A Corporate Health Insurance Policy is a type of insurance which covers a group of professionals working under an organisation against illness, accidents, and other health issues. Hence, Corporate Health Insurance is basically a Group Health Insurance Plan with employees defined as a group to be insured.
Before the COVID-19 pandemic, offering health insurance to employees was not mandatory. However, some companies provided a basic health plan as a prerequisite of being associated with the company and to retain top talent. Since the COVID-19 pandemic, the world has witnessed how a health issue can have adverse effects on one’s overall life. Taking notice of this, the insurance regulator (IRDAI) has issued a mandate regarding health insurance for employees. As per the mandate, companies that have a workplace with active staff must provide comprehensive health insurance with an adequate sum insured.
Here is the list of features and benefits of being insured under ACKO’s Corporate Health Insurance.
Everything digital: Thanks to ACKO's digital infrastructure, you are relieved of setting up an admin team to manage claims and onboarding. With easy self-serve enrolment via the ACKO app, your employees can customise and manage their policies. Plus, they can raise claims via the app from anywhere and anytime.
Plans that are not limited to claims: ACKO’s Corporate Health Insurance Plans cater to all of your workforces and help them lead a healthy lifestyle while fulfilling all the standard health insurance needs. ACKO’s Corporate Health Insurance Plan is a perfect mix of insurance and wellness benefits.
Custom plans: Creating customised health insurance plans as per your choice is possible with ACKO’s Corporate Health Insurance. You can pick and choose coverage while allowing your employees to opt-in for add-ons. Since the employees will bear the cost of additional coverage, you can offer them the freedom to choose these coverages without increasing your quote.
Flexible payments: When you buy ACKO’s Corporate Health Insurance for your employees, you don't have to pay the premium up front. You can opt-in for monthly, quarterly, semi-annual, or annual payment options.
Here is the list of features and benefits of being insured under a Corporate Health Insurance Policy.
Digital health insurance: Everything is 100% paperless, simple and accessible with the ACKO app. Employees can access ACKO's website (www.acko.com) or download the mobile app to access the services. Digital insurance is also more reliable, convenient, and faster as compared to the traditional offline insurance processes.
Paperless process: One of the most tedious parts of raising a health insurance claim is the documentation. At ACKO, we have eliminated physical documentation. Employees simply need to access their ACKO profile and upload the softcopies of necessary documents. Additionally, ACKO’s digital infrastructure enables faster claim settlement.
Wide network of medical centres: ACKO has a wide network of medical professionals, test centres, and hospitals where your employees can avail of cashless services. We have a tie-up with over 6,500 hospitals, 4,500 labs for diagnosing a health issue, and more than 35,000 doctors for teleconsultations.
Your employees are entitled to the host of wellness benefits with ACKO’s Corporate Health Insurance Plan.
Free fitness tracking via ACKO app: Your employees can track their fitness via the ACKO app. They can know important information like vitals, health status, and take necessary actions like exercising, maintaining fluid intake, etc., from a single app.
Additional rewards: Employees can earn rewards for completing various health activities. For example, upon completing a fitness challenge, an employee can earn virtual coins that are redeemable against Rewards Mall.
Teleconsultation with nutritionists: Eating the right meals can help people achieve their fitness goals faster. The right diet chart must always come from a professional. Your employees can talk to nutritionists and select the right diet for a healthy life.
Teleconsultation with doctors: ACKO allows free and unlimited teleconsultations with doctors as self-medication can be dangerous, especially since the pandemic.
Book diagnostic tests: ACKO has a tie-up with over 4,500 labs where employees can book tests for diagnosing a health condition or preventive health check-ups at a discounted rate.
Order medicines online: Employees can avail of an additional discount by ordering medicines from the ACKO app, which will be delivered at their doorstep.
General coverages of Corporate Health Insurance Plan: Usually, Corporate Health Insurance Plans are available with the following benefits.
In-patient indemnity benefits: In-patient indemnity benefits are related to the hospitalisation of a patient for treating an illness. These include room costs and other associated charges such as doctor visits, surgeon’s fees, ambulance charges, etc. as per policy terms.
Pre and post-hospitalisation: Pre and post-hospitalisation cover costs before hospitalisation and post-discharge such as diagnostic tests, doctor visits, prescribed pharmacy, etc.
Critical illness benefits: Cancer, heart attack, kidney failure, major organ transplant, etc. are critical or life-threatening diseases. There will be a lump sum payout in case an employee is diagnosed with a critical illness or compensation as per policy terms.
Maternity coverage: Covers medical expenses related to maternity and newborn baby such as room fees, anaesthetic and doctor consultations for both normal and C-section delivery, pre and post-natal check-ups, newborn baby care, etc. as per policy terms.
Daycare treatment: Sometimes, a few medical treatments such as dental treatments, cataracts may not require hospitalisation etc.
