The Group Health policy is generally the health insurance cover that provides protection to the group of people who can be the members of a society, the employees of a common employer, or the professional of a common group. The employers usually take the group health policy for their employees to cover their medical risks and expenses.
Health insurance has gained importance in the recent years due to the increasing medical costs. Therefore, it has become essential for the employers to provide health covers to their employees to cover their medical expenses in case of any health issues. This also helps the employers to attract the talented pool of potential employees as well as retain the existing employees in the company.
Here are the steps that an employer should follow while buying a Group Health policy:
- Decide about whom to cover:
Firstly, the employer needs to take a decision regarding who all will be covered under the group plan. Will it be just the employer himself and top management or the employees or the employees as well as the family members.
It is a very important decision since the cost of the health cover is dependent upon the number of members covered under it. So, more members mean more premium of the policy.
- Talk with the employees:
This step will help you know about the expectations of the employees. The employer can conduct a survey or request the employees to fill a questionnaire that will help the employer to know about the coverages that are needed by the employee. It also helps in deciding whether the employee wants a single cover (i.e. Only for himself) or the triple cover (that covers the employee, spouse, and children as well). Also, the health plan taken by the employer makes a difference in the compensation structure of the employee, so it is good to make them part of the process of choosing the group plan.
- Determine the amount of the coverage:
The employer needs to decide on the amount of the cover that is required, it is again a perilous decision while buying the group policy. While determining the amount of coverage, the employer should not only consider the present conditions, but also consider the future too for e.g. the increasing health care expenses, the age group of the employees, etc.
The coverage amount is also dependent upon the work environment and conditions. Like the employees working in the chemical manufacturing plant are more prone to health issues in comparison to the people working in the operations job who are required to work on computers in offices. Hence, the industries with working conditions that are likely to make employees more prone to health issues need to buy a higher coverage for their employees.
Also, determine the need of worldwide coverage, if the employees need to travel more often then, the employer should consider buying health plan that provides international coverage but it will increase the amount of premium.
- Get quotes from different insurance providers:
There are so many health cover provider companies providing a wide variety of plans. The employer should connect with as many providers as he could to get best possible quotes that provide a variety of coverages.
- Choose a suitable Group Health Insurance plan:
While choosing a suitable plan, do not just consider the plan with the lowest price. But, instead of price, the coverages offered by the different plans should be the deciding factor to make sure that a sufficient coverage is offered to the employees. The employer should consider the product, premium, and services offered together to choose a plan that meets his requirements in a best possible manner.
Some of the insurance companies also offer various value added services like regular health checkups, wellness camps, on-site medical test, etc. that also helps in maintaining the wellbeing of the employees as well as act as an incentive for them. The quality of the customer service provided by the insurance company should also be evaluated since it helps in knowing the efficiency and ease of the claim process in case of emergency.
The Group Health plan is the important incentive for the employees these days. So, employers need to make sure that they choose a best possible health plan for their employees by following the above-mentioned steps.
The easiest way to complete all these steps is though the Online platform and services offered by SecureNow. Apart from 24×7 support SecureNow Insurance Brokers also offer, smooth paperwork, premium reminders, and management of the policy.
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