Many employers, during the Covid-19 pandemic, have recognised the importance of group health insurance as the most efficient way of securing the future of their employees in the face of unforeseen circumstances.
Here are the few factors that the employers should consider before choosing a group health insurance plan for their employees.
Customised employee needs
Group insurance requirements may differ from one employee to the next, depending on the nature and size of the company. As a result, it is critical to select a tailored plan to the specific needs of one’s organisation. “Employers must decide whether to prioritise components such as personal accident insurance, maternity benefits, or critical illness based on the demographics and the needs of their employees,” said Raghuveer Malik, head- corporate insurance, Policybazaar.com.
Preventive health check-ups and online consultations
Employers should incorporate annual physicals into their company’s wellness strategy. In keeping with the times, online consultations will allow people to contact a medical expert without the risk of being exposed.
“Employers should choose a plan that includes wellness programmes keeping in mind the uncertainties such as Covid-19 to help employees cope during these tough times. These programmes aim to keep employees fit and healthy by tracking their physical activity, sleep cycle, and water consumption through applications and rewarding them with points or incentives. Self-care tips can also be shared via these applications,” said Malik. “The corporate plans should also include discounted gym memberships or yoga classes.”
Avoid sub-limits and co-payments
There are several group covers that have a sub-limit. Sanjiv Bajaj, joint chairman and MD, Bajaj Capital, said, “The sub-limit in policies limits the sum insured as well as other things such as room rent or the type of procedure performed during hospitalisation. As part of the co-payment clause, some health policies require policyholders to pay a certain percentage of hospital bills. So, before finalising an employee benefits policy, employers should look for these clauses and opt for policies that do not include these restrictions.”
Wider network of hospitals
Employers should consider including a broader range of network hospitals in their strategy. As is well known, corporate insurance can offer two types of plans: cashless and reimbursement. If the employee’s choice of hospital falls within the scope of network hospitals, they are eligible for a cashless claim. If not, they must bear the costs themselves and then file a claim for reimbursement. Because medical emergencies are unpredictable during these times, the hospital of choice may not always be in the employees’ control.
Furthermore, it may not always be possible to arrange for large bills independently. As a result, it is best to choose an employee plan that includes the greatest number of network hospitals.