Benefits of Group Medical Insurance Policy

It is the responsibility of every organization to provide its employees with a safe and secure work environment. One of the ways to ensure this is by offering a group medical insurance policy. This policy provides basic coverage, and some of the companies also include the family members of the employee in this policy. This article focuses on some of the key aspects of group medical insurance and its benefits.  

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.