Many insurance companies in Thailand offer comprehensive group insurance policies for you and your colleagues. Smaller groups, such as management teams, multinational corporations, SMEs, start-ups, etc. can select from a wide range of existing solutions designed for small groups.
Why is this a good idea? We know it sounds trite, but your health is your most valuable asset. Sickness doesn’t distinguish between the rich and poor, old and young, selfish and altruistic. Hence, it would be best if you got yourself, and your family insured. Proper health insurance provides financial aid towards medical care and treatment in case of an unforeseen medical emergency, covering both accidents and severe illnesses, like cancer treatment and heart surgery. What’s more, a good policy will protect you against rising health care costs.
If you’re not familiar with group health insurance, read our quick article to learn what it is, the myriad benefits and why you should consider taking out a policy.
What is Group Insurance?
Group medical insurance covers a group of people, for example, the members of a professional association, a public society or a private employer. Typically, it covers many people under a single Policy, with the employer as the Policy Holder and employees as the Insured. The type of insurance which employers can make for their employees comes in many shapes and sizes, for example, Group Life Insurance; Group Accident Insurance; Group Total Permanent Disability Insurance; and Group Health Insurance. Let’s look in further detail at the last one health insurance. This would entail providing coverage relating to compensation, medical treatment costs arisen from injuries or sickness both in the case of in-patient and out-patient.
Benefits of Group Insurance
Some of the most common* benefits of group health insurance are as follows:
- Select from a pre-set range of options or fully tailor the benefits for your group members.
- Groups members will enjoy comprehensive cover for routine medical treatments as well as protection against unexpected medical incidents.
- Through the insurer, group members can enjoy exclusive packages from partner hospitals as medical facilities.
- Group members will have access to a sizable direct billing hospital network, ensuring cashless (no cash advance) and stress-free payment for both in- and out-patient treatments.
- Easy way to align group members from multiple countries and locations (i.e., Thailand, Cambodia, Laos, Vietnam and Myanmar).
*Benefits will vary significantly between policies and providers.
Why Opt for Group Insurance?
There are many economic, managerial and logistical reasons to opt for group health insurance. One good reason is that when adequate welfare is given to employees, it shows existing and future staff that attention and importance are placed on employee welfare. In addition, it fosters good relations between employers and employees.
In the unfortunate circumstance that an employee is required to pay for medical treatment out of their pocket, often they will prefer to forgo treatment rather than foot the bill. The downside of this is that minor issues can become worse, and the early signs of severe disease won’t be picked up. Thus, it’s far better for employees to have the full support of member insurance to enable them to seek treatment whenever required and keep them in ideal fitness for work.
And lastly, from a financial standpoint, group insurance lowers the cost for all involved, when compared to the price of private coverage. And, in the long run, it can help reduce out-of-pocket compensation claims in the event of employee death, sickness or disability. Not to mention that insurance for a team will enable companies to deduct the premium as an expense before the company’s corporate income tax is computed.
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