How to Choose the Right Health Insurance Policy for Employees?

The Covid-19 pandemic sent a wave of fear among people due to its highly contagious nature, and most of the working people turned to working from home. Employers must have health insurance for employees if they restart operations following the Covid-19 lockdowns, according to an MHA notice.

As a result, it is important for employers to consider the complexities of employee health insurance policies, such as how premiums are calculated, terms and conditions included with schemes, and the modifications that are available, in order to offer the best possible benefits to their employees while remaining within budget. Group health insurance is one of the most cost-effective health-insurance choices available.

 

Things to evaluate and keep in mind when you choose group health insurance for employees:

 

1. The Sum Being Assured

 

You must negotiate on a fair amount guaranteed for your workers when buying a health plan. If your employee is injured, the sum assured will cover the costs without impacting your savings. When calculating the amount insured, consider that medical inflation costs as well as the type of hospital your workers will most likely visit.

 

2. The Network of Hospitals that Comes with the Policy

 

Since the list of hospitals will be changed during the policy year, it is vital to verify if your city's chosen large hospitals are protected before purchasing the policy. It would make it easier for the employee to obtain care, regardless of where someone is located.

 

3. Room Rent and Pre and Post Hospitalization

 

For the possible scenario that your employee is hospitalized, you must choose a group insurance policy that covers the room rent. Usually, all health insurance providers have compensation for the room's rent at 1% of the sum assured. So, if your sum assured is Rs.10 Lacs, you will be covered for Rs.10000 in rent.

Pre-hospitalization and post-hospitalization expenses are covered by some insurance providers. As a result, you can consult with your insurance provider to see if the costs of pre- and post-hospitalization are covered.

 

4. Waiting Period

 

Before you buy a group health insurance policy for your staff, make sure you know how long the waiting period is. In most Workplace Health Insurance policies, you have the option of waiving all waiting periods by paying an additional premium.

 

5. Maternity Cover

 

If you have a young set of employees with a high probability of your workers beginning a family, you can purchase maternity coverage when purchasing the policy. If the majority of the workers are single or over the age of 35-40, you can opt out of the maternity coverage add-ons.

 

6. Family Cover

 

Offering comprehensive coverage to your employees' families will cost you about twice as much as standard coverage. If you want to bear this cost, make an educated decision.

 

Conclusion:

 

It will be easier and faster for you to select the best group health insurance package for your employees after you have considered all of the choices available. You'll need to determine which risks should be covered by the group policy. On the other hand, you should be mindful that the more coverage you add, the higher the premium would be.