurance policy offered by many reputable insurers.
Buying this policy for your employees is the first step towards ensuring they enjoy good health. It will take care of the medical expenses and hospitalization bills whenever needed while being affordable.
Indeed, a group medical insurance policy to cover all your employees is cheaper than buying individual health insurance for them all. Here is why: All Your Employees Gets Insured at Once
Buying something in bulk always gives you a discount. The same is applicable when you purchase health insurance for a group of employees.
All your employees are insured under a group medical insurance policy. It gives you an added advantage as insurance companies tend to offer a discount on premiums.
However, if you buy an individual health insurance policy for all your employees, you will miss out on these discounts and end up paying more on premiums. Fixed Terms and Inclusions
When you purchase a group medical insurance policy, you need to choose what is covered under your policy, and type of coverage you want. Your employees can’t customize or opt for the type of policy they want. You can opt for basic coverage that will provide financial support to your employees whenever needed. This may or may not include several additional riders. Accordingly, the premium will be determined, which your employees can pay easily through a regular monthly deduction from their salary.
What if you buy individual health insurance for each of your employees, and he/she leaves your organization within the policy tenure? All the premium paid towards the health plan then goes in vain without giving the expected benefits. However, if you opt for the group medical insurance policy, you don’t have to worry about your employees leaving your firm. It is because they will only be insured under a group medical insurance policy till they are a part of your firm.
The premium paid towards a group medical insurance plan is far more flexible and beneficial than those paid for an individual health insurance plan. How Can an Insurance Advisor Help You?
Now you know how buying a group health insurance is less costly than an individual health insurance. When you search for a group medical insurance policy, you will find so many options that are enough to confuse you. That’s why it is advisable to purchase a group medical insurance policy with the help of an insurance broker.
Buying a group health insurance plan through reputable insurance brokers will provide multiple benefits. You can get quotes from different group health insurance providers available in the market and choose what suits you the most. Take the case of SecureNow, a young insurance broking firm that is known to provide deeply researched group medical insurance options. You can choose plans that come with pre-existing disease coverage and maternity benefits. Make sure you consider what’s not included in the policy you select while considering its benefits and inclusions. Take care of your employees with a group medical insurance policy.