Health insurance Pune ,Buy health insurance - Group mediclaim insurance, otherwise known as group health insurance, can be very beneficial in helping people and families manage out-of-pocket expenses that would otherwise be incredibly high. But what are the pros and cons of group mediclaim? Take a look at these few advantages and disadvantages to help you decide if it’s right for you.
What Is Group Mediclaim?
If you’re looking for a more affordable health insurance option, group mediclaim is a good way to go. Simply put, group health insurance allows individuals to band together to get cheaper rates on plans. That’s because companies can spread costs across a larger pool of people—the bigger your group, typically, the cheaper your premiums will be. A company or an organization acts as a sponsor for these groups.
How Does It Work?
The basic concept is that you pay a flat fee each month or year to your insurer. And on most policies, if any one person in your group requires medical attention, everyone else’s premiums are discounted by 10-15%. So long as nobody actually uses their policy, your rates remain low. But as soon as someone makes a claim against their plan, rates for everyone in your pool increase correspondingly. In other words, if you don’t actually have to use your health insurance policy—don’t! Because once you do take advantage of it and make a claim, chances are it will become very expensive for everyone in your pool.
Advantages of Group Plans
In a group policy, premiums are calculated on a ‘per capita’ basis. This means that all members will have to pay an equal sum for their coverage. So, you might have 20 people in your group plan and each will be responsible for paying Rs 100 per month (total premium of Rs 2000). However, if one person requires Rs 1 lakh worth of hospitalization then only he/she has to pay additional premium. In individual plans, though no one is guaranteed to receive insurance cover because even if they meet all criteria some insurers may still reject their application.
Disadvantages
One of major disadvantages to group health insurance is that it can be much more expensive than individual policies. To cover a small group of people, insurers need to charge higher premiums than they would charge if covering just one person. Also, if you’re on a high-deductible health plan (HDHP), group health insurance coverage means you’ll have two deductibles to contend with: your HDHP deductible and your insurer’s deductible for medical events that occur during regular policy periods.
Conclusion
Finding a mediclaim policy that suits your needs can be confusing, so it is always advisable to take help from your friends who have previously dealt with insurance companies. Once you choose an insurer, you should remember to renew your policy every year and not just leave it hanging. The renewal process involves a checkup by an authorized physician to make sure that you are still eligible for medical benefits under that particular plan.For more details visit - https://www.policyplanner.com/health-insurance.php