corporate health care plans

How to Find the Right Health Care Plan

Your health is more important than anything else. A healthy person can keep earning money so always put your health ahead of your financial needs. Don’t make the mistake of thinking that you’re too young to consider your health care needs. All adults need a good healthcare package so take time before committing to a healthcare insurance plan. There are four levels of insurance plan available to you – Bronze, Silver, Gold, and Platinum, and there are lots of other things to consider before you decide on your insurance package. Don’t forget that you will be paying a monthly fee even if you don’t need medical help.

Typically, the insurance plan’s monthly amount will increase as you go from Bronze up to Platinum but the amount you have to pay for treatment decreases. For example, you might be asked to pay 40% of the costs with the insurance firm covering the other 60% if you opt for Bronze, while Silver customers will find perhaps as much as 70% covered by the insurance company. If you’d like to make sure you’re not surprised by a major bill, opt for the Platinum package as you’ll normally pay something like 10% of the medical bill.

What Is the Total Cost?

Don’t just look at the monthly premium when choosing an insurance package as there may be a deductible to pay. This amount is paid whenever you need the insurance. And consider what the insurance package is covering before committing to it. Does it pay for some of your regular check-ups? What about disease management programs? Are they covered by the insurance? You should also check if preventive services like shots and screening tests are available to you at no extra cost.

Exclusive Provider Organization (EPO)

Some plans offer low monthly costs but come with restrictions. For example, you might opt for an EPO plan. That’s an Exclusive Provider Organization plan in which you’re only able to use doctors and specialists from hospitals within the plan’s network. Of course, in an emergency, you can go wherever you need to but apart from that, you’re restricted which might not work for you if you travel a lot and need medical aid in various places.

Health Maintenance Organization (HMO)

HMOs normally offer lower costs than other similar services but they have a more restrictive provider network. You will also need to coordinate your health care through your primary care physician which could slow down the process of being seen because you’ll need a referral, except in the case of an emergency. For example, if you get a rash on your skin, you’ll have to see your primary care physician before being referred to a dermatologist.

Preferred Provider Organization (PPO)

This subscription-based medical care arrangement offers more flexibility than HMOs as there are fewer restrictions on visits to specialists outside their network. You won’t need to see a PCP before seeing a specialist which will save you time, although premiums are normally higher, and there’s normally a deductible to pay. Before committing to either an HMO or PPO consider your medical needs above the costs. If buying insurance for yourself rather than taking it through your employer, remember that you might be eligible for tax subsidies.

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Workplace Wellness

How corporate health insurance works and how to choose the right plan, written by kate.

Are you an employer looking to provide comprehensive health coverage as part of your corporate wellness program ? Or are you an employee looking to learn more about the benefits provided under corporate health insurance plans? 

Health insurance coverage has become particularly essential to American workers and their families. In 2021, American healthcare spending increased by 2.7% to $4.3 trillion . The US not only continues to have the highest healthcare costs in the world , but these costs are also expected to continue to grow over time.

In this article, we’ll explore what corporate health insurance entails, including benefits, disadvantages, and common types of insurance plans.

What is Corporate Health Insurance?

How much health insurance do most employers cover, what are the benefits of corporate health insurance, what are the disadvantages of corporate health insurance, what are some common types of corporate health insurance plans, how do you choose which insurance plan is right for you.

Corporate Health Insurance involves group health insurance policies that offer coverage to professionals working within an organization. It is a comprehensive protection plan that safeguards employees against the financial burdens associated with illness, accidents, and other health-related issues.

The concept of insurance itself has a rich history, with the establishment of the first insurance company in the US, the Philadelphia Contributionship , dating back to 1752 and co-founded by the renowned Benjamin Franklin. Over time, as new risks emerged, insurance offerings evolved to address these challenges.

Corporate Health Insurance operates on the principle of collective coverage, By pooling the risk and resources of a larger group, Corporate Health Insurance plans can provide more extensive coverage at a lower cost than individual plans.

Due to controversies in the insurance industry, the McCarran-Ferguson Act of 1945 exempted insurance companies from most federal regulations, instead subjecting them to state laws. This regulatory framework continues to shape the insurance landscape in the United States.

In recent decades, online platforms and digital tools have transformed how insurance is sold and how insurance companies assess and manage risks. The internet has made insurance more accessible, enabling individuals and organizations to explore different coverage options, compare plans, and make informed decisions.

Health issues may have a profound impact on individuals’ lives. Therefore, insurance regulators, such as the NAIC , have mandated operational staff in the workplace must provide comprehensive health insurance. Along with workplace health promotion , these regulations ensure employees have access to quality healthcare services and financial protection in medical emergencies.

The extent of corporate health insurance coverage can vary significantly from one employer to the next. Most employers contribute a percentage of the premium cost, while employees are responsible for the remaining portion. Coverage can range from a small portion to the entire premium.

While some offer comprehensive health insurance plans, others provide more rudimentary coverage. Factors influencing coverage may include company size, budget constraints, employee compensation structure, and the competitiveness of the job market.

Large businesses

Large companies often have more bargaining power and financial resources. They can negotiate better rates and offer more generous coverage, resulting in lower out-of-pocket costs for employees. Some large employers may even cover the total premium cost for their employees.

Small and medium businesses

Smaller businesses may offer less comprehensive coverage due to financial constraints. These employers may cover a smaller percentage of the premium, requiring employees to contribute more. Some may offer only basic coverage options or high-deductible plans to manage costs.

It is important to note that the Affordable Care Act (ACA) requires employers with 50 or more full-time employees to offer health insurance coverage. This mandate ensures that eligible employees have access to affordable coverage options. However, the specific details and level of coverage may still vary among employers.

Industry-specific standards

The industry in which the employer operates may influence the level of coverage provided. Industries with higher healthcare demands may be more likely to offer robust health insurance benefits to attract and retain top talent. Conversely, industries with lower healthcare demands, or those with a higher proportion of part-time or contract employees tend to provide limited to no coverage.

To determine the extent of health insurance coverage their employer provides, employees should seek out and review their employee benefits package, including the Summary Group Health Plan Description (SPD). This document outlines the details of the health insurance plan, including the coverage percentage, deductibles, co-payments, and any exclusions or limitations.

Comprehensive Coverage

One of the primary benefits of corporate health insurance is comprehensive coverage for employees. This typically includes medical expenses for hospitalization, surgeries, consultations, diagnostic tests, medication, and preventive care. Employees can address their healthcare needs without incurring significant out-of-pocket expenses for various medical services.

Employee Retention

In today’s competitive job market, employees highly value comprehensive healthcare coverage. It is a common employee benefit, with around half of insured Americans receiving them from their employers. By providing robust health insurance, employers can attract top talent, enhance employee satisfaction, and reduce turnover rates. It also demonstrates a commitment to employee well being and creates a positive work environment.

Improved Health and Productivity

Corporate health insurance encourages employees to prioritize their health and seek timely medical attention . Regular check-ups, preventive screenings, and early detection of illnesses can lead to better health outcomes and improved overall well being. Healthier workers are more productive, engaged, and focused on their work responsibilities. They are less likely to engage in absenteeism and presenteeism.

Financial Protection

Medical expenses can be a significant financial burden for individuals and their families. Corporate health insurance can significantly reduce out-of-pocket medical expenses and help employees manage healthcare costs.

Access to a Network of Healthcare Providers

Corporate health insurance plans often have a network of preferred healthcare providers, facilitating access to high-quality medical services and specialists within their coverage. 

Wellness Programs and Preventive Care

Many corporate health insurance plans incorporate wellness programs and preventive care initiatives . These programs promote healthy lifestyles, educate employees about preventive measures, and offer resources for managing chronic conditions. Wellness initiatives may include gym memberships, health screenings, mental health support, and nutrition counseling. By emphasizing preventive care, corporate health insurance plans aim to reduce long-term healthcare costs and improve overall employee well being.

