In A Company Should Employees Buy Individual Mediclaim Policies And Company Reimburse The Premium As Per Grade?

Hi,

We have a medi-claim policy for employees and their family members. Upon confirmation of employment, the employee is required to fill in the insurance medi-claim form. Upon successful approval, a medi-claim policy is issued in their name.

The concerns are as follows:
1) Errors in form filling
2) Improper document submission leading to delays in policy issuance
3) Difficulty in monitoring individual payments for each renewal

Possible solutions:
1) Opt for a company medi-claim where each new entry and exit is communicated to the insurance service provider
2) Allow employees to purchase their preferred policy with the company reimbursing the fixed premium amount based on grade

I am seeking insights on industry practices and best practices in this regard. We are located in Baroda, which boasts some of the best medical facilities.

Looking forward to your input. Feel free to contact me at hardikndixit@gmail.com.

Regards,
Hardik
96016 93319

Hi Hardik,

Instead, you can tie up with an insurance provider or TPA. They will handle the task of filing in the details. If an employee has not provided the necessary documentation, you don't need to pay for that employee's insurance until it is active. Corporate medical insurance is associated with the employee number, and even if the date of birth does not match by plus or minus 2 years, it should not pose an issue.

No, dear, it's not at all difficult. What you have to do is connect with a reputable insurance company and then provide them with all the relevant information. For monitoring, you have to update the employees' status on a monthly basis.