How much does group health insurance cost?
December 2020   HEALTH AWARENESS

How much does group health insurance cost?

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Group health insurance cost

What Is Group Health Insurance?

Group health insurance plans are employer- or group-sponsored plans that offer comprehensive medical coverage to a specific group of people, such as employees of an organization, members of a society/association or workers of a company. When companies purchase medical coverage through a provider for a group of members, the group health insurance rates for individual workers/members will be much lesser than individual medical policies. The group health insurance cost for companies is comparatively lower as the risk profile is evenly distributed amongst the employees. Also, such affordable health insurance plans are not only beneficial for the employers but also for the employees as these plans require fewer formalities and paperwork from each individual, making them a popular choice in the corporate world.

The cost of Group Health Insurance plans in UAE is primarily influenced by factors such as the annual coverage limit, the type of network coverage the plan provides, the costs of the premium and the various available benefits. Nevertheless, finding the optimal balance between benefits and payable premiums is crucial to workforce morale. At Cigna, we focus on providing you with the most flexible, affordable, and simple plans.

Why Should You Provide Health Insurance To Your Employees?

A good health coverage program for your employees is a sure step towards building an efficient workforce. It is in the best interest of large companies to boost the collective morale and keep the worries of ailments and hospitalization at bay for both employees and their dependents. Group health insurance plans with greater benefits and lower premiums also attract and retain high-quality talent in organizations. The employee health insurance cost also contributes to tax savings, thereby providing additional value to both employers as well as employees. With Cigna Health Insurance, you can focus on your business processes, while we take care of your employees.

What’s Covered In Your Group Health Insurance?

Not only are the group health insurance costs affordable for the organization or company but group health insurance plans also come with several benefits. Some of them are:

  • No Waiting Period: Most of the group medical insurance plans do not have a waiting period, i.e., employees can claim cashless hospitalization or get reimbursed for the cost of the treatments they undergo at the hospitals from the moment they join the organization.
  • Cashless Hospitalization at Network Hospitals: Most of the group health insurance plans offer cashless hospitalization features to the employees at their network hospitals. With a group health insurance plan, insured members can obtain the facility of cashless hospitalization for the treatment without having to pay from their pocket.
  • Coverage for Family Members: Depending on the company and the group health insurance plan, employees, as well as their dependents and family members, may be covered.
  • No Need for a Medical Check-up: Unlike individual health insurance plans that require an individual to get a medical check-up before issuing the policy, group health insurance plans do not require the insured individuals to undergo any sort of medical examination to get the medical coverage.

Along with the above-mentioned benefits, group health insurance may also offer coverage for dental treatments, emergency assistance, mental health (psychiatry), alternate treatments (Ayurveda, Homeopathy, Chiropractic), etc.

What Are The Costs Associated With A Group Health Insurance Plan?

A corporate health insurance cost includes an insurance premium, which is a regular amount charged by your insurance company to keep the insurance plan’s coverage active. The recurring premium cost of group health insurance varies depending on the insurance plan you choose. An employee health insurance cost also includes a deductible which is an expenditure amount set by the insurance provider. This is generally a percentage of the total medical expense which has to be paid by the employee before the insurance company covers the remaining cost of treatment. There is generally an upper limit to the deductible, set by the insurance company during the selection of the employee health insurance plan. Plans that have a lower premium tend to have higher deductibles. For people with chronic or pre-existing conditions, an insurance plan with a higher premium is generally considered more feasible as it entails lower out of pocket deductibles at the health care facility.

Factors Influencing The Cost Of Your Group Health Insurance Plan

The cost of group health insurance can vary based on the deductible that the employee has to pay on hospitalization or treatment. In general, the higher the amount of the premium, the lower the percentage of the deductible tends to be. Group health insurance cost is also dependent on the total annual coverage that the plan offers an employee and their dependents. However, the amount to be paid by the insured is lesser since the risk is spread across all the members of the group, also known as the ‘risk pool’. Corporate health insurance cost is also influenced by the various types of benefits that may be covered in the plans, such as dental, ophthalmology, fertility treatment and maternity costs. Generally, an employee health insurance cost will have a lower premium amount as compared to an individual health insurance plan. All this, while providing a wider array of benefits for the employee and their dependents.

Cigna Offers Group Health Insurance To Employers At Reasonable And Affordable Rates

You can select the right plan by comparing the corporate health insurance cost and the value in benefits. Cigna GlobalCare flexible plans are fully compliant with the policies of the various insurance authorities in the Middle East. We provide organizations with 8 different schemes to choose from. These plans may be comprehensive or general, and they vary based on factors such as network variations, areas of coverage, maternity care, annual maximum coverage amounts and optional add-ons. The core benefits of every plan include cover for inpatient and outpatient treatment, maternity care, mental health and any pre-existing or chronic illnesses, including cancer. You can also choose to avail from the various optional modules that we offer, such as dental treatment, vision care and preventative wellness programs. Our GlobalCare plans are customizable and can be applicable to your entire workforce, regardless of whether they are situated locally, internationally, or both. At Cigna, we work with you to create the optimal plan that fits both you and your organization.

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