Check Claim Settlement Ratio

Getting medical claims is the only objective of purchasing group health insurance for employees. The better the claim settlement ratio of a company is the better their performance as an insurer is. So make sure to choose the company with the highest percentage of claim settlement ratio in the previous years.

You can check the claim settlement ratio of your desired company. You can check their history on the official IRDAi website. IRDAI releases an official claim settlement ratio chart of every insurance company every year. Since IRDAI regulates the insurance sector in India, you can rely on the information and trust its authenticity.

Structure of Coverage

It is important for the insurer to be flexible with your requirement. It is suggested to choose the one that can provide you coverage as per your choice under the group health insurance plan. The structure of coverage is the most important part of the insurance policy. Since you have to design such a plan that suits all the requirements of all the employees.

For instance, there is one company that is offering coverage for pre and post-hospitalization and the other company doesn’t then you should go with the first one.

Network of Hospitals

The insurance companies have a network of hospitals that are registered with them. These network hospitals are the ones where the employee can get the treatment done and the insurance company pays the due amount on their behalf.

The insurance company provides a card that you will have to show at the insurance claiming counter at the hospital and from that point, the payment becomes the insurer’s responsibility. This is why it is suggested to go for the insurance company that has a wide network of hospitals.

Employee’s Choice

First of all, a start company has to have a minimum of 20 employees to be eligible to purchase a group health insurance plan. However, each employee is of different age and carries a different kind of responsibility. This is why it becomes a better idea to give choice to the employees. This is where the role of add-on begins where employees can choose any add-on of their choice and voluntarily pay the extra premium amount added.

Services

It is advised by the insurance experts to learn about your desired group health insurance companies properly. It is because when it comes to the kind of service provided by the company, you will find out many with bad reviews due to their bad servicing.

Make sure to research their customer’s reviews, how smooth their claiming process goes, evaluate their performance in the market in the previous years, infrastructure, level of services, and goodwill towards serving their customers.

However, the question still arises that why a start-up company should offer their employees group health insurance.

Why Provide Group Health Insurance In Start-ups?

India being a den of start-up companies that will eventually contribute to India’s economy, providing group health insurance to the employees has become a vital point. Providing group health plans reflects the goodwill of the employer towards their employees as well as in return the employer gets tax benefits.

Not just this, providing group health plan attracts new talents and help retain the existing ones. The employees of the company get better healthcare facilities for themselves as well as their dependents. It acts as a financial shield for the employees as they do not have to pay the heavy hospital bills out of pocket.

Summing It Up

Providing group health insurance is a sign of a good office environment where the employer cares about the employees and employee wellness programs. But when it comes to choosing the right group health plan out of so many available in the market, a piece of expert advice is necessary. Just like we have told you some key points that you can keep in mind while purchasing a group health plan.