Companies in today’s cut-throat market need to attract top talent to stay relevant in the market. One of the most successful ways of luring top talent is through group health insurance. The notion of enhancing the welfare of the employees cannot be seen as an extravagance or an extra cost that the employer will have to incur; it is a competitive tool that will ensure that the employees will remain loyal, productive and happy in the long run. Due to the increasing cost of medical facilities and people’s awareness, providing sound health insurance to employees has become a norm in most organisations in India.
But how do you choose the best group health insurance that works for both your company and your employees? Let’s dive into what really matters when selecting a plan that checks all the boxes.
Understand the Needs of Your Workforce
While choosing the right medical insurance plan from the available many plans, the demography of the team must be taken into consideration. Are you many young employees or are there any of them who are older or have families? The group medical insurance plans should be more personalised according to the age, lifestyle, and medical history of the employees to get better coverage and satisfaction.
Balance Between Cost and Coverage
In this case, as a company, you would like to provide your employees with good benefits, but this should not be very costly. The objective of the task is to identify the insurance plan offering the best group insurance with affordable premiums. This is the case because the low premiums are associated with low benefits or high co-payment conditions.
The group health insurance plans should allow the policyholder to choose the sum insured, have a large number of network hospitals, and cover expenses incurred after the hospitalisation. It is possible to choose the plan that will be suitable for the company and expand it as the number of employees grows.
Look for Cashless Hospital Networks
This is quite irritating to have to go through a long process of reimbursement in the workplace. When choosing employer health insurance policies, it is better to choose policies that are associated with the maximum number of cashless hospitals. In this way, your employees can be treated without having to worry about the costs that they are going to incur.
Assess Additional Value and Health Facilities
Today’s employees are not satisfied with mere coverage. Some of the features that are now considered as standard are annual health checkup, telemedicine consultation, fitness reward, and mental health programs. These are other benefits that improve the group insurance benefits and foster the health culture of the organisation.
Final Thoughts
Selecting the right group health insurance is not about choosing the policy that costs the most but the policy that will suit the employees most. In its basic form, group health insurance is not a frill; it is an assurance and an allegiance.
Having trouble deciding which policy to take for your team? I will leave them in the comments — let’s try to make the workplace healthier instead.
