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 |
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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