Group Mediclaim Insurance

What Is Group Health Insurance?

Group medical insurance is a kind of health insurance that covers your personnel in addition to their households in opposition to unexpected healthcare expenses. Also referred to as company medical insurance or worker medical insurance, those plans defend your personnel & their dependents in opposition to illnesses, injuries, and different such clinical conditions.

As as compared to an character medical insurance plan, the top rate of a Group Mediclaim Policy is plenty decrease and greater affordable. Not most effective that, a set medical insurance plan additionally gives rewarding tax advantages to the employer. Therefore, those plans maintain monstrous value, each for personnel and the employers as well. But maximum importantly, those plans assist you attract & hold the nice personnel within side the business. 

  1. Various hospitalization charges are included in this policy. 
  2.  This policy covers the cost of diagnostic expenses incurred, the consumables required and the costs incurred for medicines required by you.
  3. the policy also offers cover for pre-hospitalization and post – hospitalization costs.
  4. Daycare treatment also coverd.
  1. Inoculation and vaccination are also not covered under  group mediclaim policy.
  2. Circumcision, vaccination, cosmetic surgery or procedures, inoculation or any other procedure of the same kind will not be covered under policy unless these procedures are absolutely necessary or required for the treatment of the diseases or illnesses covered under the policies.
  3. Policy does not cover the costs incurred for the treatment of any sterility, fertility or assisted conception procedure, self-harm, suicide, convalescence, psychosomatic disorders, and diseases or accidents, injuries caused due to intoxication or abuse of substances, etc. related matters.
  4. Costs incurred by you for diagnostic purposes which are not followed up by hospitalization or active treatment.
  5. Expenses incurred by you for procedures or investigation for things that are not related or irrelevant to the disease that caused the hospitalization.
  6. Costs of non-medical nature, such as costs for telephones and other services will not be covered by the policies.
  7. Treatment for conditions and illnesses arising out of obesity, weight management problems, supplies, etc. will not be offered.
  8. Stay in hospitals for domestic reasons where no active treatment has been provided by the hospital to the insured person or persons will not be covered.
  9. Costs incurred for sex-change operations, out-patient diagnostic operations, use of non-prescribed drugs and medicines, hormone replacement therapy, etc. will not be covered.
  10. Pre-hospitalization or post-hospitalization charges for doctor’s home visits. Costs incurred by private nurses and attendants etc. will not be covered under our group insurance policy either.
  11. Treatment and costs incurred by you, which is not related to the disease or illness that caused the hospitalization will not be covered by us.

As an employer, it is important to make your workforce feel important, appreciated & safe. One way to do this is to get a group mediclaim policy. These plans help your employees pay for healthcare expenses and give them an added sense of reassurance on the job. Here are some good reasons why it is important to get a group insurance policy for your organization.

1. It is one of the biggest job perks

To run a business, you need good employees. However, job application today is looking for companies that offermore than just a good salary- they want job perks! This is where group medical insurance can make the different. It shows that, as an employer, you are willing to go the extra mile for your workforce and adds value to a good salary.

2. Retention of talent

Imagine a scenario where one of your employees is offered another job with a higher salary. However, instead of taking this new opportunity, he/she decides to stay on with your organization, simply because the other job does not provide healthcare benefits. Therefore, as you can see, a group health insurance plan goes a long way in reducing the attrition rate and retaining talent that is crucial to your company’s success.

3. The feel good factor

A group mediclaim policy covers your employees and their family members too. It creates a sense of goodwill around the organization. Employees feel valued and protected. This encourages employees to put their best foot forward and deliver for the organization. Basically, a group health insurance plan ensures a happier, healthier workforce, and also healthier bottom line.

4. Tax benefits 

Group medical insurance also provides you with tax benefits! The premium of a group medical policy is 100 percent tax deductible by law. It can be categorized under business expenses and can help you lower the taxable income of your organization.

Salary is no longer the ‘be all and end all’ for job applicants. Today’s workforce is also on the lookout for employment opportunities that offer the best on-job perks, one of which is health insurance. Some of the benefits your employees can enjoy with group mediclaim insurance are highlighted below.

  1. No waiting period.​

One of the biggest benefits of a group insurance policy is that it has no waiting period. The cover of the plan will begin the day you join the company. This ensures that even your pre-existing conditions (if any) will be covered right off the bat.

2. No health check-ups required​.

When you approach a health insurance company to buy a plan, there is a chance that they will ask you to undergo a medical test before providing you with a policy. However, when it comes to a group insurance policy, no such test is required.

3. No premium.​

Since it is the employer that pays for the group insurance policy, the employee enjoys coverage without paying a cent out of his/her own pocket. When they say the best things in the world are free – they are definitely referring to a group mediclaim policy.

4. Cover for family members​.

While this may depend from policy to policy, group health insurance plans usually cover the employees’ family members too. These plans protect the dependents of the employees by offering them financial help in the time of need.

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