pays for your hospital bills for diagnostics, surgery etc.
It is said employees are the most precious assets of a company, whether big or small. With competition going tough in current businesses, Darwin’s theory of ‘survival of the fittest’ holds substance. To survive in such competition, company growth is a must which is facilitated by the employees. Hence, companies at present are becoming employee-centric and are introducing various benefits for the betterment of the employees. Thanks to insurance companies keeping pace with increasing risks and introducing plans accordingly. Group Health insurance is one such plan gaining much popularity today. More and more companies are going for group insurance to ensure better health benefits for their employees.
Group Health Insurance is Mediclaim entitled to a group of employees of a common company. The members of the group enjoy the same benefits. It is a health Policy wherein each member of the group receives effective private medical services and treatment. No Premium is required to be paid by the member nor any payment needed to be paid in case of services following any medical emergency. The members can enjoy the mediclaim benefits at an immediate pace.
Healthcare Inflation is only rising at a hypersonic pace. With lifestyle diseases on the rise, without a health policy, an employee’s complete savings may be wiped off in case of any big medical emergency. The employee may even get into debt for paying the hospital bills. Employers today ensure financial safety of their employees, providing them mediclaim, thus balancing their financial risks. It is part of a company’s ‘Employee Welfare’ program.
It has been estimated that over 35 million enterprises constitute the SME sector. And there are thousands of big companies. Companies with employee strength of 20 plus should go for group health insurance. This is because the fewer the members in a group, the higher is the premium in all group health plans. With group health policy going popular by the day, premium amount has only increased over time. If members are very few in number, the company may consider sponsoring individual mediclaim insurance for the employees. But then, there are group health plans for members as few as 5.
When you buy group mediclaim, evaluate options like co-payment, names of the hospitals in the list, and their locational accessibility. It will be wise on your part to go for a policy that is flexible to individual needs within the group. Consider add-on coverages, waivers of restrictions, and discounts.