Hi Everyone,
We want to have a mediclaim policy for all our employees. We are planning to extend this mediclaim policy to cover the employee as well as their family members. Which option is better, and what is the preferred practice in terms of paying the premium - by the company or the employee?
Thanks in advance.
Srinivas
From India, Hyderabad
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We want to have a mediclaim policy for all our employees. We are planning to extend this mediclaim policy to cover the employee as well as their family members. Which option is better, and what is the preferred practice in terms of paying the premium - by the company or the employee?
Thanks in advance.
Srinivas
From India, Hyderabad
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Hi Srinivas,
Medical Health Insurance is a very good insurance benefit to provide to your senior employees or those who are not covered under the ESI Act. Under this scheme, many options are available. For instance, you may offer a Medical Insurance benefit of Rs. 100,000 or more not only to the employee but also to their families.
The employee will receive a health card once covered, which can be used at any covered hospital without any out-of-pocket expenses. These health cards are provided by various companies such as Allianz Bajaj, ICICI, New India Insurance, and others.
The Allianz Bajaj health card of Rs. 1,00,000 (One lakh) is available at a premium of Rs. 1,600 only. It would be beneficial if the company provides the same and incorporates it into their CTC structure.
I hope this information provides you with insight into the insurance benefits.
Regards,
Amit Seth
From India, Ahmadabad
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508Medical Health Insurance is a very good insurance benefit to provide to your senior employees or those who are not covered under the ESI Act. Under this scheme, many options are available. For instance, you may offer a Medical Insurance benefit of Rs. 100,000 or more not only to the employee but also to their families.
The employee will receive a health card once covered, which can be used at any covered hospital without any out-of-pocket expenses. These health cards are provided by various companies such as Allianz Bajaj, ICICI, New India Insurance, and others.
The Allianz Bajaj health card of Rs. 1,00,000 (One lakh) is available at a premium of Rs. 1,600 only. It would be beneficial if the company provides the same and incorporates it into their CTC structure.
I hope this information provides you with insight into the insurance benefits.
Regards,
Amit Seth
From India, Ahmadabad
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Yes, Mediclaim is one of the benefits that is really helpful and a good retention practice too. My thoughts are: It would be good if the company pays for the employee, spouse, and children. If the need arises to include parents, it is more advisable to provide a fixed amount to the employee against the premium receipt rather than paying it directly. When the company takes responsibility, the premium for the whole group is impacted, especially in the case of hospitalization for parents. I hope I have made myself clear.
Cordially,
Preet
From India, Bangalore
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Cordially,
Preet
From India, Bangalore
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Hi Srinivas,
Answering your query:
1. In a group health policy, you can decide what benefits to opt for within the framework of the policy.
2. The choices you make should depend on the employee population mix (married/unmarried, male/female) and whom you wish to cover.
3. Typically, the practice is to cover the employee, spouse, and two children. This premium is paid by the company.
4. If parents are covered, then the premium can be borne by the employee.
5. As far as the insurance companies are concerned, if a fair premium is paid, then the risk can be placed with any insurer.
6. If you can provide me with a better understanding of your profile, I can assist you in formulating the entire group health policy for your company.
Regards,
Purandar
From India, Mumbai
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Answering your query:
1. In a group health policy, you can decide what benefits to opt for within the framework of the policy.
2. The choices you make should depend on the employee population mix (married/unmarried, male/female) and whom you wish to cover.
3. Typically, the practice is to cover the employee, spouse, and two children. This premium is paid by the company.
4. If parents are covered, then the premium can be borne by the employee.
5. As far as the insurance companies are concerned, if a fair premium is paid, then the risk can be placed with any insurer.
6. If you can provide me with a better understanding of your profile, I can assist you in formulating the entire group health policy for your company.
Regards,
Purandar
From India, Mumbai
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Employee reference policy.doc