{"id":55,"date":"2019-04-25T10:33:02","date_gmt":"2019-04-25T05:03:02","guid":{"rendered":"https:\/\/www.plancover.com\/insurance\/?p=55"},"modified":"2021-07-07T18:14:18","modified_gmt":"2021-07-07T12:44:18","slug":"5-factors-that-determine-the-choice-of-group-health-insurance","status":"publish","type":"post","link":"https:\/\/www.plancover.com\/insurance\/5-factors-that-determine-the-choice-of-group-health-insurance\/","title":{"rendered":"5 Factors that Determine the Choice of Group Health Insurance"},"content":{"rendered":"\r\n<p><span style=\"font-size: 14pt;\">Employees are considered to be the biggest asset of a company. For organizations, employee benefits are key drivers in recruiting and retaining competent talent. Jobseekers often carefully weigh the benefits attached to a prospective work opportunity during the recruitment process.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Most companies purchase group health insurance policies for their employees and in many cases, for the employees\u2019 families. Employers buy health insurance plans for their employees, and the concerned employee is expected to pay a part of the premium. Group insurance benefits the employees as they have to pay a lesser premium compared to what they would have to pay if they bought a health insurance policy on their own.<\/span><\/p>\r\n\r\n\r\n\r\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a063ca4842e0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a063ca4842e0\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.plancover.com\/insurance\/5-factors-that-determine-the-choice-of-group-health-insurance\/#What_is_group_health_insurance\" title=\"What is group health insurance?\">What is group health insurance?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.plancover.com\/insurance\/5-factors-that-determine-the-choice-of-group-health-insurance\/#Why_should_companies_consider_group_health_insurance_plans\" title=\"Why should companies consider group health insurance plans?\">Why should companies consider group health insurance plans?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.plancover.com\/insurance\/5-factors-that-determine-the-choice-of-group-health-insurance\/#Determining_the_most_effective_group_health_insurance\" title=\"Determining the most effective group health insurance\">Determining the most effective group health insurance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.plancover.com\/insurance\/5-factors-that-determine-the-choice-of-group-health-insurance\/#1_The_number_of_employees\" title=\"1. The number of employees\">1. The number of employees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.plancover.com\/insurance\/5-factors-that-determine-the-choice-of-group-health-insurance\/#2_The_benefits_of_group_insurance_for_your_employees\" title=\"2. The benefits of group insurance for your employees\">2. The benefits of group insurance for your employees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.plancover.com\/insurance\/5-factors-that-determine-the-choice-of-group-health-insurance\/#3_The_premium_and_review_rates\" title=\"3. The premium and review rates\">3. The premium and review rates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.plancover.com\/insurance\/5-factors-that-determine-the-choice-of-group-health-insurance\/#4_The_service_provided_by_the_insurance_company\" title=\"4. The service provided by the insurance company\">4. The service provided by the insurance company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.plancover.com\/insurance\/5-factors-that-determine-the-choice-of-group-health-insurance\/#5_Is_there_a_possibility_of_tailor-made_policies_for_companies\" title=\"5. Is there a possibility of tailor-made policies for companies?\">5. Is there a possibility of tailor-made policies for companies?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.plancover.com\/insurance\/5-factors-that-determine-the-choice-of-group-health-insurance\/#Is_it_time_to_revive_your_group_insurance_benefit_programme\" title=\"Is it time to revive your group insurance benefit programme?\">Is it time to revive your group insurance benefit programme?<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_group_health_insurance\"><\/span><strong>What is group health insurance?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">Group health insurance, also known as group mediclaim, and corporate health insurance among other terms is a formal contract between an insurance provider and a group of people that are part of a recognized group, a legal business entity, an organization or an association. Under group mediclaim insurance, a single policy is issued to the group and each member might be given a certificate of insurance.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Now let\u2019s look at <strong>who can purchase a group health insurance<\/strong>. Group health insurance is usually purchased by employees and employers groups that are part of a business. Group health plan purchase is common in religious and spiritual bodies and societies, non-profit organizations, and housing societies, among other groups.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_should_companies_consider_group_health_insurance_plans\"><\/span><strong>Why should companies consider group health insurance plans?