Know Difference between Group Health Insurance Plan and Regular Plan

Group Health Insurance vs regular health insurance

Regular Health Insurance Plan

Abhishek is 28 years old. Does he want to know how group health insurance plans differ from Regular Health Insurance Plan? Compared to the regular plan, why is the premium in the group plan low? Raj Khosla, founder, and MD of MarimanMantra.com says that the biggest advantage of the group health insurance plan is that it does not have a waiting period. Get to know info on group Health Insurance vs regular health insurance here.

This is usually in the Regular Health Plan. In the insurance policy, the waiting period is kept for the treatment of diseases. This is also called a cooling period.

Difference between Group Health Insurance Plan and Regular Plan
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During this period the insurance company is not responsible for paying the claim. Due to this, the settlement of claims is relatively high. A medical examination not needed. Premiums of group health plans are less because a large number of people insured. In this way, the insurance company benefits from a large scale.

Group Health Insurance

The disadvantage of group plans is that insurance companies or institutions do not extend the insurance. In this way, you can not depend on them for the needs of your medical coverage. On the contrary, in the regular plan, the insurance company has to renew the policy legally. Regardless of whether you have taken your claim. Radhika took a floater health insurance plan in 2017. In 2018, the ports the policy. Maternity benefit was not offered in the old policy. At the same time, a new policy has given a two-year waiting period for Maternity Benefit. Does he want to know whether he will be able to take advantage of this benefit after June 2019?group health insurance plan

Executive Director Sanjeev Kumar, in ICICI Lombard Insurance, says that in the new policy, the number of waiting periods reduced, which passed in the old policy. As Radhika’s old policy did not have maternity coverage. Therefore, they will have to spend two years in order to get Maternity Benefit.

Rajiv has been renewing his Health Insurance policy every year for five years. He is now a high blood pressure. They want to know if they need to give this information to the insurance company? Sanjay Dutta, chief of underwriting claims and reinsurance in ICICI Lombard, says that Rajiv has been continuously renewing his health insurance policy for the past five years. Therefore, after the release of the policy, any change in his health will not consider as a pre-existing illness. They do not need to give such information to their company.