Tax Benefits for Employers

Offering corporate health insurance can provide tax benefits for small and large employers. In several countries, including the United States, contributions made by employers towards employee health insurance premiums are often tax-deductible as a business expense. These tax advantages can help employers manage their healthcare costs more effectively.

Health insurance can be expensive for employers, particularly for small businesses with limited resources. The premiums, deductibles, and copayments associated with insurance plans can contribute to the overall cost of employee benefits.

Administrative Complexity

Managing health insurance plans can be administratively complex and time-consuming for employers. It requires ongoing communication, enrollment processes, and addressing employee queries and concerns about their coverage.

Limited Plan Options

Some employers might offer a limited selection of health insurance plans to their employees, which may require compromise on specific aspects of coverage, such as network providers or specific medical services.

Dependence on the Employer

When health insurance is tied to employment, employees may lose their coverage if they leave their job or if the employer discontinues the insurance plan. Employer insurance dependence can lead to gaps in coverage and potential difficulties in obtaining alternative insurance.

Health Maintenance Organization (HMO)

HMO plans are a common type of corporate health insurance. They typically require employees to choose a primary care physician (PCP) within the network who will coordinate their healthcare and referrals to see specialists. HMO plans usually have lower out-of-pocket costs but offer less flexibility in choosing healthcare providers.

Preferred Provider Organization (PPO)

PPO plans offer a broader network of healthcare providers compared to HMO plans. Employees can visit any healthcare provider within the network without a PCP referral. PPO plans may have higher monthly premiums and deductibles but offer greater flexibility and choice in healthcare providers.

Point of Service (POS)

POS plans include elements of both HMO and PPO plans. Like an HMO, employees choose a primary care physician within the network who serves as their main point of contact for healthcare. However, employees can also seek care outside the network, albeit at a higher cost. POS plans offer a balance between cost savings and flexibility.

High Deductible Health Plan (HDHP) with Health Savings Accounts (HSA)

HDHPs are plans with higher deductibles and lower monthly premiums. Company may pay premiums paired with Health Savings Accounts (HSAs), which lets employees set aside pre-tax money to pay for medical expenses. HDHPs with HSAs offer cost-saving benefits and empower employees to have control of their healthcare expenses.

Exclusive Provider Organization (EPO)

EPO plans are similar to PPO plans in terms of network flexibility. However, unlike PPO plans, EPO plans do not cover out-of-network care except for emergencies. EPO plans to balance choice and cost savings, but employees must stay within the network to receive coverage.

Self-Funded or Self-Insured Plans

Some larger corporations opt for self-funded or self-insured health insurance plans. In these plans, the employer assumes the financial risk that may come with healthcare benefits to their employees. The employer pays for employees’ medical claims or contracts with a third-party administrator to process claims. Self-funded plans offer more control over plan design and cost management but also carry higher financial risks.

Supplemental Insurance 

In addition to comprehensive health insurance plans, employers may offer supplemental insurance options. These plans provide additional coverage for dental, vision, disability, or critical illness. Supplemental insurance plans enhance the overall coverage and address specific healthcare needs not covered by the primary health insurance plan.

Choosing the right corporate health insurance plan requires careful consideration of various factors.

Corporate Health Benefits and Coverage

Evaluate the types of services covered by different plans, including health screenings , hospitalization, vision care, dental care, doctor visits, medications, preventive care, and specialty services. Assess the extent of coverage for pre-existing conditions, maternity care, mental health, and other specific health care needs. 

Network of Providers

Check the network of healthcare providers associated with each plan to ensure it includes preferred hospitals, doctors, specialists, and other healthcare facilities in your area. If you have specific healthcare providers you prefer, confirm if they are part of the plan’s network.

Cost Considerations

Compare different health and vision plans’ monthly premiums, deductibles, copayments, and coinsurance. Evaluate the total cost of coverage, including both premiums and out-of-pocket expenses. Consider your budget, the frequency of healthcare needs, and the financial protection each plan offers.

Flexibility and Freedom of Choice

Consider how much flexibility you desire in choosing healthcare providers. HMO plans often require referrals and have limited out-of-network coverage, while PPO or POS plans offer more freedom in provider choice. Assess your preferences and the importance of having the flexibility to see specialists or seek whole person care outside the network.

Prescription Drug Coverage

Evaluate the plan’s coverage for prescription medications , including formularies, copayments, and coverage for brand-name drugs. If you have specific prescription needs, ensure the plan adequately covers your medications.

Additional Services and Benefits

Consider any extra services or benefits the insurance plan administration offers, such as wellness programs, preventive care, telemedicine , or health management resources. These additional services can enhance the overall value and convenience of the plan.

Employer Contributions and Tax Considerations

Take into account any employer contributions towards premiums or HSAs, as well as any tax advantages associated with the plan. Assess the impact of employer contributions on your overall costs and consider the tax benefits you may be eligible for.

Reputation of Customer Service

Research the reputation of customer service of the provider for the group health insurance plan. Read reviews and seek feedback from others who have experience with the plan. Consider the ease of accessing customer support and the provider’s track record in handling claims and providing assistance.

Closing Thoughts 

Corporate health insurance plays a vital role in ensuring the well being of employees and providing financial protection against healthcare costs. Employers may attract and retain top talent by offering comprehensive coverage while promoting a healthy and productive workforce. However, it is crucial to carefully evaluate different insurance plans. 

A company should consider factors such as coverage, cost, flexibility, and additional benefits. By making an informed decision, employers can choose the best insurance plan that aligns with their organization’s needs and supports their employees’ health and well being.

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Advantages and Disadvantages of Corporate Health Insurance plan

Health insurance is one of the most important investments you can make. Knowing more about health insurance benefits can help you decide on the most suitable health insurance plan for yourself and your family.

A corporate health insurance plan is designed for the employees of a company or organisation. It is also known as group health insurance and is offered by employers to their employees. Since Covid-19 pandemic hit in 2020, it is mandatory for companies to provide best health insurance plans to their employees.

Read further to understand the types of corporate healthcare insurance, its advantages and disadvantages and the factors that influence it.

Types of Corporate Health Insurance

Based on contribution, there are two types of corporate medical insurance: a contributory plan and a non-contributory plan. Let’s have a brief look at them.

1. Contributory Plan

In a contributory health insurance plan, the employees and employers both have to pay a part of the health insurance premium to avail of the health insurance claims.

2. Non-Contributory Plan

In this type of plan, employers pay health insurance premiums without anything from the employees.

Difference between Corporate Insurance and Individual Health Insurance

Group healthcare insurance is like a company-sponsored insurance plan that takes care of the medical needs of the employees. Here is a table with the difference between corporate and individual medical insurance.

But before buying the policy, it is essential to know about the advantages and disadvantages of corporate health plans.

Advantages of Corporate Health Insurance

Corporate health insurance comes up with many added benefits like pre and post-hospitalisation help, teleconsultation, lab bookings, etc. Some of the other advantages are:

No Medical Examination

Many insurance plans require taking a pre-medical checkup depending on the age and history of medical conditions before buying it. But with corporate health insurance, there is no such requirement.

No Waiting Period

Many policies have a waiting period where you have to wait for a fixed number of days before you can raise a health insurance claim. Corporate health insurance plans do not have such waiting days and start from the first day. This can be counted as a significant advantage, as some individual health insurances have periods as long as 2-4 years.

Family Coverage

Group health insurance gives the option to include family members in the health insurance benefits . Another advantage is that it also covers maternity -related costs. Group Health Insurances also covers the newborn baby for around ninety days under maternity-related health insurance claims.

Network Hospital

Many insurance companies have tied up with hospitals for an easy, hassle-free experience. This benefit allows employees to settle their health insurance claims smoothly.

Preventive Healthcare and Extra Benefits

Corporate health insurance comes up with many added benefits like pre- and post-hospitalisation help, tele-consultation, lab bookings, etc.

Pre-Existing Diseases

Pre-existing diseases mean diseases you might have had before the corporate health insurance plan started. But many group insurance plans allow you to get health insurance claims for those diseases.

