When you are an employer, leading a small business with an employee count ranging from 7 to 450, it is a rational step to go for GMC and GPA. Post COVID-19, the Indian Government has made it mandatory for companies to arrange group medical insurance policies for their employees. Read on.
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What do the technical terms mean?
As an entrepreneur of a small organization or an HR Leader, you need to know the full forms of GMC and GPA. When you are aware of the basics of the group medical insurance policies, it helps in choosing a suitable plan for the employees.
The full form of GMC is Group Medical Coverage. It enables any person from a group of employees covered by the insurance to avail of requisite medical facilities during illnesses. On the other hand, GPA means Group Personal AccidentAny Unforeseen and unanticipated event is considered an accident.. As the name suggests, it means payment of benefits resulting from any accidentAny Unforeseen and unanticipated event is considered an accident..
Why do you need to buy these health plans?
As an employer with a strong vision, it should be a top priority to attract talent and also retain good employees. It helps in remaining competitive in the market. You ensure the growth of your company.
The Group Medical Coverage (GMC)
Firstly, let us discuss the major aspects of GMC. The insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy effectively spreads the risk among the members who are registered under it. Thus, the amount of premium to be paid for the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy is less. The company can keep the expenses under control.
Affordability
GMC from a top service provider is generally applicable to a large number of employees. There is a uniform distribution of the amount. Each policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy beneficiary is equally entitled to the facilities of the insurance. There are no huge costs involved. The total premium amount is evenly shared.
Extensive coverage for in-patient hospitalization
One of the employees in your organization might need hospitalization due to a severe ailment. In such cases, both the employer and employee can safely depend on the provisions of GMC. It helps in covering the expenses in such situations, without any hassles.
Covering emergency hospitalization costs
There can be an emergency medical crisis in which an employee might be needed to be hospitalized immediately. Prompt medical attention is a priority in such situations. The GMC takes care of these cases, too. The group medical insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy takes into account the costs of the treatment.
Covering costs for post-hospitalization care
There can be situations in which an employee, after being released from the hospital, continually needs medical care. It is termed post-hospitalization care. GMC from a top-rated service provider has provisions to cover expenses for this category of care, too. The employer and the employee do not face any trouble.
Addressing the out-patient expenses
There are cases in which an employee needs some out-patient medical procedure. It can be related to chemotherapy or dental treatment. There are obvious costs involved in these services. GMC plays a major role to take care of the costs.
Covering the costs of medications and diagnostic services
There are many types of medications for different diseases. Also, the hospitals rely on diagnostic procedures to detect the ailment, its nature, and extent. It can be a blood test, CT scan, X-Ray, etc. A group medical insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy covers such expenses, too.
Maternity care
Yet another benefit of GMC is addressing the issues of maternity care. An employee needs attention when she is expecting. There can be certain medical services that she needs. GMC focuses on covering the expenses of these services. It makes it easy to avail the required medical attention.
Covering the expenses of treating a pre-existing disorder
An employee from the group registered under the insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy might have a pre-existing disorder. The good thing about a standard GMC is it covers such medical conditions, too. So, if the employee receives medical attention to treat his pre-existing disorder, the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy pays for the services.
Family Floater
Some GMC products include the family members of the employees. As an employee, you need to go through the details in the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy document, accordingly. So, in such cases, the family members of the employee can also get benefits from the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy.
The Group Personal AccidentAny Unforeseen and unanticipated event is considered an accident. (GPA)
When you want to make your company or small business attractive to raw talent from the industry, you should also include the facility of a GPA, along with the provision of a GMC. It has an extensive range of facilities for the employees.
Covering the loss of life
If an employee, unfortunately, loses his life in an accidentAny Unforeseen and unanticipated event is considered an accident., his family receives a certain amount from the insurance service provider. Some GPA policies have such clauses. It is essential to read each detail of the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy document before you decide to buy it.
Covering temporary/permanent disability
An accidentAny Unforeseen and unanticipated event is considered an accident. can cause temporary or permanent disability for an employee. A standard GPA covers such cases. It covers the costs involved in providing medical attention to the employee in these situations. The guidelines of the GPA policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy document mention the facilities the insurance can provide.
Dismemberment
The employee of a group under the insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy can be affected by dismemberment due to an accidentAny Unforeseen and unanticipated event is considered an accident.. A good GPA policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy from a trusted service provider takes care of such cases, too. It covers the expenses for treatments and medications. There is no financial stress on the employee.
Covering the medical costs for accidents
A standard GPA covers the expenses required to pay for the medical services when an employee in the group, unfortunately, meets with an accidentAny Unforeseen and unanticipated event is considered an accident.. Both the employer and the employee do not have to bother about the costs. The insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy takes care of the expenses.
Buy GMC and GPA from a reliable service providerIt is wise to purchase GMC and GPA from a top-rated service provider in the market, such as PlanCover. It is a very cost-effective way to cover your employees against illnesses, emergencies, and accidents. Your organization reaps the benefits in the long run. The employee retention rates become higher.
