You are allowed to cancel your policy anytime during the policy period provided there is no settled or outstanding claim in the policy. All you need to do is to send a written request to the insurer for cancellation along with the reason for cancellation. The insurer accepts the following reasons for policy cancellation – […]
How does PPN network work in GMC policy, which insurers provide this?
PPN stands for Preferred Provider Network. It is the network of hospitals that have deeper tie-ups with respective health group insurance companies to provide seamless and cashless claim services to their policyholders. A hospital joins PPN when both the hospital and insurance company synchronize in their approach on how to serve the policyholders. Therefore, the […]
How does increase or decrease in lives impact renewal GMC premium calculations?
The number of lives to be covered on renewal and claims in the current policy are by far the two most important factors that influence GMC renewal premiums. In this post, we’ll get to know about the impact of increase or decrease in lives on GMC renewal premium calculations. The reason why a number of […]
How can you assess if you are paying a fair price for group health insurance?
Often you take into account multiple factors while finalizing a health insurance procurement deal including pricing, service levels, insurer’s brand image, etc. Therefore, how can you assess if you are paying a fair price for group health insurance? On the pricing aspect, you can evaluate fairness based on the following factors – Claim ratio – […]
How can employers design a voluntary top-up group health insurance? Suggest appropriate deducible amount
A top-up insurance plan within group health insurance covers hospitalization costs. But, only after a threshold limit is crossed. This threshold limit is known as deductible i.e portion of the claim amount that is not covered by the insurer and has to be paid by the policyholder. Once the claim amount crosses the deductible limit, […]
Disease-wise capping: How can it help GMC to manage price?
With disease-wise capping, an insurer can reduce claims out-go and hence its risk for the GMC. Though you can select the list of diseases and respective capping for a group policy insurers have pre-defined slabs of lower limits, default limits, and higher limits. Below is an illustration of these slabs – Disease-wise capping can be […]
Who is the right insurer for a start-up GMC?
When you are buying group insurance for the first time, you have to be extra cautious in your choice of service partner. There are 20+ general and health insurance companies in the market offering group health insurance services. Choosing among them can be a tough task. Below mentioned are a few parameters that can help […]
How can employees take advantage of group to individual portability?
As per Health Regulations 2016, portability guidelines, members covered under any group health insurance policy of a general/health insurer can port/migrate from a group policy to an individual policy with the same insurer. Though group health insurance schemes do not provide all the benefits which are available in an individual policy, they seem to be more relaxed. This guideline is extremely […]
What are the options for a company to buy insurance for expat employees?
Most companies now have global operations. The statutory laws of the foreign land may require them in order to provide coverage. To expat employees working in their respective geography. Since in most countries the local law regulates insurance while buying the for expat employees. It is important to ensure that the policy is admissible in […]
What are the limitations of a Group Health Insurance for an employee?
Though group health insurance policies are extremely flexible by design in terms of enrollment and operability, they come with their own set of limitations. Below we highlight a few limitations of the group health insurance program – The employee has little or no control over their individual coverage. Designed the benefit structure of the […]