Things to know before getting Group Medical Insurance for your employees

Providing Group Medical Insurance to employees is a significant step for any organisation. Such a policy not only safeguards the well-being of your team but also improves productivity. Before providing this Insurance Policy, here are things you must know:

Check your eligibility

Before getting this Group Mediclaim Policy, check the eligibility requirements. Typically, companies require a minimum number of employees to purchase Group Medical Insurance. Some plans offer flexibility in member count and structure, allowing even small businesses to buy the Insurance. Thus, ensure that your team structure aligns with the Insurance guidelines.

Understand the family inclusion policy

Many Group Medical Policies allow employees to add family members. Spouses, children, and, in some instances, parents can be included. This boosts the value of the Insurance Policy. Ensure you know which relationships are covered and how they impact your employees.

Coverage scope

When buying this Insurance, consider the extent of coverage it offers. Most Group Medical Policies cover hospitalisation expenses, including costs before and after hospitalisation, as well as day-care procedures. Some also include maternity benefits and coverage for pre-existing conditions from day one. Thus, ensure your Insurance provides comprehensive coverage.

Inclusion of dependents

Many Group Medical Plans allow the inclusion of employees' family members, such as spouses and children. This extension provides additional security and demonstrates your commitment to the employees' families. Therefore, always verify the terms related to dependent coverage.

Cost implications

Buying this Mediclaim Policy involves certain financial considerations. Premiums are generally lower than individual Insurance because the risk is spread across a group of employees. You typically bear the full or partial cost of the premium, making it an affordable benefit for your employees.

Tax benefits

Offering Group Medical Insurance leads to tax benefits. Premiums paid are typically considered a business expense, which is deducted from taxable income. This financial incentive makes Group Medical Insurance an attractive option.

Claim process

Understanding the claim process of Group Medical Insurance is important. A simple and efficient claim procedure ensures that your employees can access medical care without unnecessary delays. Many insurers offer cashless hospitalisation facilities, simplifying the process for you and your employees.

Customisation features

Customising the Insurance Policy to suit your organisation and employees' needs is possible. You can choose the sum insured, add optional covers, and select specific benefits that align with your workforce's requirements. Tailoring the Insurance Policy improves its relevance and effectiveness.

Renewal terms

Be aware of the Insurance Policy's renewal terms. Medical Insurance is typically an annual contract that requires timely renewal to ensure continuous coverage. Therefore, always review the Insurance Policy annually and adjust based on the changing employee needs and your organisation's goals.

Conclusion

Buying Group Medical Insurance for your employees is a strategic move that benefits you, your organisation, and your employees. By understanding key aspects such as coverage scope, cost implications, tax benefits, and more, you can make informed decisions that promote your employees' well-being and organisational success.