{"id":3689,"date":"2020-10-21T23:16:30","date_gmt":"2020-10-21T17:46:30","guid":{"rendered":"https:\/\/razorpay.com\/learn\/?p=3689"},"modified":"2022-10-05T12:39:32","modified_gmt":"2022-10-05T07:09:32","slug":"group-health-insurance-vs-individual-whats-right-for-your-employees","status":"publish","type":"post","link":"https:\/\/razorpay.com\/payroll\/learn\/group-health-insurance-vs-individual-whats-right-for-your-employees\/","title":{"rendered":"Group Health Insurance vs Individual &#8211; What\u2019s Right for Your Employees"},"content":{"rendered":"<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Group health insurance is becoming extremely popular with many Indian SMEs. The reason is, while the world is scrambling amidst the pandemic, millions of employees have one question on their minds &#8212; <\/span><i><span style=\"font-weight: 400;\">\u201c<a href=\"https:\/\/razorpay.com\/learn\/how-to-choose-health-insurance-policy\/\">What\u2019s the best type of health insurance for me<\/a>?\u201d<\/span><\/i><\/p>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">According to a recent survey, around 60% of employees expect their employers to provide medical insurance.\u00a0<\/span><\/p>\r\n<p data-speechify-sentence=\"\"><i><span style=\"font-weight: 400;\">The government, ever since COVID-19, has <\/span><\/i><a href=\"https:\/\/www.irdai.gov.in\/admincms\/cms\/whatsNew_Layout.aspx?page=PageNo4100&amp;flag=1\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">made it mandatory<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> for all employers resuming workplace normalcy, to offer health insurance to their employees.\u00a0<\/span><\/i><\/p>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Many entrepreneurs and HR leaders wonder if it would be better to just let their employees buy their own insurance and then reimburse the cost, or go for a group insurance policy. <\/span><\/p>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">If you\u2019re a business owner and you still haven\u2019t made up your mind about what would be right for your employees, let\u2019s figure it out.\u00a0<\/span><\/p>\r\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69eba44bdac3b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69eba44bdac3b\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/razorpay.com\/payroll\/learn\/group-health-insurance-vs-individual-whats-right-for-your-employees\/#What-is-group-health-insurance\" >What is group health insurance?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/razorpay.com\/payroll\/learn\/group-health-insurance-vs-individual-whats-right-for-your-employees\/#What-are-the-advantages-of-group-insurance\" >What are the advantages of group insurance?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/razorpay.com\/payroll\/learn\/group-health-insurance-vs-individual-whats-right-for-your-employees\/#Lower-premium\" >Lower premium<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/razorpay.com\/payroll\/learn\/group-health-insurance-vs-individual-whats-right-for-your-employees\/#Wider-coverage\" >Wider coverage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/razorpay.com\/payroll\/learn\/group-health-insurance-vs-individual-whats-right-for-your-employees\/#Faster-processing\" >Faster processing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/razorpay.com\/payroll\/learn\/group-health-insurance-vs-individual-whats-right-for-your-employees\/#No-waiting-period\" >No waiting period<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/razorpay.com\/payroll\/learn\/group-health-insurance-vs-individual-whats-right-for-your-employees\/#Happier-workplace\" >Happier workplace<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/razorpay.com\/payroll\/learn\/group-health-insurance-vs-individual-whats-right-for-your-employees\/#Why-RazorpayX-Payroll-is-the-best-of-payroll-and-insurance\" >Why RazorpayX Payroll is the best of payroll and insurance<\/a><\/li><\/ul><\/nav><\/div>\n<h2 data-speechify-sentence=\"\"><span class=\"ez-toc-section\" id=\"What-is-group-health-insurance\"><\/span><span style=\"font-weight: 400;\">What is group health insurance?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Group health insurance is one that covers all the members of a particular group, in this case, employees of an organisation.\u00a0<\/span><\/p>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Under a group insurance policy, members get insurance cover at a reduced price as the provider\u2019s risk is spread across a larger group of policyholders. This scheme covers the financial distress of employees against unexpected health issues, accidents, or any mishaps.\u00a0<\/span><\/p>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Group health insurance works under specified terms and conditions that apply to the entire group of insured people. It also offers the option to include spouses, parents and children in the group health insurance schemes.\u00a0<\/span><\/p>\r\n<h2 data-speechify-sentence=\"\"><span class=\"ez-toc-section\" id=\"What-are-the-advantages-of-group-insurance\"><\/span><span style=\"font-weight: 400;\">What are the advantages of group insurance?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<h3 data-speechify-sentence=\"\"><span class=\"ez-toc-section\" id=\"Lower-premium\"><\/span><span style=\"font-weight: 400;\">Lower premium<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">One of the immediate benefits of opting for group health insurance for your employees is that the premium rates are much lower than a personal or retail insurance policy.\u00a0<\/span><\/p>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Individual health insurance policies get costlier as the insured gets older. Group health insurance, on the other hand, caters to employees of all ages without the stress of the policy getting exponentially expensive.\u00a0<\/span><\/p>\r\n<h3 data-speechify-sentence=\"\"><span class=\"ez-toc-section\" id=\"Wider-coverage\"><\/span><span style=\"font-weight: 400;\">Wider coverage<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Group health insurance covers pre-existing medical ailments, and maternity. So, employees who might not be eligible for an individual insurance policy can also enjoy the benefits of medical insurance.