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How to Select the Right Group Medical Coverage While Choosing a Group Health Insurance Company?

How to Select the Right Group Medical Coverage While Choosing a Group Health Insurance Company 1

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 policy offers. You have to, as a small business owner or HR personnel, go through the details of the policy document.

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 policy you buy is flexible in terms of its features or not. For example, if the group insurance policy 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 policy is not merely a policy 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 policy 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 policy 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 policy 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 policy 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 period

One of the most important aspects that you need to consider while choosing a group medical coverage policy is the insurance should not let the employee wait to avail the services in times of need. The waiting period to process the claim should be zero. 

No limits of room rent

Yet another feature of the policy 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 policy 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 policy 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 policy 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 policy 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 policy covers maternity expenses

It is equally important to check out whether the insurance policy has the facility to cover the maternity expenses of an employee. It is good to buy an insurance policy 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 policy 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 policy before you decide to buy it.

Check out the guidelines to modify the insurance policy

There is another thing that you need to check out as an employer planning to buy a group medical insurance policy. Read the guidelines and find about the space to modify the facilities of the policy 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

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