Group Health Insurance

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Buying a group health insurance policy

A group health insurance policy covers a group of individuals under a single plan. Only registered and recognized groups can buy group medical insurance for their members; the most common of these groups is employer-employee. Usually, employers buy such health insurance plans as part of their employee benefit programs. Group mediclaim policies are bought because they are affordable, convenient, comprehensive, and customizable.

Steps to take before buying group health plans

If you are an employer who wants to buy a corporate health insurance plan, here are some steps for you to follow. First, decide on the employees you want to cover. Would you offer insurance to all or some of your employees? This decision will determine the premium you will have to pay.

Next, in order to ensure that the employee insurance scheme you opt for is truly beneficial for your employees, ascertain their needs. You can do this through a survey or questionnaire. Since the health plan also affects the employee’s compensation structure, it is good to make them part of the insurance selection process.

Finally, calculate the amount of coverage by considering present and future conditions, such as healthcare expenses, age group of employees, working conditions, etc. Once you have done all of this, you can go ahead and buy a plan.

Additional Read: Features of group health insurance plans

How to buy group health insurance plans

There are two different options for buying group health insurance plans.

  • Directly from an insurance company 

An option for buying a group policy is through an insurance company. To do this, you can apply for group health insurance at an insurer’s branch or with a sales representative. Once you do this, the company’s executive will get in touch with you to confirm coverage and premium details. Alternatively, you can contact the customer-care helpline of the insurance company and submit a request for group mediclaim insurance. The customer care executive will transfer your call to the company’s sales department, which will help you buy the policy. This can be a cumbersome process, particularly if you are a small company and want to understand the product in detail.

  • Through insurance intermediaries such as SecureNow

You can also buy group health insurance through an insurance broker. For this, leave an inquiry online or call customer support. Intermediaries move fast and will call you back quickly. A good intermediary will share multiple options with you, both of insurers and product structures. And, typically they will do this in just a day or two. Keep in mind that Premiums charged are just one aspect of selecting good insurance. Once you see the options, you can zero in on a policy that gives you comprehensive coverage for the most reasonable premium. Further, most insurance brokers have a dedicated department to handle claims that will help you settle your claims at the earliest. For these reasons, these brokers are a better alternative for buying employee health insurance policies.

Paying the premium for group health insurance plans

You can pay the premiums of group health insurance policies online, through NEFT, RTGS, net banking, UPI, etc. Alternatively, you can also pay the premium offline through a cheque or demand draft. Your insurance is effective from the day money is received by the insurer. However, if you write a cheque then they will consider the day the cheque was shared with them as the starting date.

What SecureNow offers?

SecureNow is an insurance broker that allows you to find and buy group health insurance online. All you need to do is visit the group health insurance quote page and enter your basic information. Once this is done, you will get thoroughly researched insurance quotes from top insurance companies. SecureNow will then get in touch with you, understand your coverage needs, and help you with policy customization based on your needs. So, a process that could take you weeks on your own will be completed in a day or two. Also, you will get much better terms from SecureNow than what you could get on your own.