Buying medical insurance for a group requires a company to first focus on ensuring that employees do not have a financial shock due to hospitalisation. As with any product in the modern world, Insurance costs are a function of the type benefits and level of luxury you would like to afford for the treatment. We strive to use an innovative approach to develop health insurance products that cut costs while maintaining superior coverage.
What should you insure?
When you buy an Individual Health cover you cannot claim Maternity benefits for first 9 months. Claims for diseases like Cataract and Hernia among others also need to wait for one or two years. Group Health covers should not have any waiting period for such diseases or for Pre-existing diseases.
Choose your benefits wisely
Customised covers can have several combinations which can leave one confused. Choice on room rent, Maternity limit or the Sum Insured are just some of many variables. Wrong choices can make employee pay more for the treatment or increase the organisation cost beyond the budgets.
Are all expenses covered?
Medical covers are still evolving. You are only insured for expenses you incur when hospitalised for more than 24 hours or for specific day care procedures. Cover for OPD, Pharmacy, Diagnostics, Dental or Optical treatment are not readily available and expensive when offered.
What are the Exclusions?
There are many exclusions in policies of all insurers. Accident caused during a hazardous sport, Cosmetic Surgeries, Infertility treatments are all excluded. A hospital stay advised but deemed not necessary may not get paid. Hospitalisation for observation and/or investigation is also not payable.
How much does a Cover Cost?
All customisations should balance a cover with the cost. Changing cover combinations can allow you to buy a cover at half the cost of a full-blown cover. It is always not a good idea to buy the cheapest or the costliest cover. Edify can help you buy an affordable policy suited to your need.
Group Insurance for Parents
Since parents are prone to high value claims, achieving a balance between the cover and cost is important. Higher claims can significantly alter renewal costs and make the policy unaffordable next year. Edify specialises in structuring parent policies at an optimal cost and long-term sustainability.