Above, we discussed many advantages that come with corporate health insurance. But before choosing the best health insurance policy , it's essential to focus on the disadvantages.

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Disadvantages of Corporate Health Insurance

As an employee/policyholder, you don't have much leeway in tailoring the plan to your preferences. In some cases, you may be required to pay an additional fee for certain freedoms. For example, if you want to increase your coverage, you must pay the applicable premium out of pocket. Here are some other disadvantages of corporate health policies:

Policy Tenure

One of the disadvantages of corporate health insurance is the tenure period. You can only raise group health insurance claims until you're working with the organisation. The policy ends as soon as you leave the company. So in challenging situations, if you get laid off by the organisation, your policy will also terminate. This condition makes corporate health insurance less reliable due to fear of discontinuation.

Discontinuation

You will no longer be covered by the group health policy if you are laid off by your employer or choose to leave the company. In other words, you will be covered by the policy as long as you are a member of the group, which in this case means as long as you are an employee of the company.

Not All Plans Come with Family Coverage

Many group insurance plans do not cover the family members. It is one of the significant disadvantages of corporate health insurance. In other cases, the health insurance benefits are only limited to the spouse and not the parents. For many sole breadwinners of the family with dependent children and parents, corporate health insurances are not the best health insurance. If you are in such situations, it is better to look for individual health insurance plans.

Predetermined Limit

Many corporate insurance plans come up with pre-decided hospital room rent limits. So if you choose to go for a higher tariff, you'll have to pay for all the additional costs yourself. Not only the room-rent limit , but you will also have to pay the health insurance premium as well if you choose a plan higher than that of the organisation.

Coverage Amount

You may notice that the group health insurance plans have a coverage limit of only 2-4 lakhs. So, this amount will not account for much in severe accidents and diseases.

Employer Dependent Cover

As the employers pay the health insurance premiums with group health insurance, they also hold power. Your employer will have control over it. They can decide the coverage and other added benefits. Such plans end up as a generic for every employee and will not offer to you as per your needs.

Lack of Control

As an employee, you will not have much control over the health insurance benefits. In many cases, employees have to pay extra to have a plan based on their needs.

No Tax Benefit

Section 80D of the Income Tax Act provides for the health insurance premium. But since employees are not paying for the premium, they can not avail the tax benefits.

Trouble in Claiming

Since employees do not get to choose the health insurance or the coverage, they face many troubles regarding health insurance claims . Such difficulties get added up if the insurer hasn't offered a hassle-free claim.

Choosing between Corporate and Individual health insurance can be confusing. It is important to study the situation and see what works best for you. Advantages and disadvantages concerning family coverage, predetermined amount and health insurance claims shouldn’t be dealt with lightly. Consider all these points before you decide on either. Niva Bupa’s plans offer a wide range of options. There are coverage plans as well covering post and pre hospitalisation bills to lower your overall cost.

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Corporate Health Insurance

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Corporate Medical Insurance is a highly-valued employee benefit that provides private healthcare treatment for your employees when they need it the most. In fact, it’s the insurance policy workers would most like to see their company introduce .

If an employee falls ill the corporate health insurance will provide them with access to private clinics, hospitals and consultants at a time convenient to them so they can receive the best possible treatment.

By utilising the company paid private healthcare your employees get to bypass potentially long NHS waiting lists and get the required treatment faster helping them to get back on their feet quicker.

What Does Corporate Medical Insurance Cover?

Comprehensive Health Insurance, the option many larger corporations choose, includes both inpatient and outpatient cover. It therefore generally covers:

• Tests and scans (e.g. x-rays, CT and MRI scans)
• Consultations
• Hospital stays
• Therapies (e.g. physiotherapy, osteopathy etc.)
• Exclusive drugs not available on the NHS due to cost
• Alternative therapies (e.g. acupuncture).

Most policies and private facilities will offer benefits such as:

• Choice of consultants and specialists
• Flexible visiting hours
• Much shorter waiting times for treatment
• Appointment times tailored to suit an employee’s schedule.

Many of the top UK corporate health insurance providers now include some really valuable additional benefits that employees and employers alike are hugely grateful for.

Virtual GP & Other Support Services

Most Corporate Health Insurance policies offer a number of additional workplace wellbeing benefits which now include a digital GP service, usually via a smartphone app.

We have had some great feedback on how valuable this has been for many employees, it gives staff access to video and / or telephone GP appointments, usually 24 / 7, from the comfort of their own home.

Historically, you had to wait for an NHS GP referral to access private treatment. Now, however, remote GP services can make referrals for private treatment under the Health Insurance scheme if necessary.

Read here how our director utilised our Virtual GP service and how easy he found it to use.

In addition to the GP service some also provide a bolt-on prescription service as well as other everyday wellbeing benefits such as counselling helplines and high street discounts.

We helped gaming company Trailmix implement a AXA corporate scheme, click here to read how their staff are really benefiting from the Doctor@Hand service →

Providing a level of outpatient cover ensures your staff can get a consultation or scan for a quick diagnosis when they have a medical issue. It is one of biggest benefits of private healthcare.

Without access to outpatient cover, employees will still have to wait for the NHS to be diagnosed before receiving any private inpatient treatment.

Nadeem Farid Head of Employee Benefits at Drewberry

Working Alongside NHS Services

Corporate Medical Insurance treats acute conditions . These are conditions that will improve with treatment (e.g. joint pain treated by having a hip replacement).

As good as private healthcare is it doesn’t cover chronic conditions (for example those that don’t get better with time and remain with you for life, such as diabetes). For chronic conditions, employees will continue to use the NHS.

Policy Exclusions

There are a number of general exclusions you’ll find in most Private Health Insurance policies include:

• Emergency care
• Kidney dialysis
• Fertility treatment
• Standard pregnancy and childbirth (may be covered for complications)
• Treatment or rehabilitation for alcoholism / substance abuse
• Cosmetic surgery that is not medically necessary.

Why Is Corporate Health Insurance Important?

The NHS does a fantastic job, but a funding squeeze has limited the amount of cash available even as demand for UK healthcare spikes. As a result, the NHS is under significant and sustained pressure.

For instance, at the end of June 2020, NHS statistics reveal 3.86 million people on NHS waiting lists in England awaiting treatment . Almost half of such patients had been waiting at least 18 weeks.

For employers, providing Corporate Health Insurance as part of an impressive employee benefits package can:

• Attract new employees
• Improve employee retention and engagement
• Reduce stress and staff absenteeism.

Happy, grateful and above all healthy employees tend to be more productive.

How Much Will Corporate Medical Insurance Cost Per Employee?

The cost of will vary between businesses because it’s partly based on employee demographics. Factors which impact the cost of cover include:

• Employees’ ages
• Postcode(s) staff are normally based in for work
• The underwriting you’re planning to choose
• Policy options you want to add.

Below we’ve provided examples of the average cost of premiums per employee for different sized businesses. To provide these examples we’ve had to make a number of assumptions about the level of cover. For instance, we’ve assumed:

• There is a £1,000 outpatient cap
• There’s a £100 excess on the policy
• There is a mid-tier hospital list.

These premiums are a guideline only — the cost could be different depending on your needs and circumstances.

We are a regulated independent insurance broker with a team of expert advisers on hand to help you compare corporate health insurance quotes from all the leading UK providers.

If you need some help pop us a call on 02074425880 or email [email protected]

Corporate Health Cash Plan: A Cheaper Alternative

Corporate Health Insurance is a highly valued benefit however it is not always an affordable option to provide to all staff.

A business with a tighter budget might want to consider a Corporate Health Cash Plan , which is significantly cheaper but still provides really valuable everyday healthcare support.

A corporate health cash plan provides a cash reimbursement for every day healthcare costs, for example dental check-ups, physiotherapy and eye tests.

Compare Top 10 UK Providers

Corporate client stories.

6 Ways To Reduce The Cost Of Corporate Health Insurance

You have a number of options when arranging Private Medical Insurance for your employees. Each will impact the overall cost of the cover.

