Group Mediclaim Insurance
What is Group Health Insurance?
Group Health Insurance, also referred to as Employee Health Insurance, is a policy offered to a group of employees or members within a company or organization. Typically, the employer bears the entire premium cost as part of the employee benefits package. This insurance provides financial security to employees during medical uncertainties, while also offering tax benefits to employers on the premium payments. Additionally, Group Health Insurance plans can extend coverage to include family members of employees, such as parents, spouses, and dependent children, ensuring comprehensive health coverage for the entire group.
Advantages of Group Health Insurance Policy
Comprehensive Coverage: Group Health Insurance policies typically provide comprehensive coverage for a wide range of medical expenses, including hospitalization, surgeries, medications, diagnostic tests, and preventive care. This ensures that employees and their families have access to necessary medical treatments without worrying about the financial burden.
Affordability: Group Health Insurance premiums are often more affordable compared to individual health insurance policies because the risk is spread across a larger group of individuals. This makes it a cost-effective option for both employers and employees to provide and access healthcare coverage.
Employer Contribution: In most cases, employers contribute towards the premium cost of Group Health Insurance as part of the employee benefits package. This demonstrates the employer's commitment to the well-being of their employees and helps attract and retain talented employees.
Tax Benefits: Premiums paid by employers for Group Health Insurance are typically tax-deductible as a business expense. Additionally, employees may also enjoy tax benefits on their contributions towards the premium under Section 80D of the Income Tax Act, making it a tax-efficient form of compensation.
No Pre-existing Condition Exclusions: Group Health Insurance policies often cover pre-existing medical conditions of employees and their family members without imposing waiting periods or exclusions. This ensures that individuals with pre-existing health conditions are not denied coverage or subjected to higher premiums.
Coverage for Family Members: Group Health Insurance plans can extend coverage to include family members of employees, such as spouses, dependent children, and sometimes even parents. This provides comprehensive health coverage for the entire family, offering peace of mind to employees.
No Individual Underwriting: Group Health Insurance policies typically do not require individual underwriting or medical examinations for each employee. This simplifies the enrollment process and ensures that all eligible employees can access health coverage without discrimination based on their health status.
Cashless Hospitalization: Many Group Health Insurance policies offer the benefit of cashless hospitalization, allowing employees to avail medical treatment at network hospitals without paying cash upfront. The insurance company settles the medical bills directly with the hospital, easing the financial burden on employees.
What does a group insurance policy cover?
- Various hospitalization charges are included in this policy.
- This policy covers the cost of diagnostic expenses incurred, the consumables required and the costs incurred for medicines required by you.
- The policy also offers cover for pre-hospitalization and post-hospitalization costs.
Insurance Benifits
- Large number of insurance policies
- Cover for Critical Situations
- Experience & qualified Staff
- Team of Experts Staff
Wise insurance a group indemnity health insurance product designed specifically to address basic health insurance need of both employer-employee and non-employer–employee groups.
A group insurance policy provides the same coverage to all the members irrespective of their gender, age, economic status or occupation. It also provides coverage to the dependents of the covered member such as spouses, kids, parents, etc.
The group mediclaim insurance policy lets employees obtain basic coverage against unforeseen critical illnesses. Every employee must know about the policy in detail to avail of the benefits at the maximum level.
According to the Insurance Regulatory and Development Authority of India (IRDAI), a business needs at least 20 employees to b eligible for a group health insurance plan. However, there is a provision of issuance of microinsurance plans to groups that have at least five members.