Things to remember when choosing group health insurance
The importance of medical insurance has only increased post Covid-19. For employers, this means selecting the right group health insurance for their employees. 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.
Additional Read: What is covered under group health insurance.
Health and average age of employees
Factors like number of employees in the organisation, average age of employees, 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 hospitalisation. 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.
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, inclusion of pre-existing illnesses, and maternity and new-born baby cover are some of the important features to consider while choosing a group health insurance plan. In fact, 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 a group health cover 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 customise 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.