No Locking Period for Pre-Existing Diseases
Normally, most of the health insurance policies do not cover pre-existing diseases or have a locking period for four years. However, one of the biggest benefits of group medical insurances is- there is no locking period applicable for pre-existing diseases. Medical benefits are provided to all the employees despite having any pre-existing disease. This can help both employee and employer, where if the employee needs to hospitalize, financial support can be provided by the policy itself.
Employees Can Claim Medical Benefit Immediately after Being Included in Group Insurance Policy
Generally, there is a locking period of 30 days for any kind of health care policy where the insured can take the benefit of the policy only after a span of 30 days. However, in case of accidents within that span of time, one can avail the benefits of the medical policy. Group medical policy has no such locking period. Employees can immediately avail benefits after being included in the policy. This can help an employee who needs immediate hospitalization and can also save the employer from any kind of financial hassle when the employee gets unwell within a month of joining.
Maternity Benefit Provided from the Very Beginning
In many mediclaim policies, maternity benefit is not provided, or even if it is provided, has many limitations. In group mediclaim policies, maternity benefit is provided as and when the employee is included in the group medical policy.
Flexible or No Capping Limitations for Bed and Miscellaneous Charges on Hospitalization
In most of the medical policies, capping is applicable on bed charges, medications, ICU charges and so on. But in group medical policies, capping limitation can be applied by the employer, which can also affect the premium amount. The employer can decide the amount of capping as per his budget. Employer can also put no capping limitation on the sum assured.
Flexible Coverage
Individual mediclaim policies provide individual coverage and family health care policies provide coverage for dependent parents, children and spouse. But with group mediclaim policies, employers have every right for the employees to decide whom to include.
Flexible Coverage
Individual mediclaim policies provide individual coverage and family health care policies provide coverage for dependent parents, children and spouse. But with group mediclaim policies, employers have every right for the employees to decide whom to include.
Availability of Family Floater Policy
Most of the group health care policies that cover family members are floater policies. In a floater policy, a single amount of sum assured provides coverage to the entire family and any of the family member can avail the entire amount of sum assured during his/her hospitalization.
One Can Include Family Members from the Age Group of 3 Months to 80 Years
In group medical insurance policies one can include family members right from the age of 3 months to up to a maximum of 80 years. While many insurance policies do not allow a fresh applicant beyond 60 years of age, the employee here can get a benefit to include his/her dependent parents who might not be having insurance.
In-laws Can Be Included Too
One of the unique benefits of availing group mediclaim policy is that one can include his/her dependent in-laws into the policy coverage. Employee’s in-laws can enjoy the same benefit as other family members of the employee. However, it solely depends on the decision of the employer and limitations in benefits provided by him.
No Medical Check-Up is required for Insured up to an Age of 80 Years
Policies need check-up after 45 years of age. However, availing group mediclaim policy has one big benefit- no medical check-up is needed for insured people up to an age of 80 years.
