Group Mediclaim Policy for Employees
If you are a professional working in the corporate world, say at a multi-national company, you surely have some privileges in terms of finances. Besides a dream salary, you are most likely to be covered under your company’s corporate health insurance plan. Group mediclaim policy for employees is one of the highly preferred insurance plans offered by several organizations in India, nowadays, as it promises cost savings for a company and its employees alike.
Although, individual health insurance scores over a group insurance plan when it comes to customization of the policy, there are many benefits of a group mediclaim policy that is hard to ignore - the foremost thing being savings.
On one hand, where we try to escape hefty medical bills by opting for a good health insurance plan, we also end up paying high premiums to get the best cover on the other hand. However, buying group mediclaim significantly reduces your expenses and this is one of its major advantages.
Read on to know more about group mediclaim plans and how they help you save money.
What is the Group Mediclaim Policy?
Group mediclaim insurance is a health insurance plan offered by an organization for its employees. As the name suggests, the insurance plan will be available for a group of people under a single plan. There are various types of group insurance and they usually cover the employee and his or her family members like spouse and children or dependents.
Key Cost Saving Benefits of Group Mediclaim
Just like buying a box of chocolates is much cheaper than buying individual pieces. Group mediclaim works the same way. You opted for something in bulk, so you pay less. Usually, employees either need to pay a low premium or sometimes not even that if the contribution is made by the company. So, the low premium costs offer complete coverage for the medical expenses for you as well as your loved ones.
Under Section 80D of the Income Tax Act, 1961, you are entitled to getting tax deductions on the premium you pay for your group mediclaim. There are various slabs for the deductions, depending on the individuals covered under the plan.
The minimum deduction amount which you can expect is Rs 25,000 in a financial year if your group mediclaim insurance policy for employees covers you, your spouse and dependent children. This amount also entails Rs 5,000 as an exemption towards health check-up. If your insurance plan includes a senior citizen, your deduction amount goes up to Rs. 50,000.
In case any insured person is hospitalized or undergoes medical treatment, you can make a cashless claim on your group mediclaim policy in any of the network hospitals. This means that your medical bills will be settled by the insurance company and you will not be required to pay anything from your pocket. This facility is available both for both planned and emergency hospitalization.
Furthermore, all your expenses incurred during the pre and post-hospitalization period and daycare procedures also get covered by group mediclaim policy for employees. Opting for such mediclaim plans serve as the best option for working professionals who struggle to make both ends meet in order to provide a quality life for their families.
Finally, if you spend a claim-free year after availing the group mediclaim insurance policy for employees, you are eligible for discounts on the premiums for policy renewals. Also termed as a ‘no-claim bonus’, this saving has much significance for a family.
Some insurance companies offer an additional percentage of the sum insured, say 5%, on successive policy renewals. Most of them have a cap of up to 50% on the incremental cover.
As a rule, you must read the policy documents with utmost care so that you understand the benefits you are eligible for and the exclusions to keep in mind.
Know about the types of group insurance coverage and choose the best option for your family through Care Health Insurance (Formerly Religare Health Insurance).