Group accident and health insurance
Group health and accident insurance is a popular benefit companies provide to their employees. Besides managing the risk of medical expenses, it’s a crucial tool for employee retention and is 100% tax deductible for corporate income tax. Typically, group insurance starts with a minimum of 5-10 employees (depending on the terms and conditions of each insurance company). Details are as follows:1. The main coverage you are typically received.
Group insurance policies are typically divided into coverage segments to allow for flexible planning based on budget:- Inpatients (IPD): Covers room, board, surgery, and general expenses at the factory hospital in case of inpatient treatment.
- Outpatient (OPD): Coverage for out-of-hospital treatments (e.g., colds, eye sores, diarrhea) is the feature employees use most frequently.
- Accident (Group PA): Coverage for death, loss of limbs, or disability resulting from accidents, 24 hours a day (both during and outside working hours).
- Ongoing medical expenses: In case of an accident requiring wound cleaning or follow-up care.
2. Supplementary Coverage (Add-ons)
- Dental costs: The cost of teeth cleaning, filling, or extraction.
- Annual health checkup cost: To promote the good health of employees.
- Childbirth (Maternity): For companies that want their employee benefits to cover family life.