With professional life becoming increasingly stressful every passing day, most organisations are looking for ways to provide security to their employees. One of the primary areas where people seek cushioning is health. Group health insurance has become one of the most popular tools that cater to employers’ and employees’ needs. When a product/service is available for a universal audience, it may so happen that the same may not be the best fit for your organisation in its vanilla form. That’s why you may need top-up plans that offer customisation to ensure that they best suit the needs of your employees. Thankfully, most insurers are happy offering a plethora of customisations that let you create a tailor-made plan guaranteeing the best value for money.
This article will help you understand the importance of customising a group health insurance plan to work best for your needs.
What Is A Group Health Insurance Policy?
As the name suggests, group personal health insurance is a policy that covers people belonging to a group. The head of the group subscribes to a health insurance policy on behalf of the other members. The association between these group members can be personal, such as belonging to the same family, or strictly professional, such as an employer-employee arrangement, or defined by the IRDA (Insurance Regulatory and Development Authority of India).
How To Customise Your Group Health Plan?
Group health plan requirements vary from one group to another depending on the needs and the ability to pay the periodic premium dues. While some organisations may only cover employees’ medical needs, others would go the extra mile to make sure their workforce’s insurance needs are met to the greatest extent possible. Thus, an employer can tailor a group health policy to suit their business requirements and meet the general needs of their employees.
Here are some of the most popular ways you can customise a group personal health insurance –
Including Family Coverage
While it is inadvertent to have those under you covered via a policy, your employees expect more from you. Thus, giving them the choice of not worrying about paying exorbitant medical bills to have their family treated might make them appreciate your efforts and secure their well-being. In most cases, insurers allow you to customise a group policy by enabling the inclusion of employees’ spouses, parents, and children under the same health plan.
Getting Rid Of The Copay Clause
By default, employees who are a part of the group health policies bear up to 20% of the premium, and the amount differs according to the terms and conditions of the specific policy. However, if an employer wants, they can get the clause removed and undertake full coverage. It means the employer has the option to eliminate the need for the employee to pay a portion of the actual premium while allowing the employee to enjoy all the benefits of the plan.
Ancillary Maternity Benefits
While some group health plans provide basic maternity-based coverage, the topic is a lot more sensitive and requires you to deal with it carefully. An employer can increase the total coverage per individual with maternity requirements to give them an additional financial cushion. The policy taker can also assign specific limits concerning standards, caesarean, and other cases.
Reasons For Customising A Group Health Insurance Policy
It covers employees’ medical expenses. Having a personalised policy enables you to garner considerable benefits with regard to a variety of aspects, such as –
- You can get a single policy covering the employee and their immediate dependents.
- Most plans have monetary limits regarding ancillary hospital charges, such as ICU, ambulance, etc. An employer can tweak the group plan to increase the ceiling amount or obliterate it for specific or all the employees.
- When you opt for a customised policy, you get a considerable leeway to negotiate and keep the overall cost in control while offering all the necessary health perks to your workforce.
- You can customise your group health plan to include baby coverage from birth. It ensures that the included employees can provide top-notch health support to their loved ones from the day of their delivery without having to worry about the financial aspect.
- In addition, there are a plethora of top-ups and extras that can be beneficial for those covered, such as gym enrolment, the cost of wholesome enhancements, and more.
People in India have finally started taking their health seriously, and it is a welcome move. We see an increase in the number of people opting for workation in India and doing other things to ensure their mental and physical health is taken care of.
An employer is responsible for contributing to their employees’ well-being. One of the most popular ways for employers to demonstrate their concern for their employees is to obtain group health insurance coverage. It helps build trust and motivates the workforce to achieve their goals and also enables the employer to mitigate the financial instability that can rock the employees’ lives and affect their performance.