Outpatient Cover

Choose how much outpatient cover your staff receive. Your options are:

• Full cover, where all eligible treatment is covered
• A capped policy, where outpatient treatment is limited, say to £1,000 per year
• A basic inpatient-only policy, where staff aren’t entitled to any outpatient care.

Naturally the less outpatient cover you provide the lower the cost of cover.

Excesses typically start at £100. The larger your excess, the more staff will have to pay towards their treatment but the cheaper premiums will be.

Adding an excess can help reduce unnecessary or trivial claims which end up increasing the overall cost of your cover.

Mental Health Cover

Every year the UK loses £70 billion as a result of mental health issues , making access to quality mental healthcare vital.

Many firms are choosing to include mental health cover with their corporate health insurance given the focus on employee wellbeing. This additional option can be expensive though and one you may wish to scale back if your budget is limited.

Dental and Optical Cover

Most plans cover surgical procedures such as cataract and wisdom tooth removal. However, a policy usually won’t cover routine optical and dental care, such as the cost of check-ups, fillings, new glasses etc.

This option expands your Health Insurance to cover such routine care.

If you wish to include a level of dental cover you may also want to consider a standalone policy which could be more cost effective.

6 Week NHS Wait

It means staff can only claim if the NHS waiting list for the inpatient treatment they need exceeds 6 weeks. If not, they’ll use the NHS.

This option can significantly cut the cost of premiums.

Cover for Family Members

You have the option to add employees’ families. The business can pay for this or you can ask the individual worker to pay.

Including family members may be beneficial as it could reduce the amount of time employees are absent while caring for ill family members.

Underwriting Corporate Medical Insurance

You have three underwriting options, plus a fourth if you’re looking to move between providers. Each is different and will determine just what staff can claim for based on their pre-existing conditions.

• Full medical underwriting (FMU) requires upfront disclosures of employees’ medical history. Once the insurer has this information, it usually excludes pre-existing conditions.
• Moratorium underwriting requires far less initial administration. Any condition the employee has had in the 5 years leading up to the policy start date will be excluded. Moratorium tends to be the most popular option.
• Medical history disregarded underwriting is the best available on the UK market. Available to groups of at least 20-25 members, it ignores any pre-existing conditions, no matter when your staff suffered from them. Employees can therefore claim for any eligible condition under the policy’s terms.
• Switch or Continuing Personal Medical Exclusions (CPME) can be used if you have an existing scheme and want to switch providers. It ensures that the new insurer will cover any pre-existing conditions which the old policy covered.

How Does HMRC Tax It?

Private healthcare benefits are usually an allowable business expense against your corporation tax bill.

For employees, corporate health insurance is a P11D / taxable benefit in kind .

As such, HMRC levies tax against premiums by reducing employees’ annual income tax allowance by the same amount of the premiums paid on their behalf, meaning staff can earn less before becoming subject to tax.

As an employer, you’ll need to fill out a P11D form to declare to HMRC that you’ve provided your employees with a benefit in kind and pay employer’s National Insurance on the premiums.

Common Business Health Insurance Questions

Is corporate health insurance a p11d benefit for employees.

Yes, Corporate Health Insurance is a P11D / benefit in kind. This means there’s additional tax to pay on the employee’s part as a result of having the cover.

This is usually achieved through a HMRC adjustment to your tax code which reduces the amount you can earn before tax kicks in (this is known as your personal allowance) to the equivalent cost of the premiums each year.

How is Corporate Health Insurance different to a Health Cash Plan?

Corporate Health Insurance is designed to pay for the treatment of acute medical conditions in a private hospital setting. You get to choose the facilities you’re seen in and the specialists you visit.

It’s there to pay for faster access to healthcare than the NHS can provide in many cases for problems that are treatable, such as joint pain requiring joint replacement, cancer care, a tonsillectomy, cataract removal or cardiac bypass surgery. This is opposed to chronic conditions that are only manageable, such as arthritis, asthma and diabetes, which aren’t covered.

A Corporate Health Cash Plan , on the other hand, is there to reimburse you for the cost of everyday health expenses, such as optician and dentist visits.

To use dental treatment as an example, you visit the dentist, have your treatment and pay for it. You then keep the receipt and send this off to the insurer with your completed claims form. The insurer will then reimburse you up to the limit per policy year for that type of treatment.

Will The Scheme Cover Overseas Travel?

Most corporate health insurance schemes have the option to cover a level of overseas travel.

Some providers offer a set number of days per policy year while others have bolt on travel option which works in much the same way as a separate group travel insurance policy.

If you have a number of employees stationed overseas then it might be worth considering a group international health insurance policy.

Who Are the Best UK Corporate Health Insurance Providers in 2023?

As independent insurance experts we work with all the top UK providers. When it comes to corporate healthcare there are four main providers with a number of other smaller niche insurers:

Each insurer is different and which one is right for your company and your staff depends on your circumstances.

Our job is to make sure you get the most appropriate cover for your business and your employees at the most competitive price.

We are often able to negotiate better terms than you dealing direct with an insurer and we do a full market review each year to make sure you always have the best terms.

Top Additional Benefits

Since the pandemic many insurers have expanded their range of tangible everyday benefits which now often include:

• 24/7 Virtual GP & Prescription Service
• Counselling Helpline
• Physiotherapy and Nutritional Support
• High Street Discounts.

These benefits help ensure your company paid health insurance is utilised on a regular basis providing tangible value beyond the payment of claims.

Corporate Medical Insurance Product Reviews

Compare Corporate Medical Insurance Quotes & Get Expert Advice

It takes time and expertise to set-up the most suitable corporate scheme for a large group of people. Many firms simply don’t have the resources in house to manage this and choose to work with an expert.

Out team of experts work with every UK leading insurers and compare quotes from all of them. We also understand all the terms and conditions and have processes in place to make reviewing the market as hassle-free as possible.

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We started Drewberry™ because we were tired of being treated like a number.

We all deserve a first class service when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.

• We are award winning 🏆 independent insurance advisers who work with all the leading UK insurers
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• Claims support when you need it most.

If you need help setting up corporate medical insurance please don’t hesitate to call us on 02074425880 or email [email protected] .

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International insurance with Group terms can be offered when there are three or more staff members.

For groups wishing to get a quote for international health insurance, please contact our Sales Support Team   who will be happy to provide you with a quote based on your requirements.

Moratorium underwritin g sets a waiting period for pre-existing medical conditions to limit the insurance risk. This means that:

• You won't need to tell us about pre-existing conditions of any member to be covered when you apply.
• There will be a 24-month waiting period before claims for any pre-existing medical conditions may become eligible.
• Pre-existing medical conditions may be covered, provided the member did not have symptoms, needed or received treatment, medication, a special diet or advice, or had any other indications of the condition. This is suitable for individuals or groups where members have no pre-existing conditions.
• Claims Process may be longer as each time we receive a claim, we'll look at the member medical history. We may also ask for additional information to understand if the symptom or condition is new or pre-existing.
• This option is available to individuals or groups with 3 to 9 policies
• Availability of Moratorium Underwriting is dependent on geographical location and the relevant local country regulations in place.

Medical History Disregarded terms is members’ health information is not assessed. This means that:

• You won't need to tell us about pre-existing conditions of any member to be covered.
• Pre-existing conditions are usually covered.
• Claims process is shorter because we already know that pre-existing conditions are covered.
• This option is usually offered to groups with more than 10 policies.  

Allianz Care offers dummy Emergency Healthcare Plans for groups who only wish to cover the medical emergencies of employees travelling abroad. The group can be covered for single or multiple trips to the region where the healthcare plan is held for up to or a combined maximum of either:

• 90 travel days per insurance year each
• 180 travel days per insurance year each

* Please note that the purpose of this insurance plan is to provide medical care during emergency situations. Any ongoing or further treatment that is required after the emergency situation is not covered by this policy. The areas of cover are subject to our terms and conditions

Check our independent customer service reviews  here  

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Corporate Health Insurance: Features, Types and Benefits

• September 10, 2022
• By Life & General

Table of Contents

What Is Corporate Health Insurance?

