Corporate health insurance is a form of health insurance that is provided by the employer to the employee in organisations. Corporate insurance policies usually cover the employee, but in some cases, they also include members of the employee’s family. Corporate health insurance covers both illnesses and accidents. In a corporate health plan, all employees get equal benefits, and there is no discrimination in the perks offered.

Corporate health plans are primarily of two types: 

• Plans in which employees pay a part of the premium
• Plans in which the employer pays the full premium.

One of the many highlights of a corporate health insurance plan is the rate of premium. Corporate health insurance policies are way cheaper than individual policies. Also, these policies offer the benefit of add-ons, which the employee can pay from his/her pocket. If you think the benefits offered are enough for a person, then you do not need to add any extra benefits. But if you feel the policy lacks certain features that you may want to add then you can opt for add-ons. The insurance company assess the risk factor involved with each employee in the organisation and then decides the premium, and that’s why it is affordable and cheaper compared to individual health policies.

In India, it is mandatory for companies with over 50 employees to provide a health insurance policy. Companies smaller than that are not legally bound to do so. But it is always better to offer perks like these and keep your employee happy.

Corporate health insurance is only valid till the time you stay in the organisation. After you move to a different organisation, they may or may not offer a new health insurance policy.

Features of corporate health insurance policy:

• Covers employee, spouse, children and dependent parents in some cases.
• Few also cover pre-existing illnesses and maternity.
• Cashless facility in partner hospitals.
• Few policies also cover ambulance charges as well.

How does corporate health insurance benefit employees?

Free health insurance cover – The health insurance policy is mandatory for everyone, even if someone cannot afford a medical policy or is not keen on getting one. He/she still have one in place for emergency cases. Most employers pay for health insurance from their pockets.

Affordable premiums – To benefit from the features of the corporate health insurance, one has to work under an organisation. Every organisation offers set features given in the policy. If you wish to get more you can do that by an additional fee, that fee also comes at a nominal cost.

No pre-screening needed – If we apply for an individual health insurance policy, we will have to undergo screening based on which our premium and benefits are decided. But in case of a corporate health insurance policy, we do not have to do that.

Simplified claim process – Most corporate health policies are cashless, and these days have cards. If you visit any partner hospital, the claim will be settled in no time and without worrying about following up with the insurance provider.

Corporate health insurance is a blessing in many ways as they are quick and involve fewer hassles. Additionally, the claim process is less complicated, and there is no waiting period. So, never deny a corporate health insurance policy.