Is Small Business Health Insurance Cheaper Than Individual?

Posted on: Nov 9, 2023 | | Written by:

Is Small Business Health Insurance Cheaper Than Individual?

Published on November 06, 2023. EST READ TIME: 3 minutes

The insurance companies in India offer a range of healthcare plans to meet different customer requirements and pockets. In addition to individual health insurance, family floater and senior citizens healthcare plans, insurance providers offer small business health plans for employers to cover their employees. This health plan, which is also called group health insurance, is an important product that offers financial protection to the employees of an organisation during medical emergencies.

Small Business Health Insurance Vs Individual Coverage

Many group or small business health insurance policies also offer coverage to the immediate family members of the employees. Moreover, the employer pays the premiums of such health insurance policies, so the employee may not pay anything from his/her pocket. So, from an employer’s point of view, group health insurance is cheaper than individual healthcare plans.

Small business or group health insurance policy is a cheaper option compared to individual healthcare plans. A group health insurance policy covers many employees under one plan, and the sum insured per employee is low when compared to individual health insurance. As this healthcare plan works out more economical for the employers, the answer to the query, “Is small business health insurance cheaper than individual health plans?” is Yes.

Conclusion

If you are an employee covered under a small business or group health insurance policy, it is important to know that this health plan will offer you and your loved ones limited coverage. Moreover, once you leave the job, your small business health insurance policy will cease to exist. Therefore, even if you and your loved ones are covered under a small business health insurance policy, keeping an individual healthcare plan or family floater handy for medical emergencies is wise.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

Know Why Employer Health Insurance Is Not Sufficient ?

Know The importance of health insurance for Self Employed people

Should you opt for Individual Health Insurance apart from Employer Insurance?

5 Reasons to Get Health Insurance for Employees

Can Mediclaim Replace ESIC?