Corporate health insurance is health insurance for the entire corporate organisation and provides the same benefits for the company’s employees, including coverage for accidents, illnesses, operations, treatments, dental work, recuperation costs, and other things. Group health insurance is another name for corporate health insurance, and group health insurance plans or policies are other names for insurance plans.

It is similar to an individual buying health insurance for himself or his family, but the difference here is that corporate health insurance is provided by the office.

How Does Corporate Health Insurance Work?

Corporate Health Insurance is purchased as group health insurance and provided to each employee at the time of joining. The benefits provided to each level of an employee may differ from the other. But health insurance benefits, which a basic policy might cover, are covered for each employee in the office.

The employees do not need to go through medical tests to be eligible and are provided as a default service by the office.

Corporate Health Insurance Online Policy Coverage

Corporate health insurance policy coverage may differ according to the size of the company and also the level the employee is being recruited at.

For example, an executive or a management trainee will be offered lower insurance as compared to a manager. Whereas a manager will be secured at a lower amount than a senior manager or business head.

Benefits Of Corporate Health Insurance

Corporate health insurance has two main levels of advantages. It bestows several advantageous benefits on corporate structures or employers as well as numerous advantages on the intended audience, namely the employees. To learn how corporate health insurance benefits both the employer and the employees, continue reading.

Benefits Corporate Health Insurance For Employees:

• Compared to individual health insurance, corporate health insurance has a more expansive application in terms of the insurance coverage it offers for various ailments. Generally speaking, the list of illnesses covered by group health insurance policies is unrestricted.
• The maternity benefits provided under corporate health insurance plans are of utmost significance to the nation’s steadily growing female workforce. If they want to start a family, it enables female employees to pursue their career goals without worrying about money.
• Standard individual health insurance plans stipulate a minimum waiting period before insurance coverage begins to apply for a condition that the policyholder already has at the time of enrollment.

Benefits Corporate Health Insurance For Employers

• A group health insurance plan for employees is a huge incentive for qualified candidates to join the company, which is the main benefit for employers. Since most workers wouldn’t want to forgo a comprehensive health insurance plan, it also enables employers to benefit from greater customer loyalty from their workforce.
• By providing comprehensive group health insurance plans for your employees, you show that your business is concerned about their well-being.
• The corporation can provide broad benefits to employees at a low cost by purchasing group health insurance policies for them.
• Last but not least, the company will receive certain tax advantages from obtaining corporate health insurance policies for the personnel.

Apart from this employers must also ensure that the health insurance that they select offers the following benefits:

• Round clock coverage is ensured for all employees.
• The total insured amount and also the increase in amount when the insurance goes claim-free
• Features like benefit customization choices, cashless care at partner hospitals, daily cash benefits in the event of hospitalisation, etc., are essential for business health insurance policies. This will go a long way toward ensuring that your group health insurance plan serves its aim of protecting and motivating your personnel.

Who Is Eligible For Corporate Health Insurance?

Group health insurance programmes are often between a company and an employee. Non-employer to employee groups, however, are also eligible.

So long as you meet the employer group health insurance standards, you can obtain employee group health insurance coverage whether you run a small business, a large organisation, an emerging start-up, or a group with a shared interest.

Here are the requirements:

• Meeting the minimum number of employee criteria
• Your company needs to be a registered business
• Single entrepreneurs are not eligible
• Family businesses are also not eligible for the insurance

How To Select The Best Corporate Health Insurance Plans

It is impossible to have a single health insurance plan that satisfies all of your needs. There are numerous health insurance plans accessible, and each plan has certain special features for coverage. Before choosing the finest health insurance plan, you must determine the benefits and understand everything that is covered and excluded. You can choose the option that best meets your needs by conducting online research or by speaking with our customer service team.

• Choose an adequate sum of insured
• Choosing the right coverage type
• Verify Your Flexibility to Increase Your Total Amount of Insurance
• Check the waiting period for pre-existing disease
• Check the maximum renewal age
• Choose the insurer with a higher claim ratio
• Choose a smooth claim settlement process
• Ensure the provision of cashless hospitalisation
• Compare premium prices

Best Corporate Health Insurance Plans In India

Here are some of the best Corporate Health Insurance Plans in India

1) Aditya Birla Active Assure Diamond Plan

2) Bajaj Allianz Health Guard

3) Bharti AXA Smart Super Health Plan

4) Care Health Care Plan (Formerly Religare Care Health Insurance Plan)

5) Cholamandalam Chola Healthline Plan

6) Digit Health Plan

7) Edelweiss Health Plan

8) Future Generali CritiCare Plan

9) IFFCO Tokio Health Protector Plus

10) Kotak Mahindra Health Premier

Future Of Corporate Health Insurance

The future of Corporate Health Insurance in India is very bright as it is an added benefit for the new age employees who are newly entering the job market. Additionally, corporate health insurance becomes very important for employee retention.

How Are Corporate Health Insurance Policies Different From Regular Plans?

1. Premium Cost:

Individual health insurance premium costs could be a little excessive. The policy does, however, provide a wide range of coverage, which makes it a good investment.

Corporate health insurance has a low premium cost. It offers some coverage, but not much.

2. Customisation:

Your medical requirements can be met by individual health insurance.

You must accept the coverage that your employer offers in the event of business health insurance. The coverage is not set up to meet the medical demands of you and your family.

3. No Claim Bonus:

The NCB benefits are available through your health insurance plan.

Some business health insurance programmes may not provide the insured with NCB benefits.

4. Job Limitation:

Personal health insurance policies do not terminate when you leave a job, in contrast to corporate health insurance.

After you quit a firm, health insurance plans are no longer valid.

Things To Look For When Buying Corporate Health Insurance

Here are a few things you should consider before buying corporate health insurance:

• Claim process how is the claim process and is it a hassle free.
• Family Health Insurance: Is your family also being insured by the insurance
• Selecting the right insurance amount for the benefits being offered is important
• Network of hospitals that fall into the insurance bandwidth
• Consider if maternity benefits are being offered in the insurance
• Pre and Post care: If the health insurance pre and post-hospitalisation services
• Free medical check-ups: Remember to check if free medical check-ups are being offered.

FAQs About Corporate Health Insurance

Let’s look at answering some FAQs about Corporate Health Insurance.

Q1. Can I Increase the Cover Of My Corporate Health Insurance?

Almost all insurers will give you the choice to raise your current policy’s sum covered when you renew it. This way, you can be sure you have enough coverage for your and your family’s medical requirements without having to pay too much out-of-pocket. It will slightly increase your premium, though.

Q2. Can I Port Corporate Health Insurance Policy?

No, you cannot port corporate health insurance offered by one corporate into another corporate because the plans offered by each company may differ.

Q3. Can I Port Corporate Health Insurance Policy To Individuals?

Change at the insurer’s discretion, in accordance with IRDA regulations, a group plan participant may choose to convert from an employer-provided health insurance policy to an individual health insurance plan with the same insurer by following the necessary procedures.

Q4. Do Health Insurance Provided By Corporate Companies Covers Everything?

There are often limitations to what is provided under health coverage and may differ from policy to policy. It is always better to consult HR for another clarification or talk to an expert at L&G.

Q5. Is Corporate Health Insurance Enough

Depending on the lifestyle of an individual and the cover being offered by the office it is important to take a call. It is important to understand that in case an individual decides to leave office, then the cover will not apply in such a situation. Additionally, the cost of health insurance premium increase with age. In case a person decides to stop working the premium cost will be higher at that time.

Depending on what a company is looking to offer their employees, there are different things that affect the policy selection – especially corporate health insurance policy. So it is important to understand in detail what is being offered and how can information about corporate health insurance be utilised to the best to offer employee benefits that are relevant to them.  

Get The Expert Advice On Corporate Health Insurance?

Looking for expert advice on corporate health insurance policies give us a call and we can help you decide and draw custom-made plans to fit your requirements.

