Corporate Health Insurance: An Asset for Employee Wellness

What is Corporate Health Insurance?

Corporate Health Insurance is an insurance plan that covers a group of employees working within the same organisation. The plan provides coverage against various health conditions, accidents, and emergencies. Before COVID - 19 pandemic some organisations used to provide basic health insurance plans to their employees against various health conditions as it was not mandatory. However, after the pandemic, the Insurance Regulatory and Development Authority of India (IRDAI) made it mandatory for all the organisations to provide health insurance plans to their employees.

Once you are covered under a health insurance plan, you can create a health ID l, also known as digital health ID or ABHA ID. It is a unique 14 digit number that allows you to store all your health records on a safe and secure digital platform. It allows you to access all your health records with just one click, and lets you share this data with various healthcare organisations, and insurance providers. You can interact with various hospitals online and receive diagnosis, prescriptions, and laboratory reports. 

How is Corporate Health Insurance an Asset for Employee Wellness?

Corporate health insurance offers these benefits:

1. Covers preventive health checkups.

The lifestyle related diseases have increased in metro cities due to sedentary lifestyle. These diseases do not show any symptoms in the beginning. Therefore, one needs to be proactive in getting yearly health checkups done. Most corporate health insurance plans cover preventive checkups, which allow employees to take these check ups regularly and contribute to their overall wellness.

2. Provides comprehensive coverage to employees.

Corporate health insurance plans provide comprehensive health coverage to  employees. They cover inpatient and outpatient services, maternity care, prescription medicines, medical and non-medical expenses, and coverage for dependents with an additional premium. 

3. Makes them feel financially secure.  

The healthcare industry has observed an increase in various health conditions over the past few years. Moreover, the advancement in the healthcare industry has led to an increase in the treatment costs. It imposes financial burden on the employees. The group health insurance plan provides comprehensive coverage, which provides financial security to individuals and does not affect their savings plan.

4. Provides coverage to their families.

The corporate health insurance plan provides coverage to employees’ family members. Depending on the policy terms and conditions, employees can add some or all of their dependents to their policy. This allows employees’ family members to get treated at their preferred hospitals without worrying about the finances. 

5. The coverage begins from the first day itself.

Unlike individual health insurance plans, most group health insurance plans do not have any waiting period. This means that employees are covered under health insurance from the first day of enrolling in the policy. Therefore, employees can use this benefit any time once they are enrolled in the policy.

The digital health ID offers following benefits:

After you are covered under a group health insurance plan, you can generate your digital health ID. It is a unique 14 digit number that lets you save and share all your health records under a secured online platform. 

1. Provides easy access to healthcare services.

The health ID lets you find your preferred healthcare organisation, and doctors online. You can schedule appointments, receive your diagnosis, prescriptions, and diagnostic reports online. It makes the entire patient journey hasslefree.

2. Provides emergency medical assistance. 

When your or your family member has a medical emergency, scanning through medical history, diagnostic reports, and prescription adds a lot of stress. Health ID stores all the required health records under a single user and your preferred  healthcare provider can easily access this information with your consent. So, you can focus on your / loved ones treatment without gathering all the physical documents.

3. Maintains security and confidentiality of health records.

 The health records are personal information and you would want to keep it confidential as it is a matter of respecting privacy. The technology employs robust encryption. Therefore, health ID stores all your confidential health data on a safe and secure platform. Moreover, your consent is required if a healthcare provider or doctor wants to access your health records. This ensures only aurthorised healthcare practitioners can access your health records.

4. Enables cashless claims.

If your group health insurance plan has a feature to provide cashless claims, then you can use your health ID to access and share your health records. After the insurance provider receives all the necessary information they will verify your details and process the claim. This makes the insurance claims process easy and hassle-free.

At The End

The corporate health insurance plans provide comprehensive coverage to a group of employees. This provides them financial security in case of health uncertainties. This helps them focus on their treatment plan without having to worry about the finances. Moreover, the digital health IDs help employees store and access their health records on a safe and secure digital platform. Therefore, they do not have to worry about looking for physical reports, prescriptions or medical history during a health crisis. Looking at these benefits, it is obvious that corporate health insurance is proven to be an asset for employee wellness.