6 November, 2024
Corporate Health Insurance

Employees value and respect medical insurance and the perks that come with it. The employee views it as the next best thing to financial payments, and it gives the company the added benefit of being able to hire and keep the top employees in the industry. When it comes to hospitalisation, disability, and even terrible accident-related death, any insurance company can help you cover your employees’ medical insurance at a reasonable and affordable cost. What’s crucial is that it doesn’t incur significant expenses for your business but significantly strengthens their faith in you.

What is Corporate Health Plan?

The needs of your company’s employees for medical insurance are met by corporate health insurance. You, as the employer, determine the plan’s coverage benefits and sum insured in addition to paying the payment for the corporate insurance policy. You can also prefer to provide your staff with the choice of selecting from a few different coverage options. To access the optional coverages, employees must pay an additional cost.


Prior to the COVID-19 pandemic, employers were not required to provide medical insurance to their resources or employees. Some businesses, however, require a minimal health plan in order to be affiliated with them and to attract and keep top employees. Since the COVID-19 epidemic, the entire globe has seen how a health problem can negatively impact one’s quality of life in general. In response, the insurance regulator (IRDAI) has established requirements for workers’ health plan. Companies that employ people at their location are required by law to offer comprehensive health plan with a sufficient amount insured.

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Corporate Medical Insurance for Employees

The following is a list of the characteristics and advantages of having a corporate health insurance policy for employees.

  • Digital health plan: With the availability of websites, everything is easy, simple, and accessible. To use the services, employees can access the website in addition to being more dependable, practical, and swifter than conventional offline insurance operations, digital insurance.
  • Wide network of medical facilities: Mostly Insurers has a vast network of hospitals, clinics, and test facilities where your staff members can access cashless services.

Below listed are the features and benefits of corporate insurance for employers:

  • Custom Plans: With corporate medical insurance, you can design your own personalised health policies. You can choose your coverage options while letting your employees choose additional benefits. Since the additional coverage would be paid for by the employees, you can provide them with the option to select these coverages without increasing your quote.
  • Flexible Payments: You are not required to pay the entire cost upfront when you purchase corporate medical insurance for your employees. Payment options include monthly, quarterly, semi-annual, and annual.

Features of Corporate Medical Insurance Policy

There are various features of medical insurance, such as:

Comprehensive Medical Expense Coverage

An all-inclusive insurance plan with wide coverage, including from residential care to consultations, hospital stays, outpatient treatment, medical tests, and more, is what is meant by complete coverage for medical expenses. It also offers family coverage, giving your staff more protection overall.

Cashless Treatment at Network Hospitals

Corporate medical insurance plans’ connections to network hospitals are one of their distinguishing characteristics. After assessing their facilities, doctor availability, and treatment quality, among other things, corporate medical insurance carriers have alliances with eminent hospitals across the nation. No cash payment is necessary from the employee or their dependents since all hospitalisation and treatment costs are reimbursed directly between the insurance company and the hospitals.

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Fees for both Pre- and Post-Hospitalisation

Medical treatments include medical testing, examinations, and other pre- and post-hospitalisation care in addition to hospitalisation or in-patient care. These costs are covered by employee health plan, saving your employee from having to pay additional out-of-pocket costs.

There is no Wait Time

Before you can make a claim under individual insurance, there is a waiting period of about three to four years. However, there is no waiting period for corporate healthcare insurance, so your employees’ and their families medical coverage begins on the first day of employment.

Things to Consider Before you Buy a Corporate Insurance

There are certain things which one should consider before buying or purchasing a corporate health plan, such as:

  • Options for named/unnamed policies
  • 24/7 global coverage Sum depending on salary or category, insured
  • Customised coverage with a range of perks
  • Amendments/ Endorsements/ additions to the current insurance

Exclusions of a Health Insurance Plan

The exclusions of a business health plan are listed below.

  • Termination of employment: If an employee is let go from their position, their health insurance coverage will also end.
  • Medical factors: Medical factors, such as self-inflicted injuries, unreported pre-existing ailments, addiction to alcohol or narcotics, etc., may contribute to unemployment. The corporate plan does not cover them.
  • Situations not covered: Employees may only file claims for events or ailments that fall under the corporate health plan. A claim for an event not covered by the policy will not be accepted.

Eligibility Criteria for the Corporate Medical Insurance Plans

Plans for corporate health policy are agreements between an employer and an employee. However, non-employer-to-employee groups are also qualified. Whether you are the sole owner of a small firm, a large organisation, a developing start-up business, or a group with a common interest, you can receive employee corporate health policy coverage as long as you meet the employer group medical insurance guidelines. These conditions must be met:

  • Having the required minimum number of employees
  • Your business must be officially registered.
  • Entrepreneurs who are single are not eligible.
  • Additionally, family enterprises are ineligible for insurance.
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How does business health plan function?

It is a form of health plan that the employer offers to its employees, to put it simply. It provides them with the best health coverage they need, which typically covers their spouse and kids. However, some business health programmes also cover parents.

What services does corporate medical insurance provide?

This health policy, which is often referred to as a corporate insurance policy, typically offers coverage for critical sickness, maternity, daily hospital benefit, accidental hospitalisation, COVID insurance, and other things.

Does business medical insurance have a waiting period?

The waiting time for group health plan is typically 30 to 90 days, but it can be waived if you are fully covered by a corporate health plan. It also depends on the insurance provider and its specific terms and conditions. Pre-existing disease coverage is another option in addition to this.

Does work-related insurance cover physicals?

In general, health policies do not pay for doctor visits or independent diagnostic health exams. However, there is a requirement for yearly or every two-year health checkups.

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