About Author

Life & General commenced its operations in 2001 and became one of the first brokers to be licensed and regulated by the Insurance Regulatory & Development Authority of India (IRDAI). The company primarily operates in the State of Maharashtra with offices in Mumbai and Pune. L&G has developed a portfolio across various classes including life, health, marine, property, engineering, general aviation, liability, motor and reinsurance.

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What is Corporate Health Insurance?

Corporate health insurance - what is it.

Corporate health insurance is a type of group insurance that provides coverage for employees, their families and dependents. It's designed to protect your business from rising health and medical costs by providing coverage for critical illness, accidents and disability to you and your workforce. 

Several different types of corporate plans are available today; each has its own set of benefits and features that make them unique. But all these plans share one thing in common: they protect against catastrophic events (medical emergencies that requisites immediate hospitalisation) at little or no cost to you! The most common types of corporate medical plans for employer-employees in India are.

• Group medical health insurance plan, also known as GHI/GMI/GMC
• Group term life insurance plan, also known as GTL/GTLI
• Group personal accident insurance plan, also known as GPA

The following sections will explain corporate health insurance, how it works, and why it's essential for your company's long-term financial security.

Corporate health insurance - how does it work?

Corporate health insurance is a form of group insurance that covers the risk of incurring medical expenses during the course of active employment. It is a type of group mediclaim that provides financial protection against the risk of medical treatment expenses in the event of an unforeseen hospital emergency, specifically to the employee and their respective families. Many plans allow workers to cover their parents-in-law with super-top, critical illness coverage, outpatient department benefits, and much more. 

In short, if you or your family person gets hospitalised, the employer-sponsored corporate medical insurance coverage can be utilised to pay the cost of hospital bills. 

As a salaried employee, you must check with your human resources department to check the complete details of your corporate medical plan. 

The importance of corporate medical insurance (GMC + GPA + GTL) cannot be overstated for an employer as well, as it protects your business from high costs and potential lawsuits or other legal issues if a worker gets sick or injured on their own time off work. In India, which has a large working population, employer-employee insurance benefits salaried individuals with limited access to health care coverage through their employer's plan, especially for those who cannot afford an individual healthcare policy. 

Modern healthcare is expensive, so it makes sense why companies and young co-founders would want to shield themselves from those costs by purchasing a group plan to protect their workforce's interests and well-being. A happy and secure workforce is ideal for any organisation. 

Advantages of corporate health insurance for employers and employees

• You will be covered for medical expenses from day 1
• You will be covered for critical illnesses (this also depends on the scope of cover of the group cover)
• You will be covered for in-patient hospitalisation
• You will be covered for emergency treatment due to an accident
• You will be covered for outpatient treatment and surgery (OPD benefits can be availed at the cost of an additional premium payment)
• You can go ahead with the flexible premium payment options
• You get to save income tax
• You get to pick and select the right kind of employee benefits and sum insured on a single platform with the best quote possible from multiple insurers
• No agents, no commission, no paperwork. Your decision is free from human bias and error
• No need to visit the bank; you get to customise your digital health insurance plan online
• Get the option to include additional benefits such as critical illness and maternity cover for employees and their dependents. 

What is covered under your corporate health insurance policy?

The coverage you receive depends on the type of group policy selected by your company. Some policies include:

• Hospitalisation - This coverage can pay for hospital stays for individuals and their families up to a set amount, equal to the sum insured per employee. It also pays for medical expenses related to childbirth and certain pre-existing conditions post the waiting period (for example, if you have asthma or diabetes, if your policy comes with maternity and childbirth coverage).
• Physician visits - Your plan may cover basic medical care for preventative purposes (such as yearly checkups) and pre/post hospitalisation expenses, including prescription drugs that your doctor or specialist recommends. If you're injured while at work or on vacation, this benefit will help with treatment costs related to the injury itself and rehabilitation afterwards.

What is not covered under your corporate health insurance plan?

• Out-of-network care - This is the type of care you may have to pay for yourself if your plan doesn't cover it.
• Critical care - Your health insurance company may not cover urgent visits or surgeries, like those related to childbirth or cancer treatment or heart stroke. The complete list of non-covered critical conditions is mentioned in the policy document. 
• Pre-existing conditions and other medical conditions that are not covered under your plan's benefits package (such as diabetes). If a person with a pre-existing condition enrols in an employer's group health plan, they may be denied coverage for these additional services unless they've been approved by the insurer beforehand; this is known as "pre-approval" surgery procedures that are sometimes requested by employees who want more flexibility over their health choices without having them put off until later when necessary medical care becomes unavailable due lack funds needed funds. The other option is to complete the waiting period. 

It's no secret that healthcare costs are rising. According to the Bureau of Labor Statistics, the average cost for hospital stays has increased by about 50% since 2010. Keeping this in mind, it is a good decision to secure yourself and your family's future by choosing a corporate health insurance plan. Not only are you covered for health expenses but also critical illnesses. 

Not only do these plans provide peace of mind by covering medical bills when they arise, but they can also help you plan for the future. It's never too early or late to start saving money on premiums so that when something does happen—whether it be an emergency visit to the doctor or surgery—you won't have any issues paying out-of-pocket costs due to lack of funds available at the time (and if there isn't enough saved up). As we all know, corporate health insurance comes at no cost to an employee's paycheck. 

Corporate health insurance is the best way to protect employees and their families from unnecessary costs. With corporate health insurance coverage, you can rest easy knowing that you have taken care of all those medical emergencies that come up unexpectedly. Not only are you covered for health expenses, but also for critical illnesses and accidental emergencies.

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Corporate Healthcare Insurance: Top 5 Features And Benefits

Finding Top 5 Features And Benefits Of Corporate Healthcare Insurance getting you down? Don't worry. We've made a list of features and benefits to help you

Today’s world comes with a lot of risks, as well as multiple unforeseen situations, much like the pandemic and the lockdown. And it is important for each of us to stay protected against these unpredictable factors.

Gone are the days when employees simply looked at the figure on their paychecks before choosing a job. Nowadays they’re attracted to workplaces that offer benefits like corporate healthcare insurance so that they are medically and financially secure. These plans can also include the family members or their dependents.

Quick summary

In this article, you will learn about the top 5 features of Corporate health insurance:

• Comprehensive cover for medical expenses
• Cashless treatment
• Pre and post-hospitalisation charges
• Tax benefits
• Network Hospital

You will also read about:

• Top 5 advantages of Corporate health insurance
• 3 disadvantages of corporate health insurance
• Top 3 corporate insurance providers in India

What Is Corporate Healthcare Insurance?

A corporate healthcare insurance plan, also known as group health insurance , is a type of group health insurance plan designed for employees of a company or an organization.

Corporate healthcare insurances are enforced to protect employees from various risks, accidents, and financial losses, as well as to offer them healthcare benefits like maternity benefits, daycare treatment, and more.

Guide to best employee benefits

Explore the latest trends in giving your employees the benefits they deserve.

This provides safety and mental health security to employees, which has long-term benefits. The coverage is provided by the employer via some corporate healthcare providers .

Confused while choosing between group health plans and individual health plans? Click here to read about Group Health Insurance vs Individual Health Insurance.

Top 5 Features Of Corporate Healthcare Insurance

Let’s look into the list of features under corporate healthcare insurance.

1. Comprehensive Cover for Medical Expenses:

A comprehensive cover for medical expenses suggests an all-inclusive insurance plan with extensive coverage , including from inpatient treatment to consultations, outpatient treatment, hospital stay, medical testing, and more.  

It offers family coverage, too, and thus provides greater security to your employees.

2. Cashless Treatment at Network Hospitals:

One of the key features of corporate health insurance plans is their tie-ups with network hospitals . Corporate health insurance providers have partnerships with prominent hospitals across the country after evaluating their facilities, doctor availability, and treatment quality, among other factors.

These hospitals are referred to as that specific insurer's network hospitals, where your employees will not have to spend a single dime out of pocket to the hospital and will still receive high-quality care.

