Co-pay refers to the part of the claim amount in an insurance policy that is borne by the insured out of pocket. It is generally provided in a percentage term and is applicable on the claim amount in General Insurance Policies. It may range from 10% to 50% in health policies. In motor insurance, this […]
Group health cover for congenital diseases
It is possible that in reading insurance policy documents, you have encountered the term ‘congenital diseases’ cover in Group health insurance. This post attempts to help you understand the term better and situate it in the context of group medical insurance. Key Takeaways Visibility Matters: Congenital anomalies are categorized into internal (like heart defects or […]
Deductible in group insurance policy
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. Key Takeaways Deductible vs. Co-pay: A deductible is a fixed amount (e.g., ₹10,000) you pay […]
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. Key Takeaways Legal vs. Emotional Ties: As shown in Jyoti’s case study, “living together” does not equate to “insurable interest.” Insurers follow strict legal definitions of […]
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 […]
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. […]
What Are Additional Benefits Available Under Group Health Insurance?
A group health insurance policy provides standard cover to employees of a firm or members associated with a group. The employer can bear the premium cost (in the case of employer-employee relation) or the group members jointly can do so. Top-up covers are available to an employee, which then makes it a contributory plan. This […]
The 5 Health Benefits That You Can Offer to Your Employees
Health care is the most important benefit that you can offer to your employees. Employees value health benefits and consider them the second-best thing next to monetary compensation. It gives the employer the added benefit of being able to employ and retain the best talent in the organization. Further, healthy employees drive the success of […]