Given the rising healthcare costs, health insurance is a must for everyone. Medical insurance offers the assurance that you are financially protected in case of hospitalisation. However, some of the best policies in the market might not satisfy all your needs.
To fill that gap, employers should select an insurer that provides a high level of customization and empower employees to customize the policy as per their needs. Here is the list of add-on covers in Group Health Insurance that you must consider including in your policy.
Add-ons are added benefits that you can buy with your Group Medical Coverage (GMC). By adding them to your base plan, you can avail extra benefits for a slightly higher premium.
The premium is based on the age of the beneficiary, policy type, coverage amount and the terms and conditions of the policy.
For example, you can add Out-Patient Department (OPD) cover or daily cash allowance to your group insurance scheme to increase the coverage of the base plan.
Compared to the conventional offline mode of buying Group Health Policy or Corporate Health Insurance Plan, online mode is faster and easier to include add-on covers to your policy. ACKO is a new-age digital insurance company that provides specialised or unique add-on covers that add value to your policy. Here are the Group Medical Insurance add-ons that you can add to your policy.
Top-up cover is additional coverage that employees can buy along with the health insurance provided by your employer. Like how a spare tyre of a car helps in case of a tyre puncture, the Top-up cover also offers that extra benefit over and above the sum insured of the base plan. This policy is beneficial if you are planning to include your spouse, children, dependent parents, or parents-in-law into the plan. Top-up cover offers additional coverage since the chances of hospitalisation increase as their age increases. For example, suppose your Group Health Insurance Plan comes with a sum insured amount of Rs. 5 lakhs, and you opt for the top-up add-on of Rs. 2 lakhs. If the hospital bill is Rs. 6 lakhs, then the top-up cover of Rs. 2 lakhs will cover the remaining Rs. 1 lakh. Compared to the personal health insurance plan, top-ups are a lot cheaper, in addition to the benefit of claiming tax exemptions under section 80D of the Income Tax Act.
Group Health Insurance policy offers financial coverage only in case of hospitalisation of more than 24 hours. However, there are medical costs that do not require 24-hour hospitalisation, and you may need to visit the OPD, subject to applicable copay. For financial protection against these expenses, ACKO provides the benefits such as in-clinic doctor consultations, eye check-ups, dental procedures and check-ups, full-body health check-ups and prescribed diagnostics under the OPD add-on cover. When you buy OPD cover, there is no cap on the number of consultations/medical tests/check-ups. Also, it provides coverage for small medical bills. This coverage is valid only for an employee, their spouse, and children.
The add-on is designed to nullify any loss of income due to hospitalisation by offering daily cash allowance to the beneficiaries. ACKO provides a fixed amount each day that you are hospitalised for a fixed number of days, subject to the terms and conditions of the policy. Additionally, it does not cover claims related to maternity and pre-existing conditions. Hospicash cover acts as a source of income during the period of hospitalisation. It provides coverage for miscellaneous expenses arising due to the hospitalisation. Hospicash Cover can be used by employee, spouse and dependent children.
The basic plan does not cover consumables items such as cotton, wool, masks, gloves, bandages, oxygen masks, etc. All these expenses are covered under the Consumables Add-on Cover. Generally, the cost of consumables items can be 15-20% of the total hospitalisation bill. Hence, you must have coverage against these non-medical items under your insurance plan to get the maximum claim amount. Consumables Cover is helpful, especially during a pandemic such as Covid-19, where healthcare workers wear PPE kits/masks for every visit. This add-on covers employee, spouse and children’s hospitalisation.
Get compensation or payment in case the insured dies or is disabled due to an accident. ACKO will pay 100% of the sum insured in case of accidental death, permanent or total/partial disability. In case of temporary total disability, ACKO will compensate as per the terms and conditions of the policy. The add-on cover will also offer other benefits such as children’s education cover and repatriation of mortal remains. The cover is worldwide, but payment of claim can only be made in India and in Indian Rupees. The coverage amount under this add-on varies for different insurers based on the terms and conditions of the policy.