All the expenses and charges of hospitalization and treatments are settled directly between the insurance provider and the hospital, and no cash has to be paid by your employee, or their dependent(s).

Find out the difference between network and non-network hospitals

3. Pre and Post-hospitalisation charges

Medical treatments do not just entail hospitalization or in-patient care, but also include medical testing, checkups, and other pre and post-hospitalization care . Employee health insurance includes these charges in its coverage, thus relieving your employee from paying extra out of pocket.

4. No waiting period

Individual insurance has a waiting period of around 3 to 4 years, before which you cannot claim your health insurance coverage.

However, corporate healthcare insurance does not have a waiting period, meaning that the medical coverage is activated for your employees and their dependents from the very first day.

Click here to read in detail about the waiting period with group health insurance plans.

5. Covers pre-existing diseases

If an individual suffers from any medical condition or disease before taking a group health insurance plan, such a condition is termed a pre-existing medical disease or condition.

With corporate health insurance, your employees can be covered despite having pre-existing or chronic diseases.

Now that we have covered the features of corporate health insurance, in order to see if corporate health insurance is the right choice for you and your employees, let us look into its pros and cons carefully before concluding a sale .

Top 5 Advantages Of Corporate Healthcare Insurance

Let’s look into a few advantages of corporate healthcare insurance.

1. Minimal intervention

One of the most significant advantages of group health insurance is that health coverage is purchased from corporate healthcare companies. From the start of the process to the end, the companies take care of every aspect.

Some corporate healthcare insurance companies like Loop even handle claims processes and provide HRs with a dashboard to automate processes. This ensures there’s minimal intervention from a third party and from your end as well. Thus making the entire process quick, simple, and hassle-free!

2. Improved employee satisfaction and engagement

Offering corporate healthcare insurance is not only beneficial for employees but for employers, too. Employers enjoy growth in their organizations with increased employee engagement and satisfaction and can retain talented employees.

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3. Tax Benefits

Providing corporate health insurance is not just beneficial to employers in terms of offering medical and financial security to employees, but it also comes with tax benefits . Employers pay the premium to insure their employees, which is classified as business expenditure.

This expense is recorded in the profit and loss statement of the employer and is eligible under the Indian Income Tax Act, 1961.

You can read more on the tax benefits of corporate health insurance here .

4. Increased employee retention:

By offering employees corporate health insurance, you are giving them better reasons to stay back at your company.

This will reduce your employee turnover rate, retain talented and experienced employees , and save a lot of money on hiring replacement employees.

5. Hassle-free and less time consuming

Corporate Health insurance is simpler and all the more hassle-free than individual plans as it requires no medical screening in order to receive coverage.

This means that in order to be included in a corporate insurance plan, your employees or the dependents do not need to undertake any prior medical tests or check-ups.

Top 3 Disadvantages Of Corporate Healthcare Insurance

Let’s look into a few disadvantages of corporate healthcare insurance

1. Policy Tenure

One downside to corporate healthcare insurance is that the policy will cover you as long as you are an employee of a certain company. Your coverage will not be extended further than your employment.

2. Coverage Amount

Insurance companies limit the sum insured of corporate health insurance, and it’s decided by your organization. However, your employees can choose to top up the premium amount at any point they wish to.

3. Lack of control:

Another downside to corporate coverage is that the entire thing is designed and decided by the employer, and thus the employees of your company have minimal control over their coverage and premium.

Top 3 Best Corporate Healthcare Insurance Providers

Let’s look into a few top healthcare companies in India.

Loop was founded in 2018 and since then, we’re one of the fastest-growing health benefits and employer insurance providers in India . 

Besides competitive rates, what makes Loop stand out from competitors is the in-house medical team of doctors. We also extend personalized health benefits along with dedicated 24X7 claims and customer support.

We have our own app along with an easy-to-use interface that serves as a single source of information for all our clients. Our pan-India presence enables us to serve customers across all states in the country.

Unlike other insurers, we focus on preventive care. This means that we pay doctors to keep your employees healthy rather than treating them only when they’re sick. 

Currently, we have 130K+ happy customers and 200+ HR teams. By the end of 2022, we’re targeting to cover over 1 million members and in the next 5 years, cover close to 5 million members across Southeast Asia. 

Recently, in a Series B round of funding, we raised $25 Million. This round was co-led by Elevation Capital and General Catalyst along with leading Silicon Valley investors like Khosla Ventures and Vinod Khosla. Prior to this, we raised $12 Million in a Series A round. Thus far, the total investment we have received is $40 Million.

The fresh funds are going to be utilized in different avenues like product development, sales, and development of new insurance and wellness products. 

Some new introductions you will get to see in the future are physical healthcare clinics. 

Anviti is an insurance broker who delivers insurance and reinsurance products to corporate clients. Along with their strong relationship with leading insurers and deep subject knowledge, they’re able to provide customized solutions. 

From employer health insurance to marine insurance to reinsurance to energy insurance, they offer a plethora of specializations. 

With their headquarters in Bengaluru and offices spread out throughout India in cities like Hyderabad, Chennai, Pune, Noida, and Kolkata, their services are accessible to all. 

3. Prudent:

Prudent Insurance Brokers Pvt. Ltd. has its headquarters in India in Mumbai. Other branch offices are scattered across the country in cities such as Pune, Ludhiana, Hyderabad, Chennai, Bengaluru, and Gurugram. 

They offer general and life insurance products to businesses of all sizes, both in India and abroad including public sector entities, and foreign and Indian MNCs. 

Throughout their many years of service, they have established a reputation of uncompromising integrity, value enhancement, and technical expertise for their customers. They are known to provide unique products to their clients.

Choose Loop To Cater To All Your Corporate Healthcare Needs!

Corporate healthcare insurance is beneficial to both the employees as well as the employers, and it paves a path to the betterment of overall health problems and medical security. It helps to cover multiple issues at once: with corporate health insurance, you get all the benefits, at a much lower cost.

Download an quick and easy-to-read guide for implementing corporate benefits that work for you and your organization.

As an HR manager, offering corporate health insurance to your employees' guarantees increased employee satisfaction and growth, so that even if you can't predict the future, you can protect it!

Loop Health provides the best group health insurance plans with free primary care and round-the-clock customer service. Our team of specialists provides you with comprehensive care at no cost!

You can always see a professional of your choosing at any time, whether tiny issues are delaying you from attaining your productivity goals or significant issues are getting in the way of your life!

So why go anywhere else!

Choose Loop ,

Let us take care of your team!

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Corporate Health Insurance: Maximizing Employee Well-being and Business Success

Empower your team to thrive - Elevate your business with Corporate Health Insurance

Finding equilibrium between our personal and professional lives is becoming more daunting in our fast-paced modern world. Therefore, prioritizing one's overall health and well-being has become essential to balance personal and professional responsibilities effectively.

Companies must prioritize their workforce's health to promote a thriving work environment. This necessitates a thorough understanding of the current business climate and a steadfast commitment to providing comprehensive health benefits, such as Corporate Insurance Plans . Notably, a growing trend exists in offering corporate health insurance plans that extend coverage to employees' families, reflecting a company's dedication to its staff and acknowledging the significance of their loved ones' well-being.

By adopting such an approach, organizations can foster a positive and nurturing workplace culture that benefits employees and the company. Comprehensive health insurance coverage for employees and their families promotes stability, enhancing job satisfaction, engagement, and loyalty. These elements, in turn, benefit both employees and the company and improve the business's standing as an employer who puts the welfare of its employees first. Companies can cultivate a professional and supportive work environment by implementing a comprehensive health insurance strategy and recognizing the importance of employees' families.

What Is Corporate Health Insurance?

Corporate health insurance provides coverage for a group of employees within an organization, protecting them against sickness, accidents, and other health-related issues. This type of insurance is sponsored by the employer and is designed to offer comprehensive coverage to employees as a collective group. To attract and retain top talent, many companies now consider providing a basic health plan as a prerequisite for employment. By offering comprehensive health insurance with sufficient coverage, employers can demonstrate their commitment to the well-being of their employees.

