4 min read
Updated on Aug 31, 2023
Group Health Insurance, or GHI, as it is commonly termed, is an employee benefit plan that protects policyholders against financial and medical emergencies. In this post, we will discuss group health insurance policy for employees in detail.
Group Health Insurance is a health insurance policy that covers a group of employees of an organization under a single plan.
Depending on the employer and the policy, the requirements of a group health insurance coverage might vary. However, there are some general factors that are commonly considered under most plans. They are:
Some GHI or group health insurance plans require retired individuals to reach a certain age to consider them eligible for continued coverage post-retirement. Depending on the plan, the age might vary. However, in most cases, it is 65 years.
Some group health insurance plans require employees to have a certain number of years of employment with their employer to be considered for post-retirement GHI coverage. This also varies depending on the company and may be between 5 to 20 years.
Some group health insurance plans allow retired employees to continue enjoying their GHI coverage by paying the required premium on their own.
All the above and many other factors are considered for post-retirement Group Health Insurance plans. However, you must note that all the above requirements might vary depending on a particular plan and the employer. Thus, reviewing the policy documents to understand the eligibility requirements for GHI or group health insurance coverage post-retirement is good.
When it comes to the cost of GHI or Group Health Insurance, it varies depending on varied factors. Some of them are:
Generally, GHI coverage for retired individuals is costlier than for active or working employees. This is because older adults are at a higher risk of health conditions than young ones. Also, the retirees need enhanced coverage as compared to the employees who are working and are active.
Some companies let employees continue their group health insurance coverage even after retirement. However, the retirees should pay the full cost of the coverage on their own. On the other hand, in some cases, retired employees may be eligible for different post-retirement group health insurance plans available at different costs and benefits as compared to the plan offered to employees who are currently working.
Hence, in such cases, the retiree might consult the insurer or the employer to understand the costs and related benefits offered under GHI coverage post-retirement.
Overall, the eligibility for Group Health Insurance coverage after an employee retires depends on the terms of the employment and the retirement benefit plans.
As discussed above, Group Health Insurance post-retirement is an option that benefits retirees in many ways, and people planning for retirement should consider this option. Retired individuals who are eligible for group health insurance provided by their former employers are better placed in this regard as they can continue to enjoy the benefits of the earlier coverage without looking for a new plan. However, retired individuals who are not eligible for their earlier GHI coverage may look for new policies or alternate sources like another Group Health Insurance policy.
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~ Bajaj Allianz Group Health Insurance
~ Cholamandalam MS Group Health Insurance
~ Bharti AXA Group Health Insurance
~ Digit Group Health Insurance
~ They are easy on your pocket
~ They offer an easy claim process
~ These are some value-for-money plans
~Covers PED or pre-existing diseases without a waiting period
Individuals eligible for group health insurance in India are government employees or a company with 20 or more employees.
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