The recent pandemic has helped people understand the importance of health insurance. People have realised its importance and are focussing on getting the best health insurance policy. Employers also provide health insurance for employees through group mediclaim insurance. Read further to understand the importance of this policy for employers and employees
What is Group Mediclaim Insurance?
Group Mediclaim insurance or group health insurance is a health insurance plan for employees to provide a financial back-up to the employee and their family. This policy is provided by the employer to the employee and is valid only as long as one works with the organisation.
Importance of Group Mediclaim Insurance for Employees
Waiting Period on Pre-Existing Diseases is Zero Days
While buying health insurance, one will have to wait for a certain number of months or years before they can make a claim. This period is known as the “waiting period”. Pre-existing diseases like high blood pressure, hypertension, diabetes, etc., have a longer waiting period before which one cannot raise a claim. However, group health insurance does not require one to go through a waiting period.
Maternity Coverage Without Additional Costs
A policyholder will have to pay an additional amount to cover maternity and childbirth under individual health insurance. Group Mediclaim policies, on the other hand, offer maternity cover for women employees without an additional premium. A major part of the medical expenses will be borne by the employer’s insurance company.
Employee’s Family is Covered
Under an individual health insurance policy, a policyholder will have to pay an extra premium to include each family member under the policy. In a group health insurance plan, employees can include up to 5 dependents without any additional premium.
Medical Check-Up is not Required
Under this policy, one does not have to undergo any medical check-ups or provide any medical reports to avail the coverage. However, regular health insurance policies require one to go through a series of check-ups to avail health insurance.
Importance of Group Mediclaim Insurance
Helps Retain Employees for an organisation
Employers have started becoming employee-centric and offering Group Mediclaim insurance has helped in increasing the employee retention rate, since this policy covers family members as well and benefits the employees.
Medical costs are skyrocketing and, in such times, group mediclaim insurance is a relief to employees. Employees feel motivated to work when they feel they are financially secure.
Employers get tax benefits by paying premiums for group health insurance. Employees can claim tax benefits on the premium paid on group insurance while filing their income tax returns.
Since group health insurance is for a large number of people, the premium that employers need to pay is quite affordable and low compared to individual health insurance.
While group mediclaim insurance keeps employees financially secure, it may not be sufficient. One can keep all their requirements in mind and buy individual health insurance to get better health coverage. To know more about health insurance, click here!