Medical Insurance - Why is it Mandatory for Employees?

So here’s the thing. We know that medical insurance is quite a difficult word to understand. But it can become interesting at times, especially when you see that it is for free. Is this true? Simply put - YES ?. This is possible with a group health insurance coverage policy. If you are an employee, it is necessary for your employer to provide health insurance to you and your work colleagues, boss, and pretty much everyone who is working in your office.

Thanks to the Government of India, Ministry of Home Affairs, and IRDAI (Insurance Regulatory and Development Authority of India), corporate health insurance has been made mandatory for all employer-employees across organisations in India. This directive was put into effect from 1st April 2020. 

Does the above paragraph spike some curiosity in your mind? Explore more on our Plum Wiki here.

The Basics of Group Health Insurance ?‍?

We know that the word free has caught your attention since the beginning of this article. So let us begin with that point. Group medical insurance coverage is absolutely free for an employee because the employer bears the entire cost of cover. Your company purchases a group plan based on the number of employees. 

The employer pays the premium for the healthcare scheme on your behalf. In return, you are entitled to medical coverage for yourself and your family. This means that you can utilise employee-sponsored cover to pay for your hospitalisation bills and accidental treatment without spending money from your pocket. It is like a perk of working in a company. In addition, group health also provides cover for Covid-19. 

Too long, didn’t understand? Here you go ?. 

TypeName of PlanSelfThis is an individual health insurance plan which you buy for yourself.FamilyFamily health cover, also known as family floater plans, is insurance for your entire family.GroupThis is what we are writing about in this blog. When your employer buys health insurance for the organisation, it is known as group health insurance, corporate health plan, or simply group cover or group insurance scheme.

Tips and Tricks to Go Beyond Health Insurance ?

Workforce, be it traditional or modern, have their own set of requirements in today's day and age. As an HR or a co-founder, scanning and searching for the ideal and affordable group plan should be augmented by comprehensive employee benefits. Why? - Health benefits are essential in keeping your employees engaged, while group insurance will keep them motivated and retained. Now that is a clear win-win situation for you and your employees. 

When it comes to rewarding your team with health benefits, add-ons such as out-patient department cover (OPD), online doctor consultation, maternity benefit, regular wellbeing sessions, reimbursement for laboratory testing, focusing on mental health, free health check-up, customization options, and much more can add significant value in meeting employee expectations. 

Providing so many things in a single package seems like a difficult KPI. But for now, let's take one step at a time. Let's rephrase this ? statement for you. 

"Providing comprehensive employee benefits and medical insurance for your employees in a single package is a not so difficult KPI with Plum Insurance."

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Here is how: 

Standard Benefits of Group Medical Cover ?

• An excellent way to keep your workforce and their family members happy and healthy.
• It keeps employers and employees motivated.
• How can we forget to mention the tax benefits for the company?
• Less expensive and more affordable than a single health scheme.
• Say yes to cover for pre-existing diseases.

How is Group Medical Cover different from Employee State Insurance?

GMC ? ESI is a hot topic of discussion among many key decision-makers, founders and HRs. ESI is regulated by the Employees' State Insurance Corporation Act and is eligible for workers earning Rs. 21,000 or less per month. Under ESI, both the employer and employee are required to contribute. 

On the other side of the spectrum, workers earning more than Rs. 21,000 can be included under GMC for which the employer purchases the policy. There is no need for employees to pay for group cover.

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Advantages of Group Medical Insurance with Plum ?

With Plum Insurance, you get all of the above features plus more than what you are looking for at an affordable quote. We have taken good measures to provide you with an excellent combination of health cover and wellbeing benefits, along with eliminating the complex hassles of buying and managing a group plan.

• There is no requirement for a pre-medical test or check-up; get cover from day one.
• Go with the online flow; simply login to the Plum app and get full policy details.
• Download your eHealth card, file a claim, search for network hospitals on a single webpage, book an appointment and much more - Courtesy of Plum engineering.
• Go super! Increase your sum insured by Rs. 20 lakhs, starting at Rs. 529/yr.
• Are you an employer or employee? Check out Plums's awesome dashboard from any desktop or mobile device from anywhere.
• Go big or small; we will help you get the best online group insurance plan for your team.
• Add or remove benefits and employees as they come and go. But your health plan will stay forever.
• No more excel sheets; manage and track employee claims online.
• Call a doctor for yourself and your family members as many times as you like.
• Seamless and quick insurance claims process over WhatsApp. Please send a Hi on +91 7595 999 222 and let us handle the rest.
• Engage your employees further with wellness sessions every week.
• Avail vouchers for dental treatment as an add-on. We want you to keep smiling!
• Be it a minimum of 7 or 2000 plus employees, Plum will get you covered.
• We leave no one behind. We provide coverage for LGBTQ partners as well.
• 24x7 chat support. Speak to Kumar - Our super-smart friendly chatbot. Most of the time, he is just popping up with info on the website.

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In short, Plum's platform is watertight and designed to keep you in mind. We want to give you complete control over your health data and insurance policy. 

FAQ

Q. How does the coverage for pre-existing diseases work under group medical insurance, and are there any waiting periods involved?

A. Group medical insurance typically covers pre-existing diseases from day one. This means employees benefit immediately, without waiting. Employers choose such inclusive policies to ensure everyone feels secure. It's a significant relief for many, as individual plans often impose waiting periods. Therefore, group cover stands out for its immediate support.

Q. What specific tax benefits do companies receive by providing group medical insurance to their employees, and how do these benefits impact the overall financial health of the organization?

A. Companies offering group medical insurance to employees enjoy tax deductions. These deductions come under business expenses. As a result, the company's taxable income reduces. This advantage improves the financial health of an organization. Furthermore, it enhances the employer's reputation as a caring place to work. Thus, the financial and cultural benefits go hand in hand.

Q. How does the online claims process with Plum Insurance compare in terms of efficiency and user satisfaction to traditional claims processes?

A. The online claims process offered by Plum Insurance is designed for speed and simplicity. It removes paperwork and long wait times. Users can file claims via the app or WhatsApp, making it accessible and convenient. Customer feedback highlights satisfaction with this efficient approach. Therefore, compared to traditional methods, Plum's process is more user-friendly. This approach aligns with modern needs for quick and hassle-free service.