Learn more about group health insurance policies and who is eligible to take a group mediclaim policy.
Our lives can be very unpredictable, and we never know when the requirement for medical treatment can arise. Even though illnesses and medical emergencies are out of our own hands, what is in our hands is the preparedness that we show when these things do occur. And possibly the best way to be prepared for such medical events to have a comprehensive health insurance plan.
What is group health insurance?
Now that there are a lot of types of health insurance plans with different features that are currently available on the market. One such insurance policy is the group insurance policy. Simply put, a group health insurance policy is a single policy that covers a group of people at the same time. This type of policy is often used by employers to offer health insurance to their employees. Rather than buying separate health insurance policies for each of their employees, the employer goes with the much more convenient option of buying a group health insurance policy.
Who can buy group health insurance?
As the name suggests, a group health insurance is not for individuals but for groups of people. But what groups can apply for one? Let’s take a look
– Small or large corporate firms can buy group health insurance for all of their employees. Depending on the organization as well as the policy chosen, this health insurance can also include the employees’ spouses, children as well as parents.
– Clubs and societies can avail the benefit of group health insurance for all their members.
– Children included in the policy because their parents are mostly covered from 3 months to 5 years.
– As for the adults that are covered under a group policy, the age limit is usually set at 80 years.
Key advantages of a group mediclaim policy
The biggest advantage of a group health insurance policy is that the premiums are lower. If we compare the premiums required for separate health insurance policies for every member of a group and one collective premium for group insurance, then the latter is always the lower amount. Apart from being cheaper, group insurance also saves a lot of time and hassles since employers do not have to provide individual health insurance policies to each of their members.
There is no waiting period.
Yet another benefit of a group mediclaim policy is that there is no waiting period to claim the policy. The policy is in effect from the first day that the individual joins the company and he or she can claim the insurance from day one.
An individual health insurance policy usually does not provide coverage for maternity, at least not by itself. Although maternity coverage can be added as a rider, the premium can shoot up significantly. A group health insurance policy via your employer does provide maternity coverage for normal as well as a C-section delivery.
Thus, a group mediclaim policy can be an excellent option if you’re looking to get health insurance either for your employees or for members of a society or club. Employees are happier, knowing that their employers are thoughtful enough to think about the physical wellbeing of themselves as well as their families by providing a comprehensive group health insurance policy.