Employer group policies: what they provide and what to add individually
Group insurance is a programme for a group such as a company's employees. It may include health, life or other benefits. Cover, eligibility and cost vary. Ask for your programme's information and terms.
What does a group policy usually cover?
A typical Greek company plan includes: hospital care (with an annual or per-incident limit), capped outpatient benefits, life insurance as a salary multiple, and permanent total or partial disability cover. Larger schemes add maternity allowances, dental, or check-ups.
Some programmes admit employees without an individual health questionnaire. This does not mean every condition is covered. Check exclusions and any special conditions.
Where does group protection stop?
Check three things: benefit limits, your share and when cover ends. If you leave your job, ask for the exact end date and any continuation option.
Some group schemes include a conversion right to an individual policy upon leaving, without new underwriting and within a set deadline. Where it exists it is valuable — find out whether yours offers it before you need it.
How does it work with individual insurance?
Combining policies does not work the same way in every programme. Your adviser can review benefits, limits and payment order. Before adding or cancelling cover, confirm how the two policies will work together.
- Health: which expenses does each programme cover and what do you pay?
- Life: what amount is provided and who is the beneficiary?
- Income: is there a benefit if you cannot work, and under what conditions?
How do you coordinate benefits correctly at claim time?
With two sources of cover, order matters: you usually exhaust the group scheme first and the individual policy covers the difference — with the group payout counting toward the deductible where the terms allow. Inform both insurers that the other cover exists; concealing dual insurance can constitute a breach of terms.
Frequently asked questions
Does the group policy cover my family?
Many schemes allow adding a spouse and children, sometimes at employer cost, sometimes with your contribution. Ask HR — and check what is lost if you leave.
Is a group policy taxed as a benefit?
Tax treatment of employer contributions to group schemes is set by current legislation with exemption thresholds. Consult AADE or an accountant for the amounts in force.
Can I opt out of the group scheme and take the cash?
This depends on the benefits policy and employment agreement. Ask the HR team whether there is an option and what its consequences are.