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Offering a cost-effective employee benefits package is something every organization, big or small, thrives for. With rising healthcare costs, affordability has become a major concern for employers offering group insurance plans to their employees. Though insurance is widely offered by larger and established companies, small and medium businesses are still struggling to provide the best products at competitive rates. A recent study also proves that the average cost of employer-sponsored health insurance in India is on the rise.
Affordable prices
Dedicated claims manager
All round wellness benefits
Group health insurance has been a win-win for all, the insured, the policyholder, and the insurer. Benefits to the policyholder (the company or employer) and the insured (the employee) are many and are frequently discussed. Even on a macro-level, a group health plan has a major contribution to the penetration of the health insurance segment in India, especially in Tier 2 and Tier 3 cities.
For the insurers, group insurance policy in the past meant receiving a good portion of a high premium at one go. However, until recently, the situation has become tricky for insurers. Even though the average premium received in this segment is high to support the cash outflow, the number of claims has increased fourfold. Insurance companies are thus facing challenges to offer services at competitive rates. Let us look at the prime factors of challenges influencing the increase in the average cost of employer-sponsored health insurance.
Group Health Insurance Premium Calculator
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Minimum lives should be 7
Include maternity coverage
A report released by Mercer Marsh Benefits mentions that group health insurance costs are expected to increase by 15% in India in 2022. The main factors that influence the average cost of employer-sponsored health insurance premiums are:
Conclusion
Employer-sponsored health insurance is now viewed more as an investment than a cost by the employer. Employee well-being is now given priority to motivate, retain and improve employee productivity. Group insurance policies are carefully designed based on the employee's need, demographics, experience, existing claim experience, etc. This hence ensures that the cover provided is optimal and at a reasonable cost.
Group Health Insurance Premium Calculator
Who do you want to insure?
Minimum lives should be 7
Include maternity coverage
Wellness At Work
Benefits of group health insurance