Challenges in Providing Group Health Plan for Employees

With the rapidly changing work environment and needs of the workforce, a group health plan for employees has become an intrinsic part of an organisation’s employee benefits policy. Group mediclaim policy is a win-win situation for both, the employer and the employee. It is an economically viable way of providing quality health care for employees. However, a business may face certain challenges when implementing employer employee insurance plans. In the article below, we shall have a look into these challenges.

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Challenges to Overcome to Implement a Group Health Plan for Employees

For a start-up or small business offering group health insurance policy for the first time to its employees, the task may seem a tricky one. The group health insurance segment offers multiple options and features, but, choosing the right plan for your business and then implementing it in the right manner poses a challenge. Let us look at some of the top challenges a business must overcome to implement a group health plan for employees.

Changing Market Dynamics

Remote working conditions have now become a norm. Workforces have gone mobile globally. Thus, offering employee benefits, especially employer employee insurance requires more detail. Companies with workforces situated in various parts of the globe are now increasingly opting for international health insurance plans. 

For homegrown businesses with a workforce in various parts of the country, employers are now focusing on additional benefits like telehealth features and app-based claim settlement procedures.

Selection of the Right Plan

The main aim of any business while choosing and implementing a group medical insurance for employees is to maintain a balance between costs and benefits. Companies are now moving over from traditional group health insurance policy and offering more comprehensive ones which include wellness benefits. 

Wellbeing programs focus on preventive medicine and healthy living, thus increasing employee productivity. It may also help detect the disease, if any, at a pre-emptive stage. This reduces the overall claim possibility. Choosing the right balance of cost and benefits is a major business decision.

Usage of the Plan

When a company offers a comprehensive group insurance plan, it must be ensured that the workforce is making use of it. Otherwise, the employer ends up paying the premium for no reason. Thus, whenever, the company introduces a new group insurance plan, or renews it with additional features, the employees must be well-educated about the same. They should be informed about the benefits, how can they use it, where can they use it, etc.

Claim Process

When an employee claims group insurance, he/she is already going through tough times. A tedious claim settlement process is the last thing that he would want to encounter. A modern claim settlement process with cloud-native technology can streamline the complete process and simplify data exchange at a faster rate. Thus, automated processes which eliminate time-consuming processes should be selected.

Renewal

Renewal of group health insurance policy can be tiring too. At the end of each year, the company needs to decide whether to continue with the existing plan or go for a different one. There are broadly two factors that should be considered when going for a renewal.

- The loss ratio: A policy’s loss ratio can be determined by understanding the value a business receives from the plan versus the cost it incurs.

- Benchmarking: Benchmark the policy’s performance, premium amounts, benefits offered, etc., with the competitors.

Conclusion

When you implement a group health plan for employees, there would be a set of many other challenges that you may face. The challenges are not necessarily restricted to only the above points. However, the above challenges could be a good starting point while embarking on this journey of employer employee insurance.

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Written By: PolicyBazaar - Updated: 11 August 2023

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Policybazaar for Business - Group Health Insurance - Customer Reviews
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3.8 April 09, 2023
Mansi
Excellent Support
It was easy to buy insurance from PolicyBazaar website and customer support was also amazing to clear all the doubts.Thankyou. Highly worth it.
Dehradun
4.3 April 01, 2023
Mahesh
Necessary Investment
It is a good and necessary investment. Thanks PB.
Lucknow
4.3 March 24, 2023
Surya
Provides Satisfactory Results
I purchased Group health insurance at policybazaar recently and i am so much satisfied with the plan. The application process was smooth and efficient, making the typically tedious task of getting insurance surprisingly hassle-free.Thanks PB.
Bareilly
3.8 March 16, 2023
Naveen
Helpful In Making Decisions
When it came to selcting the right Group Health Insurance, Policybazaar offered an impressive range of options from reputable insurers. I appreciated the comprehensive details avalable for each policy which helped me to take the better decisions. Thankyou.
Delhi
4.3 March 15, 2023
Rajesh
Increases Clients Expectations
I recently had the pleasure of securing a Group Health Insurance policy throug PolicyBazaar and I must say the Entire process exceeded my expectations! From start to finish, their service werw great. Thankyou.
Delhi
3.8 March 02, 2023
Ravi
Great Experience
I got great deals on PolicyBazaar website. Highly recommend.
Pune
4.3 February 17, 2023
Diljeet
Excellent Purchase
It was a excellent purchase at PolicyBazaaar. Thankyou team.
Coimbatore
4.3 February 04, 2023
Satya
Prompt Services
Policybazaar's efficient claims process was impressive. In case of any medical emergencies, my employees were able to get their claims settled swiftly, allowing them to focus on their health and recovery without worrying about financial aspects.Thankyou
Chennai
4.3 January 22, 2023
Abhishek
Budget Friendly Purchase
Thankyou PolicyBazaar for providing such a great plan at affordable premium rates. It was a budget-freindly purchase.
Delhi
4.3 January 09, 2023
Abhash
Multiple Range Of Benefits
I purchased Group health Insurance which offered me plans with affordable rates Thankyou PB.
Pune