GROUP HEALTH INSURANCE

An Employer Group Health Insurance Policy (also known as Group Mediclaim Insurance Policy for Employees) is an Insurance Policy which reimburses the employees for the hospitalisation expenses incurred by the employees during the year. A Group Health Insurance Plan covers a group of people under a common health insurance plan. Usually, a company purchases Group Health Insurance Policy for employees.

There are many advantages to insuring your employees with a Group Health Insurance Policy:

1. A Group Mediclaim Policy for employees boosts their morale. Happy employees result in higher productivity which ultimately benefits the company.
2. It also helps attract better employees since they are aware that their medical expenses are taken care of with a good Corporate Health Insurance Plan should such a need arise.
3. Premium paid by the employers for a Group Mediclaim Policy is a Tax-Deductible Expense.

Remember a well-motivated workforce is the biggest asset of your organisation and you as an employer can do your part by providing your employees with a good Group Mediclaim Policy.

Most Insurance Companies require a group size of 50 employees for a Group Health Insurance Policy. Group Health Insurance Policy is also available for small businesses and some insurance companies do offer a GMC Policy for Employee Size of as little as 15 employees

You can read our detailed blogpost on Group Health Insurance Policy for Small Business.

The following groups can opt for a Group Health Insurance Policy:

1. A Company can take a Group Mediclaim Insurance Policy for its employees and their families
2. Registered Service Clubs can avail a Group Health insurance Policy for its Members
3. Credit Card Companies or Banks can opt for Group Health Insurance for its Members

Yes, Group Health Insurance Premiums are a Tax-Deductible Expense for the Company which pays the Premium.

A Group Health Insurance Policy offers various benefits depending on the Group Health Insurance Plan selected by the employer. Some common fetures of a Group Health Insurance Policy are as follows:

1. Cover for Hospitalisation Expenses: All Group Health Insurance Policies offer cover for hospitalisation expenses incurred by the employees during their treatment.
2. Cover for Pre and Post-Hospitalisation Expenses: In addition to cover for Hospitalisation expenses, most Group Mediclaim Insurance Policy for Employees will provide cover for Pre and Post-Hospitalisaiton expenses, usually for 30 days and 60 days respectively.
3. Room Rent Limit: Group Health Insurance Plans will specify a room rent limit (for eg: 1% and 2% of Sum Insured for Normal and ICU Rooms). The Policy will thus pay the room rent only upto the limit specified. You can opt for a Group Health Insurance Plan with no room rent capping as well.
4. Maternity Cover and New Born Baby Cover: Some Group Health Insurance Policies also provide coverage for delivery expenses as well as expenses incurred on the new-born baby if this feature is opted for
5. Pre-Existing Diseases Cover: Most Group Health Insurance Policies will provide cover for Pre-Existing Diseases without any waiting period. This is a big advantage over individual health insurance plans which have a waiting period of Pre-Existing Disease of 3-4 years.
6. Domicilliary Hospitalisation Cover: Some Group Health Insurance Plans offer benefit of Domiciliary Hospitalisation which provides reimbursement for treatment availed at home if the Insured Employee is unable to get hospitalised.
7. Day Care Procedures: Most Group Health Insurance Plans have a list of Day Care Procedures which are covered. Day Care Procedures are procedures which do not require any hospitalisation.
8. Cashless Hospitalisation: Most Group Mediclaim Insurance Policy for employees have a network of cashless hospitalis where the Insured can avail treatment without paying treatment expenses out of their own pocket. The Insurance Companies directly reimburse the hospitals for the treatment costs in case of Cashless Claims Settlement.