Different Approach Towards Group Health Insurance

The main motive for providing group health insurance to the employees is to offer them financial protection in case of an unforeseen medical emergency. Before the pandemic, companies used to have a traditional approach towards offering group plans to employees that can be termed as “One fit for all” however, after the Covid-19 outbreak things related to medical coverage started to change for good.

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Traditional Approach to Group Health Insurance

Talking about the traditional approach in group medical cover, everything used to rely on the company. From selecting the insurance plan to setting the sum insured amount to selecting the inclusions. Since “One fit for all” approach cannot work for each employee as everybody has different medical conditions, the companies have to take a different approach to provide group plan coverage.

Health Insurance Assurance

Since the insurance sector is changing for the better after the Covid-19 outbreak, employers are also trying to provide better service and fulfilling the demands of their employees as quickly as possible, however, there are still miles to go and to witness the several other changes in the concept of providing insurance-related services.

It is because the employees have become more serious about their health than ever and started asking about the kind of coverage they are getting in their health plan which is provided by the company. Hence HR of the company can use an online platform to educate them about everything related to the group medical cover.

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Apart from this, the employers can let the employees choose the kind of coverage as per their medical conditions and exclude the ones that are not required apart from the default set of coverage that the group plan provides.

Here are some of those benefits, all the employees will get if the employers take a smarter approach towards providing group plan cover.

Multiple Options

When you give the authority to the employees that they can choose the kind of coverage they want, it makes them feel their importance in the company and creates goodwill of the employer among the employees.

Medical Insurance

However, employers can also set a maximum sum insured amount as per their budget and set a condition under which, if the sum insured amount exceeds the set sum insured amount, they will have to pay the extra amount from their pocket. Whatever it may be the employers have to educate the employees for the same before giving them the authority to choose the coverage.

Convenience

HR should make sure that the insurance company that they bought the insurance plan from must have an online presence. The online presence of the insurer will make it easier for the employees to select the coverage they are looking for.

Health Care

Low Premium

As we have mentioned above that in order to keep the employees under a budget, employers can set the sum insured amount that the employees would not exceed and if they do then they will have to bear the payment of the extra amount.

Earning

Due to the growing competition among insurers, the insurance companies have to come up with a different set of features and benefits that their customer can enjoy while purchasing the insurance plan online. One of them is an online premium calculator that the employees can use to calculate their premium and choose the one that fits their needs as well as the employer’s budget.

MSME

Micro small-medium enterprise (MSME) has become an important part of the country. It is because we get to witness the small business owners growing at a fast pace and these small companies are contributing to the Indian economy on a large scale now.

Where large companies provide group health plans to their employees, the MSME companies usually don’t provide group health plans to their employees. With the vast variety of insurance policies, the MSME can also look for the policies as per their requirement and budget.

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Since a group medical cover is one of the most favourable privileges the employees get attracted to, this helps employers to retain good employees for a longer period as well as attract new and smart talents to join their company.

Insurance companies have to evolve along with their customers and understand what all the employers and their employees are seeking after the Covid-19 outbreak.

Conclusion

In this new age where everything is done digitally makes anything in the entire world approachable. It makes it easier and comes with different benefits that the employers along with the employees can get. Corporate houses are suggested to take the new approach towards the new age concept of group insurance. The more insurance companies make themselves approachable and enhance their services and feature the more consumers they get.

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Written By: PolicyBazaar - Updated: 21 June 2022

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Policybazaar for Business - Group Health Insurance - Customer Reviews
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4.4/5
Based on 189 reviews
4.4
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Based on 189 reviews
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3.8 April 09, 2023
Mansi
Excellent Support
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4.3 April 01, 2023
Mahesh
Necessary Investment
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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