3 Ways to Customize a Group Health Insurance Policy

As an employer, you want to ensure that all your employees stay in good health. A group mediclaim policy is a perfect indication that you truly care for them. You want to provide them the umbrella cover of health insurance. These days young startups, as well as established organizations, buy this policy for a wide variety of benefits. It offers health insurance benefits to your employees and also helps you to retain the best talent in your company.

Several insurance companies in India offer group mediclaim plans, many of which offer different or unique features and benefits. There are basic plans that only provide health insurance coverage, while comprehensive group mediclaim plans, including add-ons, come with additional benefits. 

Customizing your group mediclaim policy is comparable to customizing your preferences while ordering a pizza. You get to choose between the crust, which can be thin, cheese-stuffed , or pan fresh. Then there are other options for extra cheese or for various toppings like olives, onions, corn or chicken. You select your preferences to match your taste. Similarly, you can customize a group mediclaim policy to make it fit your business needs. 

Here are three ways you can follow to strengthen a group insurance policy:

  • Family Coverage

Let’s continue with the pizza analogy –

You may quite like a regular pizza ordered by a friend for you. But you will tend to really love it when it has the base and toppings that you like the most. 

Think about how your employees feel when you offer them the benefits of a group mediclaim policy. Of course, they will like it as now they need not worry about getting quality healthcare treatment when required. However, they will appreciate it, even more, when it also covers their family members.

You can customize a group mediclaim policy to include parents, spouses, and children of your employees under the umbrella plan.  Doing this will indicate to your employees that what’s essential for them what you look out for.

  • Additional Maternity Benefits

Young women employees get maternity benefits from their employers, particularly in the IT and BPO sector as per Maternity Benefit Act, 1961. It is because child-delivery expenses have also reached new heights, all thanks to the overall increase in the healthcare cost in India. 

Your group mediclaim policy might offer maternity benefits to all the women in your firm. To add more benefits, you can increase the maternity coverage limit in the policy by choice. You can set separate limits of health insurance coverage for standard, cesarean section or ectopic pregnancies as well. 

  • Copay Limit Removal

Let’s move back to the pizza ordering example before moving on to copay –

What would you think if your friend says, “I am ordering a pizza for you online and paying for it, except for the delivery charges, which are on you.”

You probably won’t mind accepting this offer as the pizza matters more to you than paying a small amount as the delivery charge. But what if you don’t have to pay for the delivery charges either?

Getting the pizza will then become a great delight for you. 

The pizza is analogous to a group mediclaim policy, the delivery charges to copay and your employees are the pizza recipients.

A copay is the share of the claim that your employees have to pay while getting the benefits of the group policy. Standard copay ranges from ten to twenty percent, which varies as per policy terms. However, there are provisions to remove copay to allow full indemnity i.e. full coverage. You should check with your insurer about customizing your group mediclaim policy this way. 

In summary, customizing your group mediclaim policy implies choosing the most appropriate ways to ensure the maximum health coverage to your employees. This will not only safeguard their savings but also enhance overall well-being. At SecureNow, we can help you select the best group health insurance policy for your company to offer you the insurance benefits you and your employees deserve. 

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