What Is The Difference Between Comprehensive And Corporate Health Insurance?

Owning a health insurance policy in today’s time is more important than owning a brand new mobile. You can use Google Maps on your old mobile as well as the latest mobile. The directions shown in both will be the same, right? This is not the case with corporate health insurance and a comprehensive health insurance policy. The scope as well as the type of cover differs. Don’t know how? We will help you with that.

A comprehensive health insurance policy is like a complete financial cushion at the time of a medical emergency. You get the expenses of both the out-patient and in-patient covered including the cost of tests done in the labs. The comprehensive health policy will pay you for the doctor’s consultation fee as well. Individuals can purchase the policy for themselves as well as their family members.

On the other hand, a corporate health insurance policy provides optimum cover to the insured, spouse, children, and parents. The policy will provide a fixed sum insured to cover the cost of hospitalization after an illness or accident. This type of policy is generally purchased by an employer for its employees and employees can opt for the coverage which may come at an affordable price that gets deducted from the CTC.

Don’t know which one will be the better option to buy? 

Let us look at the difference between Comprehensive and Corporate Health Insurance.

ParticularComprehensive Health InsuranceCorporate Health Insurance
Who can buy the policy?The Comprehensive Health Insurance Policy can cover any individual or family.It is the type of health insurance that covers professional groups in an organization. 
Pre-existingUnder the comprehensive health insurance policy, pre-existing illnesses are not generally covered. Some insurance companies provide cover for pre-existing diseases but with a certain waiting period.However, in the corporate health insurance policy, the pre-existing diseases stand covered. Corporates provide insurance to employees who suffer from chronic ailments like hypertension and diabetes.
Coverage under the policy.The comprehensive health insurance policies cover medical emergencies, in-patient, out-patient expenses, medical tests, hospital stays, and doctor’s consultation.The Corporate Health Insurance policy covers professionals for health emergencies, accidents, financial losses, and more.
Maternity Cover.A comprehensive health insurance policy does not provide cover for maternity benefits. The policyholder needs to buy an add-on for the maternity cover. It comes with the waiting period.Corporate health insurance provides maternity cover to female employees. It also provides benefits to the dependents of male employees. There is no waiting period.
Waiting Period.The policy comes with a waiting period of 1 year, 2 years, 3 years, or 4 years.The condition of waiting periods is waived off in the corporate health insurance plans.
Premium Payment.The premium for the comprehensive health insurance policy is paid by the policyholder.The premium for the corporate health insurance policy is shared between the employee and the employer.
Choosing the hospital. Under the comprehensive health insurance policy, you will have to take admission in the listed hospitals only for the cashless treatment. This may force you to compromise the level of treatment.Whereas, under the corporate health insurance plan, the employee does not have to compromise the treatment.

You know the difference by now but that is not enough. When it is about making a decision about policy purchase, it is wise to look at the benefits also.

A health insurance policy, be it comprehensive or a corporate cover, pays you at the time of the claim for:

  • The cost of hospitalization includes room rent, the expense of the medical procedure, and the doctor’s consultation.
  • Major expenses made pre and post-hospitalization.
  • Cost of treatment for daycare procedures that do not need 24 hrs hospitalization.
  • Alternative medical treatment.

Read more: 5 Tips to Buy the Right Term Insurance Plan For Working Professionals

Apart from these benefits, a corporate health insurance policy serves an organization in the following ways: 

  • Helps to retain the employees: Recruitment and training of the employees cost heavily to a company. If, after all these stages, the employee leaves, it is a loss for the company. Buying group health insurance for your employees enhances the rate of retention. The employees are more secure than ever. 
  • Make the employees happy: When the employees are happy, they stay with you for a longer time. The performance is better, and they are loyal to you.
  • Improves mental well-being: Financial stress is the biggest factor that can at times, affect the performance of the employees. Providing financial security by buying a group health insurance policy can provide a lot of relief to the employees.
  • Secure employees during the Covid-19 pandemic also: Covid-19 has emerged as the crisis of the millennium. To keep the pace moving, the companies can buy group health insurance to provide security to employees from Covid-19. 
  • Prevents bigger damages to the employees: Lifestyle-related diseases can be treated earlier which otherwise are ignored by the employees.

Read more: Planning to Run Your Business Without an Insurance? Here’s A Comprehensive List of What Can Go Wrong

Having a comprehensive health insurance plan other than the corporate health insurance policy will be a safety measure for you. The former continues to benefit you even when you change the company. Buying health insurance, be it of any type, has got easier because it can be purchased online.