Offering group health insurance to employees is a great idea. Not only does it help in attracting top talent to your company, but you can also avail a lot of benefits as an employer including tax benefits. So, if you are looking for group health insurance for your firm, here are some points that you should consider –
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Don’t let price rule your decision –
While buying group health insurance, it is obvious to get inclined towards those plans which come with low price tags. However, if you choose the plan on the basis of the price only, the chances are high that you will choose the lower cover.
Also, it could happen that the insurance company offering lower premiums could have poor customer service. So, don’t make price the only yardstick of buying a group health insurance policy, look for other features as well.
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Choose sufficient coverage-
According to reports, medical inflation is rising at an alarming rate. In fact, one visit to the doctor is enough to disrupt the monthly budget of a middle-class family. While deciding the coverage for your employees, make sure the cover is sufficient enough to help them deal with medical expenses.
So, go with a minimum of Rs 5 lakh coverage under a group health insurance plan. Every year at the time of policy renewal, you can consider increasing your employer’s health cover in accordance with the inflation rate.
Additional Read: What Should You Include in Your Group Health Insurance Policy?
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Take a well-thought decision-
It is about the health of your employees, and therefore, carefully assess all the available options before finalizing the health insurance plan. For this, it requires the proper evaluation of your employees’ needs.
When deciding on the insurance company, it is necessary to weigh the premium and service aspects carefully. It is strongly advised to conduct reference checks with the current customers of group health insurance companies and get their feedback.
When you choose a good group health insurance for your firm, it helps your employees get the best possible deals. An efficient insurance company can also add/delete employee records without much of your intervention.
Further, it is necessary to check the list of network hospitals/clinics where your employees can seek cashless treatment. It’s useful to go with a group health insurance company, tied up with a wide network of hospitals and clinics.
While some insurance companies hire a Third-Party to handle their claims, called Third-Party Administrator (TPA), many insurers handle claims internally. Though there is nothing wrong with going with a health insurer who settles claims via TPA; it is worthwhile to know the time taken by them for settling claims.
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Read the Policy Document Carefully–
The group health insurance policy can have a major impact on your employees should the need arise. Some insurance providers impose a capping on the insurance cover they offer. While some exclude certain ailments or conditions, like maternity, etc. It is crucial to pay attention to these details as well.
Similarly, if your employees are situated overseas as well or frequently travel abroad. Then you can opt for worldwide coverage in your group health insurance policy also.
While choosing the insurance policy for your employees consider the benefits that you would like to have in your insurance policy and then pick the policy accordingly.
Additional Read: What are the advantages of Group Health Insurance?
Buying a group health insurance policy is a great morale booster for your employees. It instills a sense of security and belongingness. And therefore, it is indispensable to choose the right group health insurance policy.
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.
