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Best Group Mediclaim Policy For Chartered Accountants in India – Everything You Want to Know

By January 8, 2022March 9th, 2022No Comments
Best Group Mediclaim Policy For Chartered Accountants in India - Everything You Want to Know

Group healthcare insurances play a significant part in providing financial security to the employees. Employers also need to provide such service benefits to their employees to express their concern for those working tirelessly to uplift their company. Whether it is a small firm or a big one, every organization should offer group healthcare policies. Chartered accountant firms are also no exception! There are several small to large-scale CA firms in the country that bring employment opportunities to finance and accounts professionals. Such companies also need to abide by the norms and regulations of providing group healthcare schemes to the employees. 

The growing field of CA professionals

Chartered Accountancy as a profession has always been prestigious. The profession is among the most high-paid jobs and services in the country. While some professionals can work as freelance chartered accountants, there are also options for fixed jobs. CA firm services are an integral part of businesses and companies. They are the ones who look after the auditing needs and tax management of other businesses and organizations. Hence, there is always a growing need for chartered accountants in every sector of work. With CA services going beyond the traditional accounts management, the young professionals are also well-versed with big data, analytics, and much more technical knowledge. However, the current number of CA firms in India is insufficient to manage the needs in the country. So, in the coming times, it is anticipated that more firms will grow with so many youngsters cracking the CA exams. 

Why do they need group Mediclaim insurance?

As discussed, the CA firms are on a growing spree in the country. So, young chartered accountants have several options to explore when it comes to choosing a job. Small firms that do not have many resources to offer to their employees need a stable service team to ensure a proper working pace. If more employees leave the firm in search of a better package, it is a loss for the employer. 

In such cases, providing group healthcare policies to the employees can benefit the CA firm. A group healthcare policy is more of a service benefit to the employees and the employer pays for renewing the policy yearly. They purchase the policy as per their budget and pay the yearly premium charges to ensure the continuity of the plan coverage for the employees. 

Identifying the best insurance policy

Coverage for Chartered Accountants
Best Group Mediclaim Policy For Chartered Accountants in India - Everything You Want to Know 5

Not only CA firms, but a group of professionals working in freelance mode can also apply for the group healthcare policy. Many are unaware that group policies are also applicable for an informal group. If every member of the group holds a similar interest, they can buy the policy and continue it on their own. So, even if you work in freelance mode with a group of other CA professionals, you can avail of beneficial healthcare coverage. Give a quick read to understand which features in a group Mediclaim plan makes it the best for the CA firm employers and freelance professionals. 

Plan coverage to ease the needs

The elementary criteria for finding the best group healthcare plan is to check the coverage attributes. Not every group healthcare policy has similar plan coverage aspects. The features can vary depending on the policy you chose and the overall premium charges. There are different types of group plans with specialized coverage features for certain diseases like diabetes, cardiac issues, respiratory problems, etc. So, before buying the policy its is good to sit and discuss the plan coverage expectations from the employees in the firm or your fellow CA professionals (informal group). For making your task simple, here are some of the essential plan coverage features that you must focus on – 

  • Cashless hospitalization and treatment coverage in the wide network of cashless facilitated hospitals
  • Easy reimbursement and plan extension facilities
  • Swift claim processing and cashless approval assistance from the insurance company and TPA
  • Coverage for critical illness and pre-existing ailments

Extensive policy features with customizability

While many Mediclaim insurances offer plan coverage for the treatment expenses, many do not offer complete support. Many expenses like diagnostic charges, pre-and post-hospitalization expenses, etc. do not fall under coverage. It depends on the policy you pick and the associated insurance company. Go for a company and insurance that offers the following facilities – 

  • Expense coverage for pre-and post-hospitalization
  • Diagnostic expense coverage
  • Policy support for psychological and physiological therapy and treatment
  • Complete expense support for eye-sight-related diseases (cataract, common power issues, etc.)

Instant add-ons and least waiting term

Everyone is aware of the work pressure of chartered accountants. They are responsible for maintaining and reviewing the financial setup of other businesses and companies. So, acquiring serious illnesses at a young age is possible for professionals. Hypertension and other heart-related issues can be common problems with many. So, adding policy benefits for specific diseases like these can help them. The instant policy add-ons can help them eliminate the waiting period attached to the group healthcare norms. So, if you are an employer of the CA firm, ensure to keep this facility in the group healthcare plan that you are providing to your employees. If there is an issue with the premium charges, you can ask your employees to bear the extra expense while covering them up for the basic plan renewal expenses. 

A comprehensive insurance policy

CA firms should always offer a comprehensive group healthcare plan to their employees where the family members can also enjoy the plan benefits. In such comprehensive policies, the dependent family members (spouse, children, and parents) can enjoy plan coverage within the insured sum without paying any extra premium. The employer pays for the expense. They all can enjoy these benefits till the primary policyholder (employee in this case) continues to work for the employer. It provides financial relief to everyone associated with the company or CA firm. 

A note for the employers

Employers in search of a reliable group healthcare plan for the CA professionals working under them can connect to PlanCover. PlanCover is a well-known insurance-broker company that offers the leading policies from IRDAI-approved companies in India. You can connect to their team even if the employee strength is low. Find the best group healthcare policy that suits the needs of a CA professional with dedicated support from PlanCover. 

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