{"id":775,"date":"2020-12-19T12:40:37","date_gmt":"2020-12-19T07:10:37","guid":{"rendered":"https:\/\/www.plancover.com\/insurance\/?p=775"},"modified":"2020-12-19T12:40:37","modified_gmt":"2020-12-19T07:10:37","slug":"comprehensive-guide-to-buy-group-health-insurance","status":"publish","type":"post","link":"https:\/\/www.plancover.com\/insurance\/comprehensive-guide-to-buy-group-health-insurance\/","title":{"rendered":"A Comprehensive Guide to Buy Group Health Insurance"},"content":{"rendered":"

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Group Health Insurance<\/em><\/p>\n

A happy employee is the company\u2019s biggest asset. So, if you\u2019re a business owner, a rather straightforward way to unlock higher growth is to ensure your employees are happy.<\/span><\/p>\n

Now, there are many ways how to make your team happy at their work. Getting them health insurance is among those ways \u2013 and it is perhaps one of the most effective ways of all.<\/span><\/p>\n

In a survey done, 56 percent of the US adults say whether they like the employer-sponsored health benefits or not is an important factor in deciding to stay at their current job. (1<\/a>) That\u2019s a big number! Back home in India, it\u2019s not unwise to assume the same inclination among the employees. This is especially true if you realize, as of 2018, 56 percent of Indians didn\u2019t have a health cover. (2<\/a>) This picture gets grimmer when put into context that healthcare cost in India is expensive; hospitalization is 6 times more expensive in the private sector. (3<\/a>)<\/span><\/p>\n

So, naturally, the majority of the employees want health benefits from their employers. If given, not only it may boost their performance and productivity but it would also increase employee retention for the company. In addition, there are several other direct and holistic benefits of buying group medical insurance policy<\/strong> (like tax benefits and better talent acquisition), which is why business owners are recommended to make this investment.<\/span><\/p>\n

But comes now the most fundamental question: How do you buy group health insurance Policy<\/strong><\/a>?<\/span><\/p>\n

The answer to it is much more complex than what it may seem. It\u2019s much more than just about approaching an insurance company and buying a plan. For instance, according to a survey in India, 57 percent of employees believe their medical and accident benefit plans offered by the employer are inadequate. (4<\/a>) The same survey revealed 83 percent of the employees want to customize the insurance offered by the employers.<\/span><\/p>\n

So, there are many factors that must be considered when buying group insurance for employees<\/strong>. To help you with that, here are a few things you should remember:<\/span><\/p>\n

(1) Establish your basic requirements and budget<\/strong><\/span><\/p>\n

There are two ways to go about with this. First, establish your employees\u2019 health requirements and then set a budget. Second, have a defined budget and then outline the requirements within that budget.<\/span><\/p>\n

In any case, when picking a group health insurance<\/strong>, given there are too many details and nuances to it, you will have to answer several key questions.<\/span><\/p>\n