Benefits of Group Health Insurance for Employee’s Mental Health
Here are the seven benefits of group health coverage:
- No medical underwriting
Generally, when you have a pre-existing disease, depending on its severity, the insurer might reject offering coverage to you under individual health insurance. Even if they do, they may levy higher premiums. This is not the case with group health insurance.
You don't have to undergo medical screenings to obtain group coverage. Only a declaration of your current health status is required when joining an organisation.
- Access to quality healthcare
Medical inflation is soaring with each passing year. In the event of a medical crisis, if you seek treatment in a quality hospital, you may end up depleting your entire savings. This is where a group health cover comes in handy.
The insurer has tie-ups with many reputed hospitals in your city and across India, where you can receive treatment without paying anything upfront. All you need to do is obtain the list of network hospitals from your HR department. In the case of a planned medical procedure, inform your employer in advance to ensure a smooth claims process.
- Mental health support
Mental health concerns are prevalent in the workplace. You may suffer due to excessive workload, unrealistic deadlines and constant pressure to perform. Moreover, a toxic work culture, characterised by poor communication, lack of support from managers and office politics, can make you feel undervalued and stressed.
In such scenarios, if you experience depression, anxiety or sleep disorders, group policy insurance will cover charges associated with sessions with a psychologist.
- Increased productivity
Group health insurance is directly related to your productivity. Covering your medical bills and counselling sessions helps you recover faster from illnesses and return to work sooner with a healthy mind. It helps reduce the number of sick days and allows you to focus better on your work so that you can meet your deadlines efficiently.
- Covers employees' families
If you have just started your career or have enough financial obligations, purchasing separate health plans for your spouse and dependent children might be difficult. If any medical emergency related to them arises, not only does it become financially challenging, but it also takes a mental toll on you.
Group health cover comes in handy here by covering your loved ones. Some employers also cover your parents under this plan, while others give you the option to add them by paying a premium amount, which is much lower than what you would have spent on an individual or a family floater plan.
- Employee retention
One of the biggest reasons employees stay with a company is the benefits it offers. Group health insurance is a major factor in employee retention. When you, as an employee, feel that your employer prioritises your health and well-being, you are less likely to leave for another job. This helps companies reduce turnover costs and maintain a stable, experienced workforce.
- Preventive Healthcare
Preventive healthcare is key to avoiding major health issues in the future. Many group health insurance plans cover annual health check-ups, vaccinations, and wellness programmes. Regular screenings help detect illnesses early, allowing for timely treatment and reducing long-term healthcare costs.
Tips to maximise Group Health Cover for mental well-being
- Read your policy documents carefully to know what mental health treatments, therapies, and consultations are covered. Identify any exclusions, co-pays, or waiting periods to avoid unexpected costs.
- If you or a dependent require hospitalisation for a mental health condition, confirm whether your plan covers in-patient psychiatric care and understand the reimbursement limits or pre-authorisation requirements.
- If your preferred mental health professional isn’t in the insurer’s network, check if you can claim reimbursement. Keep all necessary bills and documents to ensure smooth claim approval.
- Many insurers now cover virtual therapy sessions with psychologists or psychiatrists. If you have a busy schedule, use teleconsultations to obtain mental health assistance from the comfort of your home.
Conclusion
Group health insurance is crucial for supporting employee mental health and well-being. By covering medical expenses, including mental health treatments, it reduces financial stress and encourages timely care. This support not only enhances productivity and reduces absenteeism but also fosters a healthier workplace environment.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It is advised to verify the currency and relevance of the data and information before taking any major steps. Please read the sales brochure / policy wordings carefully for detailed information about on risk factors, terms, conditions and exclusions. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.