Coverage of Corporate Health Insurance Plans: Services and Benefits

Corporate Health Insurance plans  are designed to offer flexible health coverage options to your workforce to ensure their medical and financial protection. Opting for corporate health plans for your employees highlights your concern for their welfare and readiness to invest in their future. The coverage options under these plans may differ from one insurer to another but typically include pre and post-hospitalization expenses, ambulance fees, daycare expenses, and other related medical costs.

Let us examine the various aspects of Corporate Health Insurance plans:

• Additional Health Cover: Employees can opt to include their family members in their corporate health insurance plans, which extends the same protection and coverage to their loved ones.
• Emergency Ambulance Charges: In emergencies, corporate health insurance policies cover the cost of ambulances that transport the patient to or from the hospital.
• Maternity Coverage: Some companies offer extensive health insurance plans covering maternity expenses for female employees, their families, and male spouses. This coverage includes the costs associated with childbirth. Moreover, some of these plans also provide newborn coverage without any waiting period.
• In-patient Hospital Services: If an employee or their dependent requires hospitalization due to an accident, sudden incident, surgery, or radiation, corporate health insurance plans cover all in-patient hospital services at network hospitals
• Pre- and Post-hospitalization Expenses: Corporate health insurance policies typically cover pre-hospitalization expenses such as medical tests conducted before admission to the hospital. These policies also cover post-hospitalization costs, including medication, follow-up visits, and tests.
• Day Care: Advances in medicine and technology have allowed certain medical procedures to be completed in a single day without extended hospitalization. Consequently,  corporate health insurance plans  now cover daycare procedures, bypassing the old 24-hour hospitalization rule.
• Domiciliary Hospitalization Treatment:  Many corporate health insurance policies provide coverage for domiciliary hospitalization, which means that an employee or their dependents are covered even when they receive treatment at home.

Understanding How Corporate Health Insurance Functions

Corporate health insurance operates distinctively from individual health insurance plans. While individuals independently purchase the latter for themselves and their families, companies or employers provide corporate health insurance plans to their employees. These corporate policies often offer more cost-effective options, contributing to the reduction of overall healthcare expenses. Insurers can extend discounts and specialized benefits through these plans to incentivize cost savings.

Employers can provide comprehensive health insurance plans with enhanced coverage options, leveraging cost savings advantages. Corporate health insurance ensures employees receive superior coverage, safeguarding their long-term well-being. Coverage typically extends to immediate family members, encompassing parents, spouses, and children. The corporate health insurance policy  generally includes a predetermined sum insured, covering hospitalization and treatment expenses. Employees may be able to increase the sum insured through additional premium payments. Notably, if an employee departs or is terminated, their corporate health insurance policy  will be discontinued.

How Can Corporate Health Insurance Improve Employee Health and Wellness?

In the current demanding environment, prioritizing optimal health and well-being is crucial. Companies are increasingly recognizing the advantages of providing their employees with access to corporate health insurance. Corporate health insurance can offer numerous

benefits beyond financial protection, positively impacting employee health and wellness. Let's explore how corporate health insurance can improve employee well-being.

Ensuring Employee Security and Peace of Mind

Providing employees with access to corporate health insurance is more than meeting legal requirements or staying competitive. It's also about caring for your team's well-being and offering them peace of mind. With quality healthcare coverage, employees can feel secure knowing that they and their families are protected and can access necessary medical services when needed. Additionally, employees may be more likely to seek preventative care and address health concerns before they become more serious. Corporate health insurance can improve employee well-being and foster a more positive work environment.

Minimizing Costs of Employee Sick Days

Corporate health insurance is a beneficial tool for reducing expenses associated with employee sick days. By granting employees access to quality healthcare, they can receive timely medical attention, preventing minor health issues from escalating. Providing corporate health insurance represents a valuable investment for employers, showcasing their concern for their workers' welfare and fostering raised morale and motivation. By promoting a culture of wellness, businesses can effectively curtail employee sick days, leading to substantial cost savings and improved business continuity. Investing in the health and well-being of employees results in a more resilient and efficient workforce, ultimately contributing to the company's overall success.

Reducing Absenteeism and Boosting Productivity

Offering corporate health insurance to workers can significantly improve productivity and lower absenteeism. Accessing quality healthcare can lower the probability of employees taking time off work due to sickness or other health-related concerns. Organizations can benefit from better performance and increased efficiency by prioritizing employee health and well-being through corporate health insurance, as employees can be more focused and engaged. Employers can demonstrate their concern and care for their staff by emphasizing their health and well-being, leading to a more devoted and engaged workforce.

Lowering Employee Turnover and Improving Employee Retention

Corporate health insurance can significantly enhance employee retention and lower employee turnover. Employers can express their value for and commitment to supporting their employees' health by providing competitive healthcare benefits. This can help build a positive employer-employee relationship, increasing job satisfaction and reducing the likelihood of employees leaving for better benefits elsewhere. Additionally, employers can attract and retain top talent by investing in corporate health insurance, further strengthening their workforce.

Enhancing Job Satisfaction

Companies providing corporate health insurance to their employees can positively impact job satisfaction. Workers feel more secure knowing they have access to quality healthcare benefits, which reduces their worries about medical expenses. Offering health and wellness programs to employees can help employers demonstrate that they value their staff's health and well-being, leading to higher job satisfaction. When employees feel supported in their efforts to maintain good health, they are more likely to be engaged, motivated, and loyal to their employer. This can lead to a more positive and productive work environment.

Wrapping Up!

The importance of corporate health insurance cannot be overstated in terms of optimizing employee well-being and promoting business success. Providing access to high-quality healthcare, preventative services, and mental health support can significantly enhance employee health outcomes and overall satisfaction. By investing in their employees' health, companies may see a reduction in absenteeism, an increase in productivity, and improved staff retention rates, ultimately resulting in improved financial performance. A comprehensive health insurance program can also give employers a competitive edge in luring and keeping high-caliber workers in light of the rising healthcare costs.

In conclusion, providing corporate health insurance is an ethical and strategic choice for companies. By emphasizing employees' health and well-being, businesses can foster a constructive work environment and achieve sustained success. Offering a complete health insurance plan can also give businesses a competitive edge in luring and keeping top people in light of the escalating cost of healthcare. Investing in employee wellness is morally right and practical from a business standpoint.

CBC's Comprehensive Corporate Health Insurance: Invest in Your Health and Secure Your Future

Custom Benefit Consultants, Inc. (CBC)  has an experienced team and a wealth of resources to help your firm establish corporate health insurance. With CBC, you can have peace of mind knowing that you and your loved ones are protected by a robust corporate health insurance policy covering the medical needs of your participants. Our team will create a plan with competitive rates, personalized support, and access to a vast network of healthcare providers.

By entrusting CBC with your health and wellness, you invest wisely in yourself and your future. You can avail the advantages of a thorough corporate medical insurance  plan without exceeding your budget. CBC  understands that navigating the world of health insurance can be daunting, so they provide personalized support to guide you through enrollment and answer any questions.

In the present scenario, obtaining a reliable health insurance plan is more crucial than ever. Make sure to procure comprehensive health insurance for yourself and your dear ones at the earliest to avoid unforeseen circumstances.

Please contact us at https://www.cbcins.com/ContactUs  to learn more about how CBC  can help you and your company.

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Attention: This website is operated by Custom Benefit Consultants, Inc. (CBC), Ken Bahl, NPN: 4579133 and is not the public Health Insurance Marketplace website available under the federal Affordable Care Act and related state laws. In offering this website, CBC is required to comply with all applicable federal laws, including the standards established under 45 CFR 155.220(c) and (d) and standards established under 45 CFR 155.260 to protect the privacy and security of personally identifiable information. This website may not display all data on Qualified Health Plans being offered in your state through the government's Health Insurance Marketplace website. To see all available data on Qualified Health Plan options in your state, go to the government's Health Insurance Marketplace website at HealthCare.gov.

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