A group medical policy is a benefit for employees and you. Looking for an advice on how you can apply for it? Check out this article to know more about it.
There is an ever-growing competition amongst companies to provide the best perks for their employees. While some consider it as genuine care by companies, others feel it these are gimmicks. No matter which side of the aisle you are on, you simply can’t all the perks and benefits employees are entitled to these days. One such advantage is the Group Insurance policies that companies or organisations provide for their employees.
For companies, it is a simple way of saying thanks and that they care for their employees. It creates an employee-centric environment and gives them a sense of security as well. For employers, the insurance premium is also a bit low, as the risk factor is spread across a large number of people. Members or employees, in this case, are part of a pool and can claim the insurance and when it is required. In case of medical emergency, employees can concentrate on recovery rather than worrying about the medical expenses.
Can you purchase a GMC policy?
If you are an organisation which has people working towards a common goal or activity you can opt for a GMC policy. There are few other guidelines that you need to follow to ensure a smooth transition.
- The employee-employer relation is one of the most common purchasers of the GMC. However, people in other groups who work towards in a similar spectrum can also benefit from these. This opens up avenues for getting GMC even for a non-employer relationship such as travel insurance of more appropriately accidental insurance for credit card holders.
- There are several instances where other professional groups come together and buy GMC for all everyone associated. In such cases, the head of the group is it a president or chairman must possess the authority to purchase a policy for everyone on their behalf.
- In case of an employee-employer relationship, the premiums depend on the employer. Employers might or might not need to contribute anything towards it.
- A group must not be formed solely for getting the benefits of a GMC. It is at the discretion of the insurer to provide insurance to such groups. They usually seek a clear relationship with the entity purchasing the policy and the group that is involved.
- The requirements for getting hold of a GMC largely depends on the insurer you are dealing with. Some insurers require a minimum number of group members to qualify for a GMC, while others do not have any such criteria.
- A group policy commences on specific dates such as once every new session, or any form of an anniversary, travel dates etc. The insurer usually looks for a definitive date for starting the policy.
- It is usual practice for insurers to discontinue a policy as soon as a member leaves the group unless otherwise mentioned. At times, some policies provide coverage for group members even after they leave, such as post-retirement.
If you are an organisation that has employees across multiple locations in the country, you can opt for a GMC. To do so, you can reach out to any of the insurers directly and get a deal that you like, or you can take the help of other services. These third-party services will provide the best deal for your organisation irrespective of the number of employees you have.
Certain employers have specific requirements; the same can be fulfilled with the help of these services or by taking additional riders. Requirements such as coverage for retirees, additional coverage for disabilities due to accidents etc. can be handled well by the riders.