\u00a0<\/span><\/p>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Individual health insurance policies require medical underwriting. Under this process, the applicant is evaluated on the basis of their medical history before the issuance of a policy.\u00a0<\/span> <span style=\"font-weight: 400;\">But, group health insurance policies are not dependent on medical underwriting rather are dependent on pre-underwritten rules. <\/span><\/p>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">The employees\u2019 health is insured from the very first day of buying insurance.<\/span><\/p>\r\n<h3 data-speechify-sentence=\"\"><span class=\"ez-toc-section\" id=\"Faster-processing\"><\/span><span style=\"font-weight: 400;\">Faster processing<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Getting individual health insurance takes up to 6-8 weeks apart from the waiting time, from the start of the application process until the policy gets approved and finalised.\u00a0<\/span><\/p>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Group Health Insurances on the other hand don\u2019t take as long since there is no medical underwriting and approvals process to go through.<\/span><\/p>\r\n<h3 data-speechify-sentence=\"\"><span class=\"ez-toc-section\" id=\"No-waiting-period\"><\/span><span style=\"font-weight: 400;\">No waiting period<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Individual insurance plans often have a waiting period of 2 to 4 years for treating common illnesses, even if they are not pre-existing. On top of the waiting period, there is also an additional 30 day waiting period upon receiving the plan. <\/span><\/p>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">This means, your individual health insurance cannot be used for the 30 days unless there is an accidental case.\u00a0<\/span><\/p>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Group health insurance on the other hand, can be used from day 1 for pre-existing conditions, maternity, and more.\u00a0<\/span><\/p>\r\n<h3 data-speechify-sentence=\"\"><span class=\"ez-toc-section\" id=\"Happier-workplace\"><\/span><span style=\"font-weight: 400;\">Happier workplace<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">When you offer insurance to your employees, there is a positive change in the workplace environment. Insured employees know that they can count on you during times of distress. They feel valued and appreciated, which in turn, motivates them to work for the better interests of the company.\u00a0<\/span><\/p>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Being healthy has a lot of perks, both on and off the job. And, healthy employees are an asset to any business. Your employees will take fewer sick days, see the doctor for regular check-ups, and be open and upfront with you about any health problems.<\/span><\/p>\r\n<h2 data-speechify-sentence=\"\"><span class=\"ez-toc-section\" id=\"Why-RazorpayX-Payroll-is-the-best-of-payroll-and-insurance\"><\/span><span style=\"font-weight: 400;\">Why RazorpayX Payroll is the best of payroll and insurance<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">As an employer, knowing what benefits suit your employees can ensure loyalty. Although the application for a group policy can seem tedious, RazorpayX Payroll has you covered.<\/span> <span style=\"font-weight: 400;\">RazorpayX Payroll<\/span><span style=\"font-weight: 400;\">\u00a0is an automated payroll software that gets you through your payroll process with ease.\u00a0<\/span><\/p>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">To help your payroll\/HR team reduce their operational efforts and bring a holistic employer and employee experience, along with payroll, RazorpayX Payroll now offers best-in-class group health insurance.\u00a0<\/span><\/p>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">RazorpayX Payroll has partnered with a leading employee Insurance company to provide a comprehensive and affordable group health insurance for companies as small as 2 employees.\u00a0<\/span><\/p>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">With all the employee information on RazorpayX Payroll, <a href=\"https:\/\/razorpay.com\/group-health-insurance\/\">employee data management for Insurance<\/a> is a breeze since all employee additions, exits, and updates are synced directly without any extra effort required. <\/span><\/p>\r\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">This is why RazorpayX Payroll is the best one-click payroll and insurance solution for your business.<\/span><\/p>\r\n\r\n<div style=\"text-align: center;\" data-speechify-sentence=\"\"><a style=\"border-radius: 3px; background: #528ff0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/group-health-insurance\/\" target=\"_blank\" rel=\"noopener noreferrer\">Get Group Health Insurance Now<\/a><\/div>\r\n","protected":false},"excerpt":{"rendered":"<p>RazorpayX Payroll has partnered with a leading insurance company to provide a comprehensive and affordable group health insurance for companies as small as 2 employees.\u00a0<\/p>\n","protected":false},"author":151156458,"featured_media":3769,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3404],"tags":[],"class_list":{"0":"post-3689","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-payroll"},"_links":{"self":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/3689","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/users\/151156458"}],"replies":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/comments?post=3689"}],"version-history":[{"count":10,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/3689\/revisions"}],"predecessor-version":[{"id":6857,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/3689\/revisions\/6857"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media\/3769"}],"wp:attachment":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media?parent=3689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/categories?post=3689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/tags?post=3689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}