ATK
New Delhi [India], January 24: Group health insurance is a vital part of an employees’ benefit package. It goes a long way in impacting their well-being and productivity. How? Because a group health medical insurance policy covers all eligible employees and their immediate family members.
Having a group health insurance reflects positively on your organisation’s commitment to the welfare of your workforce. Therefore, it is importance to conduct a thorough research before buying this policy. Let’s find out what are the key features that you need to look for.
Factors to Consider Before Buying Group Health Insurance
The group health medical insurance you intend to purchase should tick these boxes:
* Comprehensive Coverage
It’s prudent to opt for a group health insurance plan offering extensive coverage. This includes pre- and post-hospitalisation expenses, coverage for critical illnesses, outpatient consultations and more. A plan offering comprehensive coverage ensures your workforce remains protected against various contingencies and gives them much-needed peace of mind and financial security.
* List of Empanelled Network Hospitals
Cashless benefits are one of the major advantages of medical insurance, including group health plans. While cashless benefits have been available at non-network hospitals since last year, it’s vital to check the list of empanelled network hospitals across major locations.
This is essential as cashless treatment options in network hospitals are relatively straightforward to settle. Having a robust hospital network ensures your employees can access cashless benefits more conveniently.
* Maternity and Newborn Coverage
This is one of the most sought-after features in a group health insurance plan. Choose a plan offering comprehensive maternity benefits, covering prenatal and postnatal care.
Additionally, newborn coverage in a group health medical insurance plan, such as vaccination and treatment of medical conditions after birth, can be an invaluable addition to sending positive messages about the company’s commitment to the overall well-being of its workforce.
* Wellness Programme and Preventive Care
Group insurance plans offering wellness benefits like fitness programmes and annual health check-ups play a crucial role in promoting a healthier lifestyle. Additionally, preventive healthcare features like routine screening and health assessment can help in early detection of any health issue and getting treated for it before it becomes more serious.
This not only results in reducing long-term costs for employees but also helps them overcome their health issues relatively early.
* Claim Settlement Ratio and Process
Lastly, check the chosen insurer’s claim settlement ratio. This ratio tells you the number of claims settled by the insurer against the number of claims received. It is expressed in percentage. The higher the ratio, the better it is. You can find this ratio on the insurer’s website or on the portal of the Insurance Regulatory and Development Authority of India (IRDAI).
It is equally important to evaluate the claim settlement process. A seamless and hassle-free process ensures claims are settled on time without hiccups. Take time to read online reviews across platforms to analyse the efficiency of the claim settlement process.
Conclusion
Having the right group health insurance plan is a major step in fostering a healthy and caring work environment. It helps keep employees motivated, which could boost their productivity and thereby have a positive impact on a company’s revenues. A thoughtful decision can ensure long-term satisfaction and loyalty from your team.
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