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 with the umbrella cover of health insurance. These days startups, as well as established organizations, buy a group health insurance 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 health insurance policies, 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 very easy. You select your preferences to match your requirements. You can add coverage, increase the sum insured, and include capping under the policy based on your business needs.
Here are three ways you can follow to strengthen a group insurance policy:
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Family Coverage
Think about how your employees feel when you offer them the benefits of a group mediclaim policy. Of course, they will like it as they now 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 is what you look out for.
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Additional Maternity Benefits
Young women employees get maternity benefits from their employers, particularly in the IT and BPO sector as per Maternity Benefit Act, of 1961. It is because child-delivery expenses have also reached new heights, all thanks to the overall increase in healthcare costs in India.
Your group health insurance 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.
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Copay Limit Removal
Let’s consider a 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.
Additional Read: In How Many Ways is a Group Health Insurance Beneficial for Your Employees?
In summary, customizing your group mediclaim policy implies choosing the most appropriate ways to ensure maximum health coverage for your employees. This will not only safeguard their savings but also enhance their overall well-being.
Written By-
Mayank Sharma
MBA Finance
He is a professional who brings extensive knowledge and expertise to the field of group health insurance. He has dedicated 7years to helping individuals and businesses navigate the complexities of insurance. Having worked closely with numerous clients and insurance providers, he deeply understands the nuances of group health insurance policies. With a reputation for providing insightful and informative content, he leverages his industry experience to educate readers about the importance of group health insurance and its benefits. Through their articles, Mayank Sharma aims to empower individuals and businesses to make informed decisions about their healthcare coverage, ultimately promoting healthier and more secure communities.