This is a smart choice till the time we are suffering from the infection. As the name suggests, the Covid-19 Home Quarantine plan covers the cost of Covid-19 home treatment. The add-on cover provides compensation for costs incurred due to doctor consultations, prescribed diagnostic tests, oximeter (one per family), nebulization charges, prescribed medicines, and RT-PCR tests. The condition is that you must have a Covid-19 positive RT-PCR report from a lab approved by ICMR. This add-on comes with a fixed sub-limit amount, which is usually around Rs. 20,000 to Rs. 50,000. This add-on covers an employee, spouse, children and parents.
In normal cases, if you select a room exceeding the limit, you need to pay the proportional cost of the entire treatment out of your pocket during claims. Room Rent Waiver helps if you select a hospital room that has higher rent than covered in the base policy, as it allows you to increase the room rent limit at a nominal cost. This add-on cover applies only to the base policy and does not affect the sub-limits of other add-ons. Room Rent Waiver cover can be used by all covered members - employees, spouses, children and parents.
Parents are usually not covered by the base Corporate Health Insurance policy. Also, most add-ons only enhance the base policy, and their benefits don’t impact the parental cover. However, this add-on cover allows you to include your parents or parents-in-law in your insurance policy. This cover is highly beneficial for employees with dependent parents, as they need adequate health insurance as per their age. If they aren’t already covered in individual health insurance, this cover is their best bet.
|Sum Insured (SI)||Rs. 50 Lakhs|
|Accidental Death||Up to 100% of SI|
|Permanent Total Disability||Up to 100% of SI|
|Permanent Partial Disability||Up to 100% of SI|
|Temporary Total Disability||Weekly payout of 1% of Sum Insured/Actual Salary/Rs. 25,000 (whichever is lower) maximum up to 104 weeks|
|Child Education Cover||Up to Rs. 1 lakh per child (Up to 2 children)|
|Repatriation of Mortal Remains||Actual Cost/Rs. 25,000 (whichever is lower)|
Disclaimer: Coverage varies from companies to companies based on the terms and conditions of the policy.
Also, read; 1 Crore Health Insurance Plan
Here are the advantages of add-on covers in Group Health Insurance Policy.
Provide a robust and highly flexible Group Medical Insurance Plan to your employees. Group Medical Insurance policy helps in retention of talent and reduction in attrition. It also helps in motivating employees by offering excellent perks and benefits. This helps to increase the brand value of the company in the industry.
Group Health Insurance policy offers additional protection against conditions that are not covered under the base plan. It also provides the option to customize the policy as per your needs. You can also claim tax exemption under section 80D of the Income Tax Act, for the amount paid by you towards the premium.
Here are the reasons why it is compelling to buy ACKO Group Insurance Add-on covers.
By opting for the add-on covers, you can amplify your corporate policy at an affordable cost.
Add-on cover such as Daily Cash Benefit compensates for the loss of income in case of hospitalisation.
Since the corporate policy is standard in nature, you can customise the policy with the help of add-ons to make it more relevant for your requirements.
Disclaimer: Coverage benefits are based on the terms and conditions of the preferred policy.
Add-on covers are extra benefits or added facilities that extend the coverage of the base policy. For a small premium, you can get financial protection against non-medical expenses, increase the scope of coverage, and get exclusive coverage against conditions that are not covered under the basic plan.
The base policy offered by the employer can be customised as per your needs. This is possible through the inclusion of add-on covers. For example, if you have a loss of income during the hospitalisation, ACKO provides a daily cash allowance to nullify the loss through the Hospicash add-on cover. You can read more about add-ons in Group Mediclaim Policy in the above-mentioned section.
While you cannot change the sum insured of the insurance for employees, you can opt for the Top-up Cover to increase the coverage of the policy. For a small premium, you can increase the coverage so that you and your dependent family members can collectively claim up to a maximum of the sum insured. You can also take advantage of the tax exemption under section 80D of the Income Tax Act for buying the top-up add-on cover.
Once the sum insured is exhausted, the top-up cover will cover medical costs over and above the sum insured amount. For example, if the sum insured of the base plan is Rs. 5 lakhs and the top-up coverage is Rs. 2 lakhs, your total coverage is Rs. 7 lakhs. So, if the hospital bill is Rs. 6 lakhs, then the base plan will cover Rs. 5 lakhs, while the top-up add-on will cover the remaining Rs. 1 lakh.
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Category: Non-Life Insurance
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