Whether you run a small, medium-sized, or large business, you have to offer lucrative employee benefits to attract and retain the best employees. While some businesses may provide excellent hikes on previous salaries, most businesses are now turning to employee health insurance policies.
Health insurance makes employees feel secure and prepared to face unexpected health emergencies. If you didn’t offer employee health insurance as part of employee benefits yet, we recommend considering it. You can follow the below-mentioned seven things to vet different policies and pick the best option.
- Know Your Employees
Since your employees will be at the receiving end, choosing a policy that covers most of their standard requirements is the best option. The best way is talking to your employees and gathering actionable insights. Their suggestions can help you choose a group health insurance covering their best interest and also aligns within your company’s budget. You can ask your HR to schedule meetings with the employees and gather the required inputs. The more you know your employees, the better decisions you can make.
- Identify the Cost to Your Organization
Policy coverage is important while finalizing a group insurance policy, but it shouldn’t be the only deciding factor. As an organization, you must fix a maximum spending cap on group insurance so you don’t overspend and disrupt your finances.
The cost to the organization depends on various factors, like the number of employees covered in the policy, offered coverage, number of covered dependents, etc., so ensure you don’t deviate from the maximum approved limit and pick an appropriate, cost-effective policy.
- Look for