What is a Better Solution for Employee Medical Insurance?

Corporate health insurance plans are significant, both from the employee’s perspective as well as the employer’s. By offering employee health insurance solutions, a company increases its credibility in the market and amongst its employees. These solutions provide a sense of security for employees as they may rely only on such corporate health policies for the uncertainties of life. Keeping in mind the above scenario, where corporate insurance may be the only source of insurance coverage, companies are now having another look at the insurance setup.

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Things to Consider Before Offering Employee Health Insurance

Gone are the days when companies used to follow the traditional insurance approach. In traditional group insurance for employees, a set insurance benefit is offered which usually differs from one organization to another. With changing insurance landscape and employee needs, companies are now taking a holistic approach to employee satisfaction. Here are a few things an employer should consider before offering group insurance to his employees.

  1. Know employee needs: Employees should be made a part of the decision-making process. After all, it will be beneficial for them. They should be given the freedom to choose or at least have a say while selecting a policy. This would ensure that the policy selected is need-based.
  2. Take advantage of a wide range of health insurance benefits: After the COVID-19 pandemic, the demand for corporate health insurance has increased fourfold. Comprehensive and customized health policies are quite popular in today’s competitive business scenario.
  3. Be aware of plan limitations: One of the key considerations is the exclusions and limitations of the shortlisted plan. Making an informed decision by being aware of the limitations of a policy is very essential.

Employee Health Insurance Solutions That Make a Difference

The employee benefits program is an essential part of the company’s overall compensation package. The most popular component is, however, employee medical insurance. It helps foster a healthy workforce and retain the best of talent.

Innovation, rapidly changing work conditions, and a dynamic business environment call for more improved and need-based insurance options. Here are a few employee health insurance solutions that can make a difference to both the employer and the employee.

  1. Customization: The one-size-fits-all approach rarely works today. Employees now expect their corporate health insurance plan to be more flexible and need-based. Thus, customization (many group health policies offer) has become quite relevant. Employees can choose benefits, terms, conditions, and other features to customize accordingly.
  2. Wellness Programs: Wellness programs are now being offered along with group health insurance. They are designed based on the organization’s needs and are fast becoming popular amongst employers. Wellness programs help encourage employees to participate in wellness activities and promote wellness initiatives.
  3. Quick 24/7 Claim Assistance: At the time of claim, your employee is already facing an emotionally and financially difficult situation. Quick and 24/7 claims assistance is highly beneficial to answer queries during an ongoing crisis. Insurance providers who enable such services are given priority over their competitors.
  4. Seamless procedures: Providing a smooth and seamless online experience is a vital part of satisfying young, digital-savvy employees. Your employees look for health insurance policies with minimal documentation and technologically driven processes in a hassle-free manner. A dedicated app, chatbots, etc., are features they look for in their corporate health insurance.

Conclusion

As an employer, offering employee benefits that are over and above the traditional plan and cater to employee needs, is an achievement. Some employers may find these added employee health insurance solutions as an expensive and time-consuming proposition, however on the contrary, they benefit the organization significantly.

Written By: PolicyBazaar - Updated: 15 October 2022
Policybazaar for Business - Group Insurance - Customer Reviews
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4.1/5
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4 January 31, 2022
Rahul
Good Deals
We bought corona group health cover for our firm. It is still risky and to make sure the safety for everybody, we bought the cover. It was on a good deal on Policybazaar.
Noida
4 January 30, 2022
Divesh
Quicker Than Expected
I bought group covid insurance for me and my team We are a small start-up and really needed this cover. I bought it from PolicyBazaar which was quicker than I expected.
Muktsar
4.3 January 30, 2022
Ajeet
Health Cover
As we have started travelling again, I had book group Covid-19 health plan for me and my employees. We are travelling frequently now and obviously needed this health cover.
Kanpur
4 January 30, 2022
Avadhesh
Quick Claims
For myself and my staff, I purchased group covid insurance. This cover was critical for us as a modest start-up. I purchased it through PolicyBazaar, and it arrived much sooner than I anticipated.
Gurgaon