Five Reasons Why A Group Mediclaim Policy Is A Must-Have For Your Employees

As an employer, taking care of your employees’ health and well-being should be a top priority. One way to ensure that your employees have access to quality healthcare is by providing them with a group Mediclaim policy. A group Mediclaim policy is a type of health insurance policy that covers a group of people, usually company employees. In this article, we will discuss in detail the top 5 reasons why a group Mediclaim policy is a must-have for your employees. So, if you’re considering providing health insurance to your employees, read on to find out why a group Mediclaim policy could be the perfect solution for your organisation.

1. Improved Financial Security for Employees

A group Mediclaim policy provides financial security for your employees in case of medical emergencies. Medical expenses can be quite expensive; without insurance, your employees may have to pay out of their pockets. This can cause a significant financial burden for them and their families. In this case, you should get a group Mediclaim policy for employees through which they can rest assured that the insurance company will cover their medical expenses.

Moreover, getting a group Mediclaim policy for employees covers pre and post-hospitalization expenses, including diagnostic tests, consultation fees, and medication costs. The policy can also cover expenses related to daycare procedures and alternative treatments like Ayurveda, homoeopathy, and acupuncture. By providing your employees with a group Mediclaim policy, you are not only ensuring their financial security but also their peace of mind.

2. Better Coverage

A group Mediclaim policy offers better coverage than an individual health insurance policy. Since the policy covers a group of people, the insurance company can negotiate better terms with healthcare providers. This means your employees will have access to a wider range of medical facilities, including private hospitals and speciality clinics. The policy can also cover expenses for critical illnesses like cancer, heart attack, and stroke, which can be quite expensive to treat.

Another advantage of a group Mediclaim policy is that it can cover pre-existing conditions. This means your employees with pre-existing medical conditions like diabetes or hypertension can also avail of the policy benefits. However, the waiting period for pre-existing conditions can vary from policy to policy, so it’s essential to read the policy terms and conditions carefully.

3. Affordable Premiums

One of the biggest advantages of a group Mediclaim policy is that it is more affordable than an individual health insurance policy. Since the policy covers a group of people, the insurance company can offer lower premiums. Moreover, the premium amount is usually shared between the employer and the employee, making it more manageable for both parties.

The premium amount for a group Mediclaim policy can vary depending on various factors like the age of the employees, their medical history, and the sum insured. However, even with these variations, the premium amount is still lower than an individual health insurance policy. By providing your employees with a group Mediclaim policy, you are saving them money and providing them with access to quality healthcare.

4. Instant Claim Settlement

Another advantage of a group Mediclaim policy is that the claim settlement process is quicker and more efficient. Since the policy covers a group of people, the insurance company has a dedicated team to handle claims. This team can process claims faster and more efficiently than an individual health insurance policy.

Moreover, a group Mediclaim policy can also offer cashless hospitalisation. This means that your employees can avail of medical treatment without paying any cash upfront. The insurance company will settle the bill directly with the hospital. This can be a huge relief for your employees, especially in case of medical emergencies.

5. Tax Benefits

Providing your employees with a group Mediclaim policy can also offer tax benefits for your organisation. Under Section 80D of the Income Tax Act, 1961, employers can claim a tax deduction for the premium paid for a group Mediclaim policy. The tax deduction can be up to Rs. 50,000 for policies covering senior citizens and up to Rs. 25,000 for those covering individuals below 60.

Moreover, your employees can also claim a tax deduction for the premium amount paid by them. The tax deduction can be up to Rs. 25,000 for individuals below 60 and up to Rs. 50,000 for senior citizens. By providing your employees with a group Mediclaim policy, you are providing them with access to quality healthcare and helping them save on taxes.

Conclusion

In conclusion, providing your employees with a group Mediclaim policy is a must-have for any organisation. It provides financial security for your employees and offers better coverage, affordable premiums, instant claim settlement, and tax benefits. By investing in your employees’ health and well-being, you are also investing in the success of your organisation. So, if you haven’t already, it’s time to consider providing your employees with a group Mediclaim policy.