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<ul>\r\n<li><span style=\"font-size: 14pt;\">Group health insurance plans are cost-effective, both for the company and the employees.<\/span><\/li>\r\n<li><span style=\"font-size: 14pt;\">They provide medical expense coverage to the employees and their families, which is a way of showing employees that the company cares for them.<\/span><\/li>\r\n<li><span style=\"font-size: 14pt;\">Employee health benefits have shown a 25% <a href=\"https:\/\/economictimes.indiatimes.com\/small-biz\/money\/tips-to-buy-a-great-group-health-insurance\/articleshow\/53237027.cms?from=mdr\">decrease in sick leaves<\/a>, in worker\u2019s compensation and disability pay.<\/span><\/li>\r\n<li><span style=\"font-size: 14pt;\">98% of the employees who had health check-ups experience a higher quality of life.<\/span><\/li>\r\n<li><span style=\"font-size: 14pt;\">Purchasing group insurance plans may offer tax benefits to companies.<\/span><\/li>\r\n<li><span style=\"font-size: 14pt;\">Employers can help protect the savings of their employees by providing them health insurance.<\/span><\/li>\r\n<li><span style=\"font-size: 14pt;\">Companies can provide quality health care to their employees.<\/span><\/li>\r\n<li><span style=\"font-size: 14pt;\">Businesses face competition and pressure from competitor companies that provide benefits to their employees. Employers could use group health benefits to provide similar benefits.<\/span><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image is-resized\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-56\" src=\"https:\/\/www.plancover.com\/insurance\/wp-content\/uploads\/2019\/04\/for-Group-insurance-1024x1024.jpg\" alt=\"\" width=\"512\" height=\"512\" srcset=\"https:\/\/www.plancover.com\/insurance\/wp-content\/uploads\/2019\/04\/for-Group-insurance-1024x1024.jpg 1024w, https:\/\/www.plancover.com\/insurance\/wp-content\/uploads\/2019\/04\/for-Group-insurance-150x150.jpg 150w, https:\/\/www.plancover.com\/insurance\/wp-content\/uploads\/2019\/04\/for-Group-insurance-300x300.jpg 300w, https:\/\/www.plancover.com\/insurance\/wp-content\/uploads\/2019\/04\/for-Group-insurance-768x768.jpg 768w, https:\/\/www.plancover.com\/insurance\/wp-content\/uploads\/2019\/04\/for-Group-insurance-100x100.jpg 100w, https:\/\/www.plancover.com\/insurance\/wp-content\/uploads\/2019\/04\/for-Group-insurance-140x140.jpg 140w, https:\/\/www.plancover.com\/insurance\/wp-content\/uploads\/2019\/04\/for-Group-insurance-500x500.jpg 500w, https:\/\/www.plancover.com\/insurance\/wp-content\/uploads\/2019\/04\/for-Group-insurance-350x350.jpg 350w, https:\/\/www.plancover.com\/insurance\/wp-content\/uploads\/2019\/04\/for-Group-insurance-1000x1000.jpg 1000w, https:\/\/www.plancover.com\/insurance\/wp-content\/uploads\/2019\/04\/for-Group-insurance-800x800.jpg 800w, https:\/\/www.plancover.com\/insurance\/wp-content\/uploads\/2019\/04\/for-Group-insurance.jpg 1080w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/><\/figure>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Determining_the_most_effective_group_health_insurance\"><\/span><strong>Determining the most effective <\/strong><strong>group health insurance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">Most insurance providers offer group insurance plans. However, companies should consider key factors, such as the product, cost, and service, among others, to determine the most efficient group insurance policies. Here are a few key factors to consider when choosing a group insurance plan.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_The_number_of_employees\"><\/span><strong>1. The number of employees<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">According to the IRDA, a company must have a minimum of 20 employees to be able to apply for a group health insurance policy. However, this number can vary depending on the insurer. Some insurers provide group health insurance to 10 employees as well.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_The_benefits_of_group_insurance_for_your_employees\"><\/span><strong>2. The <\/strong><strong>benefits of group insurance <\/strong><strong>for your employees<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">Companies can ensure they make the right choices of insurance policies by holding discussions and surveys among employees to determine the needs of each employee or different sets of employees. Companies should consider both, the medical requirements and the ability to pay premiums with respect to the employees\u2019 income.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Companies could consider factors such as the employees\u2019 age, family members, medical conditions and salaries and bracket employees in certain predefined categories. Employers can then find the most suitable health plan for the different groups of employees. For example, employers could go for an individual plan that covers only the employee or a triple cover that covers the employee\u2019s spouse and children, for those employees that prefer coverage for their family members, too.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_The_premium_and_review_rates\"><\/span><strong>3. The premium and review rates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">Just because one insurance plan is cheaper than what another company might be offering, does not mean the cheaper option is better. Employers must consider the kinds of benefits and coverage provided under different plans and rates. A comparative review of a few selected plans from different insurance companies could help employers assess the most suitable plan for their company.