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Group Health Insurance is a type of insurance policy that provides coverage for medical expenses incurred by employees during hospitalisation.
Secure your Employees with a Group Mediclaim Policy.
After years of hard work, your Company has reached the big stage. Your employees were part of the ups and downs, highs and lows. You couldn't have done it without your employees. The employees have given their life for the growth of the organisation.
But do you take care of your employees?
Your employees may be going through their own trials and tribulations in their personal lives. A Spouse may be suffering from Cancer or maybe a Child has met with an Accident.
All these Ailments and Injuries require hospitalisation and the treatment requires substantial financial resources. Such unplanned expenses may lead to financial distress for the employee.
An advantage of a Group Health Insurance Policy (also known as Group Mediclaim Insurance or Corporate Health Insurance Policy) is that will assist your employees during such tough times by reimbursing them for their hospitalisation expenses and this is very important.
A Group Health Insurance Policy (also known as Group Mediclaim Insurance Policy for Employees or a Corporate Health Insurance Policy) 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 all employees of an organization under a common health insurance plan. Usually, a company purchases Group Health Insurance Policy for employees.
A Group Health Insurance Policy can be tailored to suit customer requirements. Typical features of a Group Health Insurance Policy are as follows:
Major Exclusions under a Group Health Insurance Policy are as follows:
Group Health Insurance Plans are usually less expensive an Individual Health Insurance Plans and they offer more comprehensive coverage. Group Health Insurance Policies have no waiting period for pre-existing diseases and maternity benefits while Individual Health Insurance Policies have a waiting period of 3-4 years for the same. Group Health Insurance Policies also typically do not require medical checkups of the Insured while an Individual or a Family Floater Health Insurance Policy requires a medical check up of the Insured Person.
A Group Health Insurance Policy offers various benefits depending on the Group Health Insurance Plan selected by the employer. Some common features of a Group Health Insurance Policy are as follows:
Employers can enhance the coverage under a Group Health Insurance Policy by opting for the following add-on covers:
Group Health Insurance Plans usually specify a room rent limit as a percentage of Sum Insured (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. If the actual rent of room exceeds the room rent limit, then the Policy will apply a deduction for the room rent and a proportionate deduction is applied for all other expenses incurred.
For example: Consider an employee insured under a Group Health Insurance Policy with a Sum Insured of Rs2 lakhs and a Room Rent Capping of 1% of Sum Insured per day. This means that the maximum expenses payable towards room rent under the Policy is restricted to Rs2000 per day (1% of 2 lakhs)
If the employee gets admitted to a hospital with a room rent of Rs4000 per day, then the Policy will reimburse the employee only Rs2000, that is, 50% (2000/4000) towards the room rent. Additionally, all other expenses such as Doctors Fees, Operation Theatre Charges, will be deducted by 50% by applying a proportionate deduction clause.
It is important to understand the pros and cons of opting for Pre-Existing Coverage from Day 1 under a Group Medical Insurance Policy. Opting for Pre-Existing Disease Coverage from Day 1 will result in extra premium. However, it could protect the employees from huge medical bills in case they get sick because of a Pre-Existing Condition. Employers should consider the costs vs benefits carefully before opting for Pre-Existing Disease Coverage from Day 1.
Yes, Maternity Benefits can be provided with a Sub-Limit of Rs50,000 to Rs1,00,000 a Group Medical Insurance Policy for Employees. The Policy will typically cover delivery expenses, doctor's visits, and pre and post-natal expenses.
A Group Health Insurance Policy typically has 4 types of Waiting Periods:
All the above-mentioned waiting periods can be waived off by paying additional premium under the Group Health Insurance Policy.
A Group Health Insurance Policy offers many benefits for employers as listed below:
A Group Health Insurance Policy offers many benefits for employees as well:
here are many advantages to insuring your employees with a Group Health Insurance 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:
Yes, Group Health Insurance Premiums are a Tax-Deductible Expense for the Company which pays the Premium. The Premiums Paid towards the Group Medical Insurance Policy reduce the taxable profits of the company and hence reduce the tax outgo as well.
The Cost of a Group Health Insurance Policy depends on the following factors:
The leading Group Health Insurance Companies in India are:
Group Health Insurance Providers require the following details for a Group Health Insurance Policy:
A Group Mediclaim Policy for Employees can be purchased with the assistance of an Insurance Broker who will help you with the best options among the various Grou Health Insurance Providers at Reasonable Premiums.
An Employee would need to provide the following documents to make a claim under a Group Health Insurance Policy:
Competitive Quotes
No Room Rent Capping
Pre Existing Disease Covered from Day 1
Cashless Claims Settlement at Network Hospitals
Cover for Small Employee Groups
Coverage for Maternity Expenses, New Born Baby
An Insurance Broker has tie ups with multitude of Insurance Companies thus enabling competitive sourcing of quotes.
With the assistance of an Insurance Broker, you can ensure that you have selected the best Group Health Insurance Plan with the best coverages for your employees. An Insurance Broker for Group Health Insurance will also be of great help in servicing of employee claims.
Qian has an outstanding service record and has worked with corporates across industries to assist them with their Group Mediclaim needs. We have settled more than 95% of the GMC Claims with great satisfaction and fast turnarounds.
Qian has tie-ups with 20+ Group Health Insurance Companies in India and you can compare the plans and features from various Group Health Insurers to obtain comprehensive coverage at affordable premiums. We assure you of best Group Health Insurance Quotes and a dedicated claims settlement team for fast claims settlement.
If you wish to purchase a Group Health Insurance Policy for your organisation, feel free to reach out to us at insurance@qian.co.in or π 022-35134695 π 022-35134695 or fill this Contact Form. We will get back to you within 24 hours, guaranteed.
Yes, Group Mediclaim Policies or Corporate Health Insurance Policies cover Pre-Existing Diseases.
Testimonials
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Hemik of Qian is knowledgable, prompt and very professional - highly recommended. I had to claim for a critical illness under my health insurance policy and Qianβs assistance with the claims process and advice on how to deal with the insurer was invaluable.