The importance of medical insurance has only increased post-Covid-19. For employers, this means selecting the right group of health insurance for their employees. Choosing the best group mediclaim policy would be one that offers the maximum benefits at a reasonable cost. If you are an employer looking to purchase corporate health insurance, here are some factors to consider.
It is very important to consider factors such as coverage options, premiums, network of providers, and the insurer’s reputation when choosing a group health insurance plan.
Additional Read: What is covered under group health insurance?
Health and the average age of employees
Factors like the number of employees in the organization, the average age of employees, the overall health of the group, etc. determine the relevance and cost of group health insurance. Hence, it is important to consider the overall health of your employees and their average age while picking a group medical insurance plan.
Network of hospitals
An advantage of employee insurance schemes is that employees can get cashless hospitalization. However, this facility is only available at network hospitals. Hence, one of the things to consider when selecting a group mediclaim policy for employees is the list of network hospitals associated with a health insurance company. Insurance providers that have a wider hospital network, featuring reputed hospitals, will thus make a great choice. Also, if there are hospitals that you would like as part of the cashless network, let the insurer know. Over a month or two, these hospitals can be empanelled specifically for you.
Inflation in medical expenses
It is crucial to think about inflation in medical expenses while picking a group health insurance policy for your employees. Inadequate health care coverage would be of no use. When deciding on coverage, you should factor in prevalent healthcare costs as well as inflation in the city of operation or residence.
Competition
To remain competitive, it is important to offer a group mediclaim policy that has the same benefits as those offered by your competitors. For example, many service companies now offer health insurance to parents of employees. You need to have these benchmarks in mind when developing your own employee benefit plan.
Features and quality of service
Scope of coverage does not only mean the sum insured but also the features of the group mediclaim insurance policy. Hence, you should ensure that the group health insurance plan policy covers major illnesses and offers good quality healthcare. Room rent limits, the inclusion of pre-existing illnesses, and maternity and newborn baby cover are some of the important features to consider while choosing a group health insurance plan. In fact, the room rent limit is particularly important, because if employees have to stay in a room below their expectations, they are often unhappy.
Affordability and sustainability
Group medical insurance is a significant cost for an employer. Hence, you should think about affordable insurance plans that can offer extensive coverage and important features to your employees. If needed, you can include add-on benefits after careful analysis of the policy’s cost and benefits.
If you introduce group health coverage then this is something you will need to continue for years to come. That is why benefits should be introduced gradually so that you know the costs are sustainable.
In addition, it is important to think about your claim history while selecting a group health insurance plan.
There are many ways in which employers can customize a group health insurance policy to suit their unique needs. At SecureNow, we can help make this process simpler for you so that you get adequate coverage with meaningful benefits at an affordable rate.
About The Author
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.
