Offering a 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 a group health insurance for your company, here are some points that you should consider –
- Don’t let price rule your decision – While buying a 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 the group health insurance policy and look for other features as well.
- 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 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?
- 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, the proper evaluation of your employees’ needs is also required.
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 company, it can help your employees in getting 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 is always useful to go with a group health insurance company which has tied up with a wide network of reputed hospitals and clinics.
While some insurance companies hire a third-party to handle their claims, which is called Third-Party Administrator (TPA), many insurers handle claims internally. Though there is nothing wrong with going with a health insurer which settles claims via TPA; it is worthwhile to know the time taken by them for settling claims.
- 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 towards these details as well.
Similarly, if your employees are situated overseas as well or if your employees frequently travel abroad, you can opt for a 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 a Group Health Insurance?
Buying a group health insurance policy is a great morale booster for your employees. It instills the sense of security and belongingness, and therefore, it is indispensable to choose the right group health insurance policy.