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\"><strong>Here\u2019s a tip<\/strong>: Requesting for bids and quotations from at least two or three or more insurance companies would help you determine the suitable policy.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_The_service_provided_by_the_insurance_company\"><\/span><strong>4. The service provided by the insurance company<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">It is essential to ensure that the insurance company is providing you with top-notch service. \u00a0There are many factors to consider here. Is the insurance company prompt in attending to your queries? Do they have helpful customer service?<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\"><strong>Here\u2019s a tip<\/strong>: Ask the bidding companies to provide references from within the industry. Speak with the recommenders and clear your doubts.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Is_there_a_possibility_of_tailor-made_policies_for_companies\"><\/span><strong>5. Is there a possibility of tailor-made policies for companies?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">Unlike individual policies, organizations do have the option of tailoring the terms of the policy to meet their employee needs. These are some aspects that group policies can and should look into:<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 14pt;\">Coverage for diseases existing during the time of purchasing a policy<\/span><\/li>\r\n<li><span style=\"font-size: 14pt;\">Policies that do not have a 30-day waiting period<\/span><\/li>\r\n<li><span style=\"font-size: 14pt;\">Policies that do not have a waiting period of 1 or 2 years<\/span><\/li>\r\n<li><span style=\"font-size: 14pt;\">Policies that provide maternity coverage with or without a waiting period of 9 months<\/span><\/li>\r\n<li><span style=\"font-size: 14pt;\">Policies that provide Baby Cover from day 1 of birth, which is otherwise covered after 90 days<\/span><\/li>\r\n<li><span style=\"font-size: 14pt;\">Amount of maternity depending on the kind of delivery &#8211; Normal and C-Section<\/span><\/li>\r\n<li><span style=\"font-size: 14pt;\">Policies that include or exclude certain kinds of treatments<\/span><\/li>\r\n<li><span style=\"font-size: 14pt;\">Policies that allow Corporate Buffer. (If an employee expends the sum insured, the management could add an additional amount<\/span><\/li>\r\n<li><span style=\"font-size: 14pt;\">Policies that offer co-payments, where the amount can be borne by the employee as a percentage of claim, which can reduce premiums<\/span><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Is_it_time_to_revive_your_group_insurance_benefit_programme\"><\/span><strong>Is it time to revive your <\/strong><strong>group insurance benefit <\/strong><strong>programme?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">The landscape of the Indian job market and workers benefit is changing with new companies entering the market, employees being more aware of the benefits that they can receive at their workplace, and organizations, too, wanting to offer the best to their employees. However, a number of companies still follow the same approach to selecting group health insurance plans. Companies end up opting for the same plans with the same insurance provider that they have been partnering with for years.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Convenience, trust, lack of time or lack of enthusiasm to explore new offerings, whatever may be the reason, a lot of companies that do not revive their employee health benefits programmes could risk losing key talent because of this reason.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Are you an old company looking to revive your company\u2019s group insurance plan? Or are you a startup looking to offer health benefits to your employees? You could explore group health insurance plans offered by <a href=\"https:\/\/www.plancover.com\/business\/group-health-insurance\">PlanCover<\/a>.<\/span><\/p>\r\n\r\n\r\n\r\n<p>&nbsp;<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Employees are considered to be the biggest asset of a company. For organizations, employee benefits are key drivers in recruiting and retaining competent talent. Jobseekers often carefully weigh the benefits&#8230;<\/p>\n","protected":false},"author":2,"featured_media":57,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"cybocfi_hide_featured_image":"","footnotes":""},"categories":[10],"tags":[13],"_links":{"self":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts\/55"}],"collection":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/comments?post=55"}],"version-history":[{"count":3,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts\/55\/revisions"}],"predecessor-version":[{"id":565,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts\/55\/revisions\/565"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/media\/57"}],"wp:attachment":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/media?parent=55"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/categories?post=55"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/tags?post=55"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}