Offering a good group medical insurance plan can give employees a sense of security help retain the best talent and strengthen their motivation to drive your business towards heights of success. As an employer, you can get tax benefits on the amount of premium paid towards the group medical insurance policy. Corporate health insurance companies are offering customizable insurance plans depending on your requirement. So, let’s know more about selecting Group Mediclaim based on the premium.
Group health insurance covers the group of employees, in which the premium is usually borne by the employer. Hence, an employer needs to consider the cost or premium of a health plan while availing of the cover for their employees. So should you select Group Mediclaim based on the premium? No, the premium is not the only factor to consider.
An employer must choose the corporate health insurance companies based on the other factors too.
Policy benefits and features
Group health insurance plans offer a variety of benefits and features such as:
- Hospitalization cover
- Pre and post hospitalization cover
- Coverage for pre-existing illness without any waiting period
- Maternity cover
- New-born baby cover
- AYUSH treatment cover and daycare procedures
- Daily cash allowance
- Critical illness as an add-on cover.
Insurers also offer free health check-ups regularly and many such valuable features. You can customize the group medical insurance cover based on your employees’ requirement, their overall health, and also based on what your competition is offering to their employees.
Based on your customization, corporate health insurance companies charge the premium. The best thing is to do comparison shopping wherein you can compare the benefits and costs of policy and then make a rational decision.
Need to consider the Hospital network of insurance companies needs while buying group health insurance. Companies with a wider hospital network including the most preferred hospitals of your employees in their list can be a good match for you.
Claim settlement process
The prime purpose of providing medical insurance coverage to your employees is to secure them and to provide financial service when there is a medical emergency without any hassles. Hence, it is important to choose the corporate health insurance companies with a simple claim settlement process and the ones that offer the best quality services and cashless facilities at the time of claim.
Claims settlement ratio
The claim settlement capacity of corporate health insurance companies can be known by their incurred claims ratio. Hence, it is good to go with the insurer having a higher incurred claims settlement ratio for the smooth settlement of claims.