Wednesday 15 April 2015

The Importants of Group Mediclaim Policy

The health and health costs of an employee working in an organization is something every employer is concerned about. Mediclaim basically means any kind of claim rising for medical benefits of a person. It is practically not possible for an employer to sit and apply for individual Mediclaim policies for every employee of the organization. That is probably why, most big companies choose Group Mediclaim Policies for their employees.
These Group Mediclaim policies tend to cover the employee as well as his or her family members.  The most important part to note about the policies is they tend to cover non-life insurance. It takes care of an individual’s hospitalization expenses till a certain limit which would be mentioned to the policy documents. In a general, the hospitalization expenses include-
1.      The fees of the doctor and the nursing expenses.
2.      The expenses that are related to medication.
3.      Surgical fees and the expenses related to the operation theatre.
4.      The room and boarding expenses are also taken care of but that is according to limits set by the policy.
Group Mediclaim Policy
Group Mediclaim Policy
      As a primary set of benefits, the Group Mediclaim policies cover pre existing diseases, maternity benefits etc which are usually excluded from the coverage of the individual Mediclaim policies. There are various ways that these group Mediclaim policies are divided into. One of them is the family floater way.
·         The Family floater way allows a company to choose the to-be insured employee along with his or her dependants under a single amount. For example, if an employee has a floater amount upto Rs. X then him and his whole family would be covered under the same amount i.e. Rs. X and not a penny more.
·         In a similar fashion you have Corporate buffer way. This kind of insurance is normally opted for over and above the maximum limit that has been fixed for each employee. For example, if the limit for an employee is Rs. X and the hospitalization charges exceeds it to Rs. Y then the company is liable to pay the remaining amount from the buffer amount that it has fixed with the insurance provider.
The best part of this Group Mediclaim Policy is that they can be customized according to the needs and necessities of every employee and employer. According to a research done on the topic, it is also found that the Group Mediclaim policies that are opted by the companies are 25% cheaper than any individual policy that is available in the market. These Group Mediclaim Policies also have two kinds of facilities, namely Cashless and Reimbursement.

These days, most employers go for group Mediclaim policies instead of individual policies. The employees also tend to go for companies that provide group Mediclaim policies because that helps in the Mediclaim of their dependants. The maximum cover that can be given to an employee by the company is Rs.5 lac. Some companies also have an option of transferring from a group Mediclaim policy to individual policy after a few years which turns to be helpful for the employees too.

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