Group Health Insurance

How to select best coverage while choosing a group mediclaim insurance company?Looking for the best group mediclaim policy? Choose the right coverage with some crucial tips.


How to select the best coverage while choosing a group mediclaim insurance company?

Health insurance is needed for the hour. Post covid-19 pandemic, every employer would try to offer the best benefit to their most valued assets i.e. employees for their well-being. When it comes to health insurance, availing adequate health insurance is equally important to that selecting the right group health insurance company. Mediclaim policy with adequate coverage can help your employees’ tide of healthcare-related financial hardships. 

To keep your workforce healthy, choosing the right amount of health insurance coverage is extremely important. 

Additional Read: What is covered under group health insurance.

Tips to select the group mediclaim insurance coverage:

  • Health and the average age of employees

Group health insurance coverage is selected primarily based on the factors like the number of employees in the organization, the overall health of the group, and the average age of employees, etc. Based on the health and average age, group health insurance coverage and features to be included are decided. These things also contribute to the cost of insurance coverage. Hence, it is important to consider the overall health of your employees and their average age while customizing the group medical coverage. 

  • Hospital network

While deciding the group health insurance coverage, the employer needs to consider the list of network hospitals of the health insurance company. Group medical insurance providers with a wider hospital network and a list of reputed hospitals included can be a great choice. 

  • Medical inflation

Medical inflation is rising year on year. One visit to the hospital or an emergency medical situation can dent a hole in the wallet. Medical expenses can have a huge impact on the monthly budget of your employees. Hence, it is crucial to keep in mind the medical inflation rates while deciding the group health insurance policy coverage for your employees. It does not serve the purpose when the healthcare coverage provided is not adequate. Coverage should be decided after factoring in the medical inflation as well the healthcare cost prevailing in the particular city.

  • Competition

To remain competitive, it is important to offer a similar level of coverage to employees as offered by your competitors. While availing the group health insurance coverage, check what your competitors are offering. 

  • Features and service quality

Scope of coverage means not just the amount of coverage but also the wide features the group mediclaim insurance policy offers. Hence, while deciding the coverage, an employer should ensure the mediclaim policy covers major illnesses along with good quality healthcare insurance services. Room rent limits, pre-existing illnesses included and maternity and newborn baby cover, etc are some of the important features to consider while customizing the group health insurance coverage.

  • Affordability

Offering a valuable benefit, group health insurance coverage to their employees is an essential cost to the employer. Hence, the employer should also have to think about affordable insurance plans that can offer wide coverage with important features to their employees. Desired add-on benefits can be included after careful analysis of the cost and benefits offered by the policy.

How to select best coverage while choosing a group mediclaim insurance company?

Along with this, the employer’s claim history also needs to be considered while selecting the group health insurance coverage. There are a lot of ways in which employers can customize the group health insurance policy cover. Selecting the right amount of coverage with all the valuable features at an affordable rate is the key.

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