According
to a survey reported in the Economic Times, about 92% of employees feel that
their employers should facilitate voluntary healthcare plans that can help them
cover a range of financial risks. The subjects of the survey were willing to
contribute to the premium cost and purchase voluntary insurance plans provided
by their employees.
These
plans, known as employee health insurance plans, offer comprehensive coverage that can help to reduce the
financial liabilities that the policyholder incurs when option for treatment.
There
are several insurance companies in India that offer these group or employee
health insurance policies. So, if you are looking to avail one for your employees,
check the factors stated below to get the one best suited to your requirements.
Features of a group medical insurance
policy
To
avail the best health insurance policy for your employees, it is crucial for you to know
what features you should look for.
Listed
below are some features of the policy that can help you to understand what to
look for before you avail of the policy –
- Coverage
benefits
With this insurance
plan, employees can avail a high sum assured amount ranging between Rs. 1.5
Lakh and Rs. 50 Lakh for each of your employees. The sum assured depends on the
premium you can afford to pay for the insurance policy.
- Dependent
cover benefits
You can avail a group
health insurance policy that not only covers your
employees but also extends the coverage to their spouse and kids. This allows
employees to avail a comprehensive cover, without having to get a separate
policy for their family members.
Such Group Health
Insurance policies are offered by financial institutions like Bajaj Finserv.
- Cashless
treatment facilities in hospitals
Each insurance provider has a group of network hospitals, which
provide cashless treatment facilities to policyholders. Thus, availing a policy
from insurance companies having a high number of network hospitals under them
is more beneficial. It allows customers to have a number of options at hand if
they require hospitalisation.
- Additional
benefits
It is best to avail a
policy that offers benefits like add-on covers for maternity diseases or
pre-existing disease to make sure that your employees can maximise the benefits
from the insurance plan.
These are a few
features that you should look for while availing an employee health insurance
plan.
Features to look for while availing the insurance
cover
When you buy
group health insurance, you should ensure your policy provide the following
features –
- Low
premium payments
Group insurance covers
usually allow companies to avail the benefits of the policy at a lower premium
payment than individual insurance policies. To avail of the best insurance
policy, you should thus compare the premium offered by different insurance
companies to get the one you can afford.
- Comprehensive
coverage
Check if the insurance
policy provides comprehensive cover for different medical expenses like costs
incurred for hospitalisation, ambulance charges, medicines, specialist
consultation, etc.
- Easy
claim benefits
An easy claim process
is a necessity when it comes to choosing an employee health insurance plan.
Most insurance providers have shifted the process of insurance claim online to
facilitate easy and hassle-free reimbursement for policyholders.
- Flexible
policy terms
To ensure that you make
the most of your policy, make sure you choose a tenor according to the employee
group size and specifications. Availing a plan with flexible terms is crucial
for companies with larger groups of employees. It makes sure that they can
avail maximum benefits from the policy.
Checking the
factors stated above is important if you want to avail the best
health insurance policy in the market. Also, do not forget to go
through the terms and conditions of the plan you avail to be well informed
about each detail.
