What is Group Medical Cover Policy?
A Group Medical Cover Policy provides coverage to all the employees of a company or to a group of people/members in a single policy. GMC is tailored Policy which is specially designed as per the need of the company or group of people.
The Company may either design a plan as per his requirement or choose a pre-planned insurance policy from the insurance company.
Listed below are the various covers that are generally available:-
In hospitalization expenses due to Sickness or Accident Including Room, boarding Expenses as provided by the Hospital / Nursing Home;
Nursing Expenses;
Surgeon, Anaesthetist, Medical Practitioner, Consultants, Specialist Fees;
Anaesthesia, blood, Oxygen, Operation theatre Charges, Surgical Appliances, Medicines and drugs, diagnostic Materials and X-Ray, dialysis, Chemotherapy
Pre Hospitalization Expenses
Post Hospitalization Expenses
Day Care Treatments
Why Group Health Insurance Cover required?
We required Group Health Insurance cover because:
In our day to day lives, we are exposed to many risks associated either with accidents or illnesses.
Secondly with the ever increasing medical costs, expensive Consultancy fees of specialist doctors, associated with Hospitalization, can drain our precious savings.
With the Group Health Insurance Policy, you can provide your employees/team members the best possible Health Cover as per their need.
Benefits of Policy :
Benefits for Employer:
- Motivate Employees: Due to increased medical cost, Group Health insurance is considered as a necessary thing, for Corporate employees, in today’s modern world. By providing health insurance towards higher hospitalization/medical costs, employers can motivate their manpower.
Helps in Employees Retention: The group medical insurance also cover the family members of the employees, making the employees feel more attached to the organization. Hence it helps the HR personnel in retaining Talent in the Company.
Low Cost: Group health insurance policies can be purchased at lower price to the employee.
Tax Benefits: This policy may help in reducing the tax liability of the company by getting tax benefit on the policy premium.
Benefits for Employees:
No need of Health Check-Up: In case of, Group Health Insurance, you don’t require to do a medical Health checkup.
Useful for Employee’s Wellbeing: Group health insurance policies play a crucial role in securing the health of employees and their families.
Maternity Coverage from Day 1: Maternity expenses are covered from Day 1 in Group Medical Cover policy.
No Waiting Period: All the illnesses like Hyper Tension, Diabetes etc. are covered from Day 1.
Premium
The Group Health Policy premium would depend on the following factors:-
Size of the Group
Profile of Members e.g. Occupation, Age, Annual Income etc.
Benefits opted
Group Health Insurance policy can be tailor made to suit the requirement of the Company. There are various Optional Add on covers Listed below :-
Optional Add on Covers
Cover for Pre-Existing Diseases
Maternity Expenses
Out Patient Department (OPD) Expenses
Cost of Prescribed External Medical Aid
Baby Day One Cover
Critical Illnesses Cover
Travel Expenses For Medical Treatment
Dental Expenses
Cover for Alternate Methods of Treatment
Donor Expenses
Ambulance Charges
Pre and Post Hospitalization
Health Check-Up
Disease-Wise Sub-Limit
Domiciliary Hospitalization
Treatment Outside India
Convalescence Benefit
Loss of Wages/Salary Due To Hospitalization (Hospital Daily Cash Allowance)
Cover for Allied Hospital Charges
Limit on Room Rent, Nursing Charges, Consultation Fees, Diagnostic Charges, OT
Charges etc.Wellness & Preventive Care