Choosing the most suitable group medical coverage for your employees can require a bit of research. It is essential to know the facilities the group medical insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More offers. You have to, as a small business owner or HR personnel, go through the details of the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More document.
Table of Contents
There can be multiple policies to explore
Even under a particular Group Health Insurance Company, there can be many policies to explore. So, you need to take time to study the features of each of the policies.
Flexibility in the insurance plan
It is important to check out whether the insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More you buy is flexible in terms of its features or not. For example, if the group insuranceGroup Insurance is a type of insurance policy that covers multiple individuals under a single plan, typically provided by an More policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More scheme allows adding family members of the employee, then it reflects good flexibility. Also, a flexible plan means goo top-up facilities.
A wide range of beneficial services
A group medical insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More is not merely a policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More with a set of guidelines. It is much more than that. Besides providing an array of medical facilities related to hospitalization, accidental causes, and post-hospitalization care, it should also focus on the wellness benefits of the employees.
Hassle-free claim settlement
It is very important to check out the details of claim settlement. There should be no hassles during or after the process. The complete process should not take much time to manage. It should be over within a few simple steps.
Dependence of technology
Settlement of claims is possible through the usage of advanced technology. At the end of the day, it simplifies the procedure. As an employer, you do not have to worry about it. For example, when you find that the employee can claim the settlement via a mobile application, you should consider the insurance plan.
Some additional tips to consider
It is helpful to know about a set of tips while you think of buying a group medical insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More for the employees of your small organization. The rest of this blog tries to discuss these additional tips precisely.
A high amount of sum insured
The coverage must assure a high amount of sum insured for the concerned group of employees, giving equal priority or entitlement to each of them. You need to carefully read the offer document of the insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More before purchasing it.
Covering COVID-19 treatment expenses
You might already know that the Government of India has made it mandatory for the companies to arrange group medical insurance policies for their employees, post-pandemic. Hence, in this context, it is crucial to focus on the details that say the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More will cover the expenses of Covid-19 treatment procedures.
The network of hospitals should be extensive
Another important point to keep in mind is the group medical insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More should include a prolific network of hospitals. It helps immensely to avail the required medical services during times of crisis. Also, there is no waste of time during emergencies.
There should be no waiting periodA waiting period in insurance refers to the time frame during which a policyholder must wait before certain benefits become More
One of the most important aspects that you need to consider while choosing a group medical coverage policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More is the insurance should not let the employee wait to avail the services in times of need. The waiting periodA waiting period in insurance refers to the time frame during which a policyholder must wait before certain benefits become More to process the claim should be zero.
No limits of room rent
Yet another feature of the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More document that you should take care of is there should not be any pre-determined limit on the room rent. Some policies can have this limit, making the insurance a dampener. Check the provision while buying the insurance.
Check out the standard coverage
When you are an employer concerned about the employee retention rate of your company, it is wise to know the standard coverage details of the group medical insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More you plan to purchase from a top-rated service provider. Do not miss any of the points.
It should cover in-patient hospitalization costs
It is extremely important for the insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More to efficiently cover the costs of in-patient hospitalization expenses. You need to enquire about such details with the seller or broker. The clauses on the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More document mention such provisions. Do not overlook those.
Covering costs of out-patient medical services
There are different types of out-patient medical procedures. It is your responsibility, as the owner of a small business, to check out whether the group medical insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More covers the costs of out-patient medical services. When you note that the insurance indeed has such provisions, you can go ahead and buy it.
Check out whether the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More covers maternity expenses
It is equally important to check out whether the insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More has the facility to cover the maternity expenses of an employee. It is good to buy an insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More that provides cover for the newborn baby, too.
Full or partial cover for buying medicines
Some group medical insurance policies enable the employees to buy medicines. The policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More either fully covers the costs to a certain extent or partially takes care of the expenses. Such kind of medical coverage helps to retain the employees.
The payment method
There are mainly two main types of paying the premium of the insurance. The first type is the company paying the full amount of the premium on behalf of the employees. The second type is the company paying the premium partially. The rest is paid by the employees. Check out the payment method of the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More before you decide to buy it.
Check out the guidelines to modify the insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More
There is another thing that you need to check out as an employer planning to buy a group medical insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More. Read the guidelines and find about the space to modify the facilities of the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More by paying, say, an extra premium.
Buy a group medical coverage plan from a renowned company
PlanCover has been helping businesses in structuring the right health insurance benefits for their employees and families. If you’re having trouble figuring out what you can afford, you can reach out to them for advice on where to set limits
