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Group Health Insurance - From Employees
Picking group mediclaim policy for your team? Our guide can help you understand group medical insurance to choose the right plan for your team.
An Introduction to Group Health Insurance Policy
Why is group health insurance necessary?
Consider the instances when individuals grapple with health emergencies, instances that not only deplete financial reserves but also induce emotional strain. Recent global health crises, such as the COVID-19 pandemic, have underscored the significance of possessing health insurance coverage.
Despite these challenges, health coverage penetration in India remains inadequate, with nearly 30% of the population lacking any health scheme. The primary culprits behind this trend are exorbitant premiums and convoluted terms and conditions.
This is where opting for group health insurance in employee-centric companies becomes an obvious choice. Prioritizing the well-being of your employees on par with organizational objectives can foster healthier and more productive teams. It provides leaders with an opportunity to lead by example, showcasing a commitment to the health and welfare of their workforce. By placing value on your team's health, you not only encourage them to prioritize their well-being but also empower them to bring their optimal selves to the workplace.
An additional advantage of group health insurance is that it positions your organization as people-centric and empathetic. In embracing this approach, your company takes a significant stride towards creating a workplace culture that cares about its employees' holistic well-being.
State of Employee benefits
What is group health insurance?
Group health insurance is an umbrella policy offered to a group of individuals. The most common example is when an employer promotes a corporate insurance plan to their employees, who can roll it out to their spouse, children, parents or parents-in-law. Employer-employee insurance benefits are comprehensive and affordable, depending on the plan your company opts for.
For instance, all your pre-existing conditions are covered from day one without any waiting periods. This extends to common illnesses, maternity benefits, daycare treatments and personal accidents, to name a few.
Group insurance is unlike an individual health policy, where the waiting periods cannot be waived, and the premiums are worth a king’s ransom even if they could be. This makes group health insurance a necessity and not just a nice-to-have benefit.
Why buy a group health insurance policy?
Here’s the problem
You already know that building a talented team is a herculean task. But, retaining great talent and keeping them motivated is a hamster-on-wheel assignment. Losing even a single member after all your hard work is a kick in the gut.
It’s more difficult when you know that you could’ve addressed their concerns in hindsight. These include things that improve employee morale and organisational culture, like providing adequate paid time off, flexible work-life balance and a comprehensive group health insurance plan.
Here’s how to fix it
Today’s workplaces are synonymous with human-centric policies. When potential hires imagine their ideal work culture, it involves organisations building a culture of care, inclusivity and innovation. This fosters a team of happy individuals who are not only engaged at work but are also bagging the best outcomes.
Choosing group medical insurance is the first step to showing your employees that you care. The ripple effect is that employees feel happy, and retention is high as they feel prepared for unforeseen events. This also makes them more productive at work, nudging them to build a healthy lifestyle resulting in lower sick leaves.
Who should buy group health insurance?
Group health insurance for MSME
Scale your business by offering the best group health insurance policy. Group health insurance policy for employees is a holistic perk that places your workforce’s health in the front and centre, increasing employee satisfaction.
Large organisations
With big business comes big responsibility. Organisational culture and employee benefits play a massive role in talent retention. Prioritise your employees’ needs with corporate health insurance as the onus is on you to take care of the people who look after your business.
Benefits & Features of Group Health Insurance Plans
For employers
Attract and Retain Talent:
- People-centric policies and a focus on employee well-being contribute to higher job satisfaction.
- Offering health insurance demonstrates genuine care, making employees less likely to leave.
Value for Money and Tax Benefits:
- Employee health insurance as a benefit showcases organizational care, fostering a positive perception.
- Provides tangible indicators of the company's commitment to employees' welfare.
Boost Focus and Job Satisfaction:
- Comprehensive benefits, including health insurance, serve as powerful motivators.
- Enhances overall job satisfaction and creates a positive work environment.
- Employees feel valued and supported in both personal and professional aspects.
For employees
Smooth and Easy Claims:
- Employees experience hassle-free settlements with a group health insurance policy.
- Hospital bills can be routed through the employer for quick and easy reimbursement.
Family Coverage at Zero Cost:
- Employees can include family members, including parents, under the selected group health insurance plan.
- Benefits for family coverage come at zero cost, enhancing company goodwill.
Preventive Health Care:
- Modern insurers emphasize wellness initiatives beyond regular health check-ups.
- Services may include employee education on various health aspects, doctor consultations, and exclusive discounts on medicines, health check-ups, gym memberships, and more.
Features of group health insurance plans
Cashless process
Cashless process enables the insured to get treated at any network hospital without any upfront payment. This helps your employees get treated for ailments without any financial burden.
Pre and post-hospitalization
Many medical expenses could be incurred before hospitalisation and even post-discharge. All these expenses are also covered under a group health insurance plan.
Added health benefits
Health benefits are preventive measures that can be opted for by an organisation for its employees. These could range from OPD consultations, routine health check-ups and mental wellness support. This encourages employees to take better care of themselves proactively.
Why should you buy group health insurance with US ?
As your team grows, so does the responsibility of ensuring their well-being. This is particularly crucial when considering a group health insurance plan. The traditional process involves nerve-wracking negotiations, a 30-day waiting period, and PED covers for policies.
Here's where the BP & AF Marketing Team steps in to alleviate these concerns. Understanding the overwhelming nature of the process for founders and HRs, our team offers a tailored approach to meet organizational needs. We assist in constructing the right group health policy, selecting top insurers, and even negotiating with insurers on your behalf.
Our support extends beyond the initial stages. The BP & AF Marketing Team simplifies the entire process, providing a comprehensive solution for selecting, implementing, and managing group health policies. Our focus is on ensuring a streamlined and supportive experience throughout.
-BP&AF Marketing Team
Buying a Group Health Insurance Policy
For emploThings to know before buying an online group health insurance plan yers
Family Coverage:
- Group health insurance extends coverage to employees and their family members.
- Consideration of workforce dynamics and budget helps in selecting the appropriate coverage.
Sum Insured (SI):
- SI represents the monetary cap an insurer can pay in a year for hospitalization.
- SI options typically range from 50K to 10L.
- Decision factors include team's average salary and the choice of family coverage.
- High salaries and family coverage may necessitate a higher SI.
Claims Experience and Settlement Ratio:
- Evaluate the insurer's claims experience, process, and support for feasibility.
- Verify the claim settlement ratio, with higher ratios being preferable.
- The crux of a group health insurance plan lies in its practicality, making it essential to assess the insurer's track record in handling claims.
FAQ about group medical insurance policy
Yes. All group health insurance policies cover COVID-19 and related illnesses.
Yes. As part of, order No-40–3/2020-DM-I (A), the government of India has declared that all employers must provide corporate medical insurance to employees.
Buying a comprehensive group cover scheme for young startups and small companies is a great way for founders to retain and attract good talent. Employees often prefer organizations with good health benefits and wellness programs.
An employer purchases a group healthcare coverage plan for their respective employees based on the number of workers. The employer entirely bears the cost of group healthcare. In return, the employees can avail medical insurance as per the sum insured.
Know more
BP AND AF INSURANCE MARKETING FIRM PRIVATE LIMITED
Contact Info - 9793313337 , 9839291733 , 8765257034
Regs. off. - 117/ K/ 76 Sarvodaya Nagar ,Kanpur 208025
off .- 7th Floor ,Imperial square , The Mall Road, Kanpur 208001.
Branch off. - Shop no . 16 , 17 , Nirmala complex , Naka chungi , Ayodhya , 224001
Email id - bpaf.imf@gmail.com, Support @bpaf.in
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