High claims indicate high utilization of the policy by employees. This actually indicates that the purpose with which you bought the policy is getting served well. It is natural that if a certain group claims more than others, it will also have to bear a higher share of the burden of premium. Despite an increase, […]
How does increase or decrease in lives impact renewal GMC premium calculations?
The number of lives to be covered on renewal and claims in the current policy are by far the two most important factors that influence GMC renewal premiums. In this post, we’ll get to know about the impact of increase or decrease in lives on GMC renewal premium calculations. The reason why a number […]
How can you assess if you are paying a fair price for group health insurance?
Often you take into account multiple factors while finalizing a health insurance procurement deal including pricing, service levels, insurer’s brand image, etc. Therefore, how can you assess if you are paying a fair price for group health insurance? On the pricing aspect, you can evaluate fairness based on the following factors – Claim ratio – […]
How can deductible and co-pay help in lowering the prices for Group Health Insurance?
Group health insurance pricing is a function of claims record, number of lives covered with respective demography, and benefit structure of the policy. An increase or decrease in the benefit structure translates into a proportionate increase or decrease in projected claim costs and hence policy premiums. In this article, we’ll get to know how can […]
Should you select Group Mediclaim based on premium?
Offering a good group medical insurance plan can give employees a sense of security help retain the best talent and strengthen their motivation to drive your business towards heights of success. As an employer, you can get tax benefits on the amount of premium paid towards the group medical insurance policy. Corporate health insurance companies are […]
How do insurers determine the cost of Group Health Insurance Policy?
A group health insurance policy covers many individuals under a single policy. An insurer will issue a master group medical insurance policy to recognized groups. It will have the names of all insured members. When new individuals join the group, the policy covers them by default. So, there are various factors determining the cost of […]
Right Price for Group Health Insurance – Infographic
Group health insurance policy is Group medical insurance that offers health coverage to employees of an organization at affordable premium rates. Group health insurance premium is calculated after taking various factors into consideration. To get the right price for group health insurance for employees or Corporate health insurance, it is recommended to gather quotes from […]
Room-rent cap in group health insurance
Health insurance providers specify a room-rent cap in a group health insurance policy. This post seeks to examine what this cap is and what its implications are, especially in the context of group medical insurance. Room-rent cap Simply put, a room-rent cap in group health insurance is an upper limit that a health insurance company […]
How to minimize cost for employees group insurance policy
Nowadays most organizations offer employees Group Insurance Policy. Group insurance policies like group health insurance, group term insurance, etc.; are some of the policies which are offered to employees. On the one hand, these insurance policies bolster the morale of employees, on the other, these are an added cost to the insurance company. To minimize […]
Are group health plans cheaper than individual ones?
Are you wondering whether the group health insurance plans your employer offers are cheaper than the individual health insurance plans you may buy? Then, this post is for you. It is easy to say that group health insurance policies are cheaper than individual ones for the reasons discussed below. However, it might be more reasonable […]