More about Group Medical Insurance Policy

This policy is also known as Group Mediclaim insurance policy or group health insurance plan. 

This policy is provided by the employer to the employee and entails several benefits. In some organizations, a certain amount is deducted from the CTC of the employee. This deducted amount is the premium cost of the employer-provided health plan while there are organizations that offer medical insurance free of cost.

Since this plan is purchased in bulk, they are comparatively cheaper than individual plans. 

Some of the plans also include immediate family members of the employee as a part of it. 

Key features of Group Medical Insurance Policy for Employee Benefits

There is an insurance plan that offers coverage for boarding costs. Some of the expenses covered under this policy are expenditure on diagnostic materials, oxygen, X-ray, dialysis expense, etc. 

o   This is a cashless insurance plan that covers the cost of hospitalization. The company directly settles the medical bill with the hospital

o   Some of the group Mediclaim plan also covers the  domiciliary hospitalization expense

o   It offers coverage for pre-hospitalization and post-hospitalization

o   Some of the group health insurance plans also offer maternity expenses

o   It also extends coverage for critical illness above the hospitalization coverage

o It also offers coverage for less than 24 hours of hospitalization for specific treatment like chemotherapy, eye surgery, etc. 

o   There is an optional benefit that comes with the insurance plan like waiver of the waiting period, reimbursement for ambulance expenses, and more. 

Why is the group medical insurance policy for employees the best?

Creates a positive impact –  The medical insurance plans for employees provide coverage and cover the medical expenses. But the fact is that the company offering such support and perks can create a positive impact on the employee’s mind. It creates a safe working space for the employee.

Low cost – If we compare the cost of group plans with individual health benefits, then the group plan is cheaper than the individual plans. The premium amount is shared, and so, the total cost becomes less. 

The more the number of people, the better are the advantages – The group health insurance plans cover more people, and so the advantages also increase for the employees. They get higher value benefits like hospitalization expenses, ambulance cost coverage, and more.  

The family also gets protection – Another advantage of this health insurance plan is that this policy also protects the employee’s family members. If one goes ahead and buys the family floater health insurance plan, it will cost more, but that is not the case with the group medical insurance plan. Since the premium amount gets shared, the total cost decreases. 

Easy to claim – No one wants to run after the insurance provider for claim settlement; it is a time-consuming process, and no one wants to wait to get the claim. In the case of a group plan, the claim settlement is faster, and the employee also gets cashless benefits. Another impressive benefit of the group medical insurance policy is that it covers pre-existing illness and maternity-related expenses.  

Wrapping it up !!!

With all these benefits, the group medical health insurance policy becomes beneficial for the employer and the employees. Most banks and financial institutions offer this policy. If an employer is offering the group insurance plan, it takes care of the employees and their family members. 

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This is a form of health/medical insurance policy that offers support to the employees of a corporation or members of an organization. Often referred to as corporate health care, this insurance plan includes multiple benefits such as unintended hospitalization, COVID insurance, regular hospital benefits, serious disease coverage, pregnancy insurance, etc.

Group Medical Insurance is the safest way to cover the staff and their families, especially with a rising increase in medical expenses. This is because it protects the costly medical insurance bills suffered by the employee.  Both the employee and the boss pay beneficiary as the health care plan is offered by the employer. So, both sides of the party can be covered.

Benefits of group medical insurance policy for employees

1. Every member of the group benefits from the insurance cover. It is also useful for those employees who wish to purchase a policy but cannot afford to bear the rate of the premium.
2. The employee and the employer both are members of the group’s health insurance plan. This means that the employer also receives tax benefits for the offering of those plans to the employees.
3. A group medical insurance policy for employees begins to compensate for pre-existing conditions. It starts from the day the employee joins the company. There is no waiting time for any pre-existing illness in this case.
4. Now that medical costs are at their peak, getting a company health care coverage is encouraging employees.
5. The claim procedure for a group medical insurance program is very quick. Also, settled quickly in view of the employer’s legacy. The employee would only have to acknowledge the medical insurance policy and present the health card to start the claim.

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