A Group Health Insurance is a type of health insurance plan that covers for a group of people who work under the same organization. This is often offered as a valuable benefit for employees as the premium for the same is borne by the employer. The group health insurance coverage can be extended to the family members of the employees in some cases. This insurance plan is also referred to as corporate health insurance or employee health insurance. 

However, the price for the same is comparatively a lot lesser as compared to individual health insurance plans and also benefits employers in tax reductions, therefore making it beneficial for both the employer and employee.

Criteria

A group or corporate health insurance plan can be purchased by an organization for its employees or by a group of people with the same interest. From the perspective of employer-employee, a group health insurance plan is one of the key benefits that a company can offer to its employees. In some cases, the companies provide cover for the family members of their employees as well.

Who Is Eligible for Group Health Insurance?

As an owner of a small business, you may wonder whether your company and you are eligible for group health insurance cover or not? According to the Insurance Regulatory and Development Authority of India (IRDAI), a business needs at least 20 employees to b eligible for a group health insurance plan. However, there is a provision of issuance of microinsurance plans to groups that have at least five members. Another important clause mentioned by IRDAI in its draft for companies with less than 20 members, the Group Health Insurance plan can still be provided if the family members of the employees are added. In addition to this, different insurance providers may have different limits over the minimum size of the group of insured people.