A group health insurance policy is well established among corporates and other recognized groups who invest in the plan for availing coverage for their members. In fact, in the Indian corporate sector, almost every established company offers group health insurance coverage to its employees. With more than twenty group medical insurers operating in the market, choosing the best group health insurance policy in India from the right insurer can be a daunting task.
That being said, if you keep in mind a few key aspects, you can actually choose the right insurer quite easily. So, let’s have a look at what these are:
How to choose the right group medical insurer
- The coverage offered
The first thing to consider, when comparing group health insurance companies, is the coverage offered by their group plans. Look for companies that offer comprehensive scope of coverage in their policies as an inbuilt benefit. Then consider the riders available and assess whether such riders would provide any value-addition, in terms of coverage, to your members. Choose a group medical insurer that offers the best combination of coverage benefits, both inbuilt and optional, so that the members of your group can enjoy inclusive coverage from their group health insurance policies.
- The premium charged
The next thing to check is the premium that the insurance company is charging for the policy. When comparing group health insurance companies on their premium rates do not ignore the coverage benefits. Compare premiums vis-à-vis the coverage offered to choose a company that offers the most competitive rate of premium without compromising on the coverage features of the plan.
- The network of cashless hospitals
To allow your members to avail easy cashless claim settlements, it is necessary for them to easily locate the nearest cashless hospital. An insurer that has the widest network of cashless hospitals is better equipped to handle your members’ claims easily and speedily. So, when checking out insurance companies, do look at their hospital network. Pick a company that has a widespread network of cashless hospitals throughout India so that the preferred hospitals can be located easily for cashless claims.
- The discounts offered
Group health insurance companies offer premium discounts for different factors. Some commonly available discounts include the following:
- Ability to cover the required number of members under the policy
- Loyalty discount
- No claim discount
- Online issuance discount
These discounts can help in reducing the premium considerably. So, choose an insurer that offers the maximum possible discount so that your premium outgo is reduced.
- The service offered by the company
Lastly, to choose the right insurer, you should assess the quality of service offered by the company. Find out about the company’s service standards or experience it yourself. The right insurer should offer speedy resolutions and efficient servicing both when buying the policy as well as at the times of renewals or claims.
- Claims ratio of the insurer
The Claim Settlement Ratio of the insurance company shows the percentage of claims settled by the insurer against the total claims made on it in a financial year. The higher the ratio that the group medical insurer has, the better would be the chances of getting your claims settled easily. So, check the claims ratio of the insurer and choose a company that has the highest ratio.
Additional Read: Features of group health insurance policies
When you consider these factors and weigh the different companies, you would be able to pick the right insurer for your group health insurance policy. Compare the different insurers to find the right fit for your group so that you can buy the best group health insurance policy in India.
For assistance in picking the right insurer for your group health insurance needs, you can visit us at https://securenow.in/ or call us at 96966 83999 and we would help you choose the best insurer.