Tips to Choose a Right Group Health Insurance Company for Your Organisation

Amid the pandemic, health has become the priority of every individual living on this planet. Being an employer, it is becomes your responsibility to protect your employees from heavy unforeseen hospital expenses. Choosing the right group health insurance for the employees can be a task for an employer. Let us give you some tips on how to choose the right group health insurance for your employees.

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*Premium starting from ₹110/Employee/Month for ₹1 Lac Sum Insured covering Health & Wellness Needs (excluding GST)
#Premium may vary on the basis of coverage type & add-ons
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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Disclaimer: The above plans and premiums are for 1 Lakh sum per life per month covering Health and Wellness needs of 7 Employees, 5 Spouse & 2 Kids below 35 years of age. The premium is inclusive of GST and do not cover PEDs & Maternity. Standard T&C Apply PolicyBazaar does not rate, endorse or recommend any particular insurer or insurance product offered by the insurer.

How to Choose Group Health Insurance for Employees?

After the outbreak of Covid-19, employees have understood the value of group health insurance and how it can hejp them take the unforeseen medical financial burden off of their shoulders. However, for employers, it can be a little tricky sometimes. Being an employer we would like to give you some tips on choosing the right group health insurance policy for your organization.

1. Demographics of Employees

Some factors like the average age of your employees, the overall health of the group, the number of employees working in the organisation, etc. determine the cost of a group health insurance.

Therefore, it is crucial to consider the demographics of your employees while choosing a group health insurance plan.

2. High Sum Insured

It is crucial to consider the maximum sum insured with the inflation in medical expenses while selecting the group health insurance policy. Therefore, having an inadequate health care sum insured would be of no use. You must consider the high sum insured while deciding employee benefit plan.

3. COVID-19 Coverage

Financially securing your employees by including COVID-19 coverage in the plan will help them in taking care of the expenses that could arise from the coronavirus.

4. Maximum Network Hospitals

Choose a group health insurance scheme that covers maximum reputed network hospitals for cashless hospitalisation. All these hospitals ensure that your employees get a hassle-free claim settlement process, enhanced hospitalisation process, and professional medical care.

5. Hassle-free Claim Settlement

A group health insurance does not only mean a high sum insured. A perfect group insurance policy also features a smooth claim settlement process. Before finalizing the insurance company for your organisation, check their after-sales service, reviews & feedback from the customers, social media handles, responsive website, and mobile application. All these things will help you in deciding which company provides the most hassle-free settlement process.

6. Flexibility in Plans

Find a plan that offers flexible extensive coverage. A group health insurance plan should not be rigid and employees should have permission to modify it according to their needs. There must be an option to buy any add-on cover if needed or add their family members to the plan by paying a higher premium in their existing plan.

7. No Room Rent Limits

Pick a cover with no room rent limits because a slight change in this can lead to a lower claim settlement amount. Also, if the policyholder is not satisfied if he/she has to stay in a room below his/her expectation even after paying the premium amount.

8. No Waiting Period

Every health insurance policy has a waiting period. Make sure that the policy you are offering to your employees does not have a waiting period for the PED (pre-existing diseases) to raise a claim. If the group health insurance policy has a waiting period, then your employees will have to wait for a certain period before they can raise a claim.

9. Complimentary Services

A group health insurance policy should not only have insurance coverage. Choose a plan for your organisation that offers other complimentary services such as free medical consultation with experts, bonus discounts for maintaining an active lifestyle, or discounts on medicine or lab tests.

Standard Group Health Insurance Policy Coverage

Below we have mentioned important coverage under a standard group health insurance policy-

  • Pre and post-hospitalisation expenses.
  • Covering in-patient hospitalisation expenses.
  • Out-patient treatment expenses.
  • Day-care expenses.
  • AYUSH treatment for a specific limit.
  • Facility to include spouse or kids in the plan.
  • Cashless hospitalisation benefits at maximum network hospitals.
  • Covering maternity expenses and new-born expenses.
  • Emergency ambulance expenses.

Complimentary Benefits

There is a wide range of other benefits that can be offered in health insurance to the employee. Below we have mentioned others or complimentary coverage given under a standard group health insurance policy-

  • Free online teleconsultations with the doctors.
  • Discount on tablets or booking lab tests with the network hospitals.
  • Bonus or rewards for maintaining an active lifestyle.
  • Offering services to consult with mental wellness experts, mental health coaches, or nutritionists.
  • Enrolling employees in wellness programs through the policy.
  • A standard policy should also offer to track daily activities, book appointments, and talk to their doctors through the insurer's mobile application.
  • A seamless claim settlement process through a mobile application or the website of the insurer.

Before finalising any group health insurance policy for your employees, make sure to go through the policy's features, benefits, coverage, exclusions, applicable terms & conditions, disclaimer, available add-ons, complimentary benefits, and claim settlement process. Also, as an employer, you must know the expectations of your employees. This will give you an insight into employees’ satisfaction.

Written By: PolicyBazaar - Updated: 30 March 2022
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