Deductible in a group insurance policy Many companies purchase group insurance policies for their employees to help with medical expenses. However, many employee insurance schemes have a deductible clause. This post helps to understand the deductible clause and its implications. The deductible clause A deductible clause specifies a monetary sum that the employees will have […]
Family cover in group health insurance
This post sets out to clarify the interpretation of family in group health insurance. It also examines the implications of extending medical insurance cover to the families of employees. Family in the group health insurance context A group health insurance policy often extends cover to the families of group members in addition to the members […]
Paying Premiums for Group Mediclaim Insurance
A group medical insurance policy covers the members of a group under a single policy. Groups that are eligible to buy a group health insurance policy for their members include employer-employees, trade unions, and their members, clubs and their members, and banks and their account holders. New members are added to the group coverage either […]
How is a GMC policy renewed?
A group mediclaim insurance policy covers a group of individuals under a single plan. The insurance provider issues a master policy that contains the name of all the insured members and the sum insured. Individual health insurance plans can be taken for a consecutive period of two to three years and are renewable lifelong. However, […]
What are maternity benefits available in group health insurance plans?
Contrary to individual health policies, the following maternity benefits are available under the group health insurance plans: Age-related complications in delivery No waiting period for covering pregnancy Hypertension due to pregnancy and gestational diabetes Pre-existing diabetes or hypertension Higher chances of Cesarean delivery due to uterine inertia Miscarriage occurring in the 2nd or 3rd semester […]
Should You Include Dependent Parents of Employees in Group Health Insurance?
Allowing the inclusion of parents of employees under the group health insurance policy has its own advantages and disadvantages. While including them or not should entirely be your decision, understanding the implications will help make an informed decision. Advantages of Inclusion Disadvantages of Inclusion A great relief to the employees Increased claim rate Very few […]
Group insurance schemes available for companies
Group insurance schemes available for companies Employee engagement and security are important for employee retention. In order to achieve this, employers can take care of an employee’s concerns over financial security, medical expenses, and workplace safety. To this end, there is a range of group insurance schemes available for companies. Group medical insurance A group […]
How can the premium rates be set for employee group health insurance plans
Employers buy group health insurance plans for their employees as a part of their employee benefits program. These plans provide affordable coverage to existing as well as new employees of the organization. The sum insured is determined by the employer or organization and might depend on the employee’s income level, designation in the organizational hierarchy, […]
Additional Benefits Should You Include in Your Group Health Insurance Policies?
To ensure the ‘good health’ of your business, it is necessary to take care of your employees ‘health. By offering group health insurance policies, you can take care of the rising medical expenses which otherwise could be a major brunt on the finances of your employees. While, most of the group health insurance policies offer […]
What are waiting periods in Individual and Group Health Insurance Policies?
In the context of health insurance, the waiting period refers to the time that must elapse before ailments listed in the policy can be covered. Here you will get to know about three types of waiting periods which are typically applicable to individual health insurance. Insurance companies often waive these off for group health insurance. […]