Corporate Health Insurance Plans at ACKO are highly customisable in nature. We offer the option to pick and choose coverage for creating tailor-made plans which cater to your objectives.
Outpatient Department (OPD) Cover: Medical costs that are not related to hospitalisation such as doctor consultation fees, medical check-ups, diagnostic tests and prescribed medicines are covered under the OPD add-on.
Hospicash Cover: The Hospicash cover offers a certain amount of money for each day of hospitalisation. This amount can be used by immediate family members for travelling, buying food, or medicines.
Consumables Cover: Usually, any health insurance policy does not cover the cost of toiletries, masks, gloves, etc. With the Consumables Cover, your employees can claim these costs as well.
Personal Accident Cover: A predefined lump-sum amount is paid to the employee or their family in case of death or disability due to an accident.
COVID-19 Home Quarantine Plan: This add-on pays for the COVID-19 treatment availed at home. It includes doctor consultations, oximeter (one per family), prescribed diagnostic tests, RT-PCR tests, prescribed medicines, nebulization charges, etc. as per policy terms.
Room Rent Waiver: Health insurance plans usually have a cap on the amount of room rent allowed during hospitalisation. And, if the patient chooses a room with higher rent then the claim is settled after considering proportionate deductions. With the room rent weiver add-on, the cap on room rent can be enhanced.
Following are the exclusions of a Corporate Health Insurance Plan.
Termination of employment: The health insurance policy will cease to exist in case the employee is terminated from the job.
Medical reasons: There could be medical reasons that lead to unemployment, for example, self-inflicted injuries, undisclosed pre-existing diseases, addiction to alcohol or drugs, etc. These are not covered under the corporate plan.
Situations not covered: Employees can raise a claim only against situations or conditions that are covered under their Corporate Health Insurance Policy. A claim for a situation not mentioned in the policy will not be admissible.
The employees have no other eligibility criteria except being employed with the organisation that is providing the health insurance policy. They can avail of health insurance benefits against Corporate Health Insurance until they are associated with the company. The policy will cease to exist with the end of this association.
Employers or human resource (HR) personnel get in touch with ACKO by sending an email to [email protected] or by calling 1800-266-2256. We will guide you in selecting coverage and explain the multiple benefits of buying corporate health insurance from ACKO.
As an employer, you need to look at a few things while scouting your employees' right corporate health plan.
Employee’s profile: Assess your employee’s profile based on their age, location, health habits, health history etc. If most of your employees belong to Gen X and reside in metro cities, you may want to consider a more comprehensive plan with a high sum insured amount that can match the rising healthcare costs in the cities.
Premium that you pay: The plan you select should offer you value for money and offer flexibility in terms of premium payment. It is a good idea to go with the insurance company that can provide holistic coverage at affordable premium rates with the flexibility to pay the premium amount on a monthly, quarterly, bi-annually, or annual basis.
Wellness benefits: Most of the time, Corporate Health Insurance is utilised only by a small section of employees. This leads to the underutilisation of the plan. Offering a host of wellness benefits such as teleconsultations with doctors, access to mental health experts, fitness tracking, discounted pharmacy, and diagnostic tests can help keep your team fit and offer an all-inclusive healthcare solution. Note: A healthy team will lead to a low number of claims, which means a low premium amount at the time of renewal.
Ease and convenience: Select an insurer that simplifies the journey for you. New-age insurers like ACKO offer 100% paperless, 100% support and 0% form-filling experience. This offers ease and convenience not just to you, but to your team as well.
Zero admin hassles: We like to keep everything digital. From the self-serve enrolment process, customisation of the policy to raising claims and tracking them - your employees can access a host of these features with just a few clicks. This also reduces the admin hassles for you.
Corporate Health Insurance Coverage is offered to a group of employees, while regular, individual health insurance coverage is offered to people, whether employed or not.
Also, in the case of a corporate policy, the coverage usually lasts till the covered employee remains an employee of the employer, while an individual can be covered under a regular health plan till the policy expires. Thus, the scope of Corporate Health Insurance is limited as compared to that of a regular health plan. However, while an individual purchases a regular policy, Corporate Insurance is purchased by an employer for their employees, making it free of cost for the employees and their family members in some cases.
The point to note in the case of Corporate Health Insurance is that the control of the coverage range and add-ons (to a great extent) remains with the employer. Thus, one must look into the policy offered by an employer before joining their organisation and also check if it offers customisation features.
Also, read; 1 Crore Health Insurance
Here is a list of questions related to corporate health insurance.
In India, Corporate Health Insurance is the other name for Group Health Insurance Policy that insures the employees and their dependents up to a fixed amount of sum insured. This is usually a floater plan and the premium is paid by the employer.
Usually, the employees do not have to pay the premium to avail of standard Corporate Health Insurance coverage as it is paid by the employer. Employees just have to bear the cost of any additional cover that they voluntarily opt for.