Zee Exclusive: Why should you opt for Employee Mediclaim Policy? Check 8 Benefits of Group Health Insurance

Most of the organizations, private or government, provide a group mediclaim policy to its employees.

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Employee Benefit Programs are health insurance policies that are provided by companies to their employees. These policies not only cover the specific employee but also cover employees’ family members. There are many advantages of a Group Mediclaim Policy that one might not get otherwise.

What is a Group Mediclaim Policy?

When it comes to group Mediclaim policy, some employers might provide health insurance for free, while others might deduct the employee’s CTC premium amount. These policies may or may not contain cover for parents and/or parents-in-law as well, or be offered to them separately.

Features of Group Health Insurance Plan

1. Employees get a cashless claim option wherein the insurance company directly settles bills with the hospital.

2. These policies may include a waiver of the waiting period, an exclusion for the 1st year, reimbursement for ambulance charges, etc.

3. Certain Group Mediclaim Plans may offer coverage for boarding costs, oxygen, anesthesia, and diagnostic materials along with dialysis expenses and X-rays, maternity expenses, etc.

4. Some Group Health Plans cover Domiciliary Hospitalization as well.

5. Pre- and post-hospitalization expenses are also covered by Group Mediclaim Policies for a certain period.

6. Some specific critical illnesses, over and above the hospitalization cover, are also provided in these health plans. Group Health Plans might also offer coverage for less than 24 hours of hospitalization for specific treatment procedures like eye surgery, chemotherapy, tonsillectomy, etc.

8 Typical Benefits of a Group Health Insurance Plan:

Lower premiums

Since Group Health Insurance Policies are bought in bulk, they are cheaper than individual/family floater health insurance policies. Lower costs are incurred as the total charges are shared among employees.

Helps retaining employees

As employers are becoming more and more inclusive regarding employee benefits, many surveys show that those who offer health insurance plans have a higher employee retention rate than those who don’t. Most Group Health Plans cover parents and employees, making employees more attached to their organizations.

Employees feel valued

While employees get attached to organizations due to comprehensive benefits, they also feel valued and deliver better work.

Tax Benefits

Both employers, offering Health Insurance Policies and employees, receiving them, get tax benefits annually.

More people, more benefits

As more people are covered under Group Mediclaim Policies, policyholders are subject to more advantages for lesser costs. They also get higher value coverage with added coverage for pre-existing diseases, hospitalization expenses, etc.

Family is covered too

Depending on policy to policy, Group Mediclaim Plans offer cover for your family members too. These health plans protect the employee’s family from large medical bills at the time of their need. Alternatively, families can always purchase other floater plans and pay premiums out of their pockets.

Easier claims process

For Group Health Insurance Plans, all you need to do is reach out to the employer with all the relevant information and bills and not run around to insurance companies for claims. As many employees are covered under these plans, the responsibility of claim management falls on the employer. Employees can also benefit from the cashless claim option.

Other coverages

Coverage for pre-existing illnesses and maternity-related expenses are provided from day 1. In some cases, employees get their additional members covered under the plan with a higher deductible and premium.

(Expert comment by Nikhil Chopra, Chief Business Officer - Medi Assist Healthcare Services).