Dear HR Seniors,
Does anyone in your company provide Group Medical Insurance? If yes, please share details like how you give this benefit. Do you deduct from employees' gross or does the company pay the premium amount? What kind of challenges have you faced in implementing this? I know in group medical insurance, staff don't get a tax benefit, so what can we do to provide a benefit as well as a tax benefit.
My situation - Our HQ has approved this benefit, but they want to pay only 80% of the premium, and the remaining 20% to be deducted from the staff's payroll. Some of them are not happy with this as it's a deduction from their gross without any tax benefit! What can I do to minimize the loss?
What kind of setup do you have in your respective companies? Please share and advise.
Regards,
Vineeta
From India, Delhi
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19Does anyone in your company provide Group Medical Insurance? If yes, please share details like how you give this benefit. Do you deduct from employees' gross or does the company pay the premium amount? What kind of challenges have you faced in implementing this? I know in group medical insurance, staff don't get a tax benefit, so what can we do to provide a benefit as well as a tax benefit.
My situation - Our HQ has approved this benefit, but they want to pay only 80% of the premium, and the remaining 20% to be deducted from the staff's payroll. Some of them are not happy with this as it's a deduction from their gross without any tax benefit! What can I do to minimize the loss?
What kind of setup do you have in your respective companies? Please share and advise.
Regards,
Vineeta
From India, Delhi
Acknowledge(0)Amend(0)
Dear HR Seniors,
Does anyone in your company provide Group Medical Insurance? If yes, please share details like how you give this benefit. Do you deduct from employees' gross or does the company pay the premium amount? What kind of challenges have you faced in implementing this? I know in group medical insurance, staff don't get a tax benefit, so what can we do to provide a benefit as well as a tax benefit?
My situation - Our HQ has approved this benefit, but they want to pay only 80% of the premium, and the remaining 20% to be deducted from the staff's payroll. Some of them are not happy with this as it's a deduction from their gross without any tax benefit! What can I do to minimize the loss?
What kind of setup do you have in your respective companies? Please share and advise.
Regards,
Vineeta
From India, Delhi
Acknowledge(0)Amend(0)
Does anyone in your company provide Group Medical Insurance? If yes, please share details like how you give this benefit. Do you deduct from employees' gross or does the company pay the premium amount? What kind of challenges have you faced in implementing this? I know in group medical insurance, staff don't get a tax benefit, so what can we do to provide a benefit as well as a tax benefit?
My situation - Our HQ has approved this benefit, but they want to pay only 80% of the premium, and the remaining 20% to be deducted from the staff's payroll. Some of them are not happy with this as it's a deduction from their gross without any tax benefit! What can I do to minimize the loss?
What kind of setup do you have in your respective companies? Please share and advise.
Regards,
Vineeta
From India, Delhi
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Hi Vineeta,
We have recently incorporated Group Medical coverage in our organization starting from June 2016. I am summarizing the policy and plan of action for you.
1) The entire premium amount is being funded by the organization as it is a benefit provided to all employees. (Deducting a part of the premium from an employee's salary isn't a good idea.)
2) Whenever an employee joins or exits our organization, the HR department informs the insurance provider to add or delete their name from the GMC policy.
3) Scope of Coverage: Covering hospitalization expenses in India for illness/disease contracted or injury sustained during the insurance period, subject to the limit of Sum Insured, where hospitalization exceeds 24 hours.
4) Sum Insured: Family Floater Rs. 3 lakhs
5) Family Definition: Self + Spouse + 2 Dependent Children up to 23 years of age
6) Pre-existing Diseases: Covered from day one
7) Maternity: Not Covered
Honestly, I have not encountered any problems as we have not filed any claims to date.
Thanks, and I wish you all the best!
Regards,
Yashodhan Dere
From India, Mumbai
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We have recently incorporated Group Medical coverage in our organization starting from June 2016. I am summarizing the policy and plan of action for you.
1) The entire premium amount is being funded by the organization as it is a benefit provided to all employees. (Deducting a part of the premium from an employee's salary isn't a good idea.)
2) Whenever an employee joins or exits our organization, the HR department informs the insurance provider to add or delete their name from the GMC policy.
3) Scope of Coverage: Covering hospitalization expenses in India for illness/disease contracted or injury sustained during the insurance period, subject to the limit of Sum Insured, where hospitalization exceeds 24 hours.
4) Sum Insured: Family Floater Rs. 3 lakhs
5) Family Definition: Self + Spouse + 2 Dependent Children up to 23 years of age
6) Pre-existing Diseases: Covered from day one
7) Maternity: Not Covered
Honestly, I have not encountered any problems as we have not filed any claims to date.
Thanks, and I wish you all the best!
Regards,
Yashodhan Dere
From India, Mumbai
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Dear Vineeta,
Group Mediclaim policy you can offer to your employees on the below terms & conditions:
1. Sum insured as you decided for it starts from 1 lakh to your limit.
2. Family: Employee + spouse & two children up to 21 years; female child waived after her marriage if she marries before 21.
3. Instead of 20%, you may go for 10% co-payment. At the time of billing of the hospital, employees have to pay this amount.
4. Instead of cashless, you may keep reimbursement; it helps to control the yearly premium.
5. The company can benefit from the service tax applicable to the premium.
If you need any information, you may call +91 9923359609.
From India, Pune
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Group Mediclaim policy you can offer to your employees on the below terms & conditions:
1. Sum insured as you decided for it starts from 1 lakh to your limit.
2. Family: Employee + spouse & two children up to 21 years; female child waived after her marriage if she marries before 21.
3. Instead of 20%, you may go for 10% co-payment. At the time of billing of the hospital, employees have to pay this amount.
4. Instead of cashless, you may keep reimbursement; it helps to control the yearly premium.
5. The company can benefit from the service tax applicable to the premium.
If you need any information, you may call +91 9923359609.
From India, Pune
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Hi,
Group health insurance can be partly funded by the employee and partly by the organization. The amount funded by the employee will be declared in Form 16, and for that amount, the employee can claim tax benefits under section 80D.
Please note this link for more information on how to structure group health insurance benefits for a new health insurance cover: [Link Here](https://insurance.plancover.com/index.php?/Knowledgebase/Article/View/1/1/what-should-i-consider-when-designing-a-corporate-health-insurance-cover-for-the-first-time)
If you want further information on the premiums typically charged, please visit: [https://www.plancover.in/group_health_insurance.aspx](https://www.plancover.in/group_health_insurance.aspx)
Best,
Deepak
From India, New Delhi
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Group health insurance can be partly funded by the employee and partly by the organization. The amount funded by the employee will be declared in Form 16, and for that amount, the employee can claim tax benefits under section 80D.
Please note this link for more information on how to structure group health insurance benefits for a new health insurance cover: [Link Here](https://insurance.plancover.com/index.php?/Knowledgebase/Article/View/1/1/what-should-i-consider-when-designing-a-corporate-health-insurance-cover-for-the-first-time)
If you want further information on the premiums typically charged, please visit: [https://www.plancover.in/group_health_insurance.aspx](https://www.plancover.in/group_health_insurance.aspx)
Best,
Deepak
From India, New Delhi
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