Here’s How to Select the Best Group Health Insurance for Employees

In light of this, it is critical for employers to understand the nuances of group health insurance plans, such as how premiums are calculated, the terms and conditions associated with their policies, and the customizations available in order to provide the best possible benefits to their employees while staying within budget.

According to an MHA notification, employers must now provide health insurance coverage to their employees if they resume operations following the Covid-19 lockdowns.

Advice on Choosing Group Health Insurance for Employees

1. High sum insured

The sum insured is the maximum amount that can be claimed from the insurer for your employee's (or their family's) treatment in a calendar year. They will pay any costs that exceed the sum insured out of their own pockets.

2. Wide network of hospitals

Employers should consider expanding their network of network hospitals in their strategy.

Corporate insurance, as is well known, can provide two types of plans: cashless and reimbursement. If the employee's preferred hospital is one of the network hospitals, they are eligible for a cashless claim.

If they do not, they must bear the costs themselves and then file a reimbursement claim. Because medical emergencies are unpredictable during these times, the employees' preferred hospital may not always be within their control.

3. Maternity coverage

You can estimate your team's chances of starting a new family based on their age group. If the likelihood is high (young team), it's a good idea to opt for maternity benefits in group health insurance and offer your support when they have a baby.

4. Covid-19 cover included

With the pandemic showing no signs of abating, it is critical to provide employees with COVID-19 coverage.

5. No room rent limits

You must also consider the highest category of hospital room permitted by your insurance policy. Room rent limits are typically set at 1% of the sum insured.

The room rent limit will assist you in determining whether the sum provided by the insurance policy is sufficient to cover the costs of a hospital room in your city.

If the room rent limit is insufficient, your employees may be forced to pay for a large portion of their expenses out of their own pockets.

6. No waiting period

The waiting period is simply the amount of time that your health insurance plan will not cover certain "pre-existing diseases" such as diabetes and asthma. Unlike a retail health insurance plan, a group health insurance plan allows you to waive all waiting periods.

So, use the waiver when you know your team is prone to certain illnesses. It is reassuring for an employee to know that they will have comprehensive coverage from the start of their plan.

You can choose a group insurance policy for employees with ease if you follow these guidelines. As a business owner, you must value and protect your employees' well-being.

As a result, you can provide individual and group health insurance policies that are tailored to your and your employees' needs.

When purchasing group health insurance, choose an insurer with a large network of branches and brokers. Also, before making a final purchase, make sure to carefully read the policy wording.

Author Bio: Smriti Gala works as a Digital Marketing Manager with Coverfox.

As her life turned upside down when COVID severely afflicted her family members, Smriti decided to dedicate her expertise towards informing and educating the masses about the importance of health insurance.

When she is not actively writing enlightening content, our ‘monk marketer’ likes to meditate, meet new people and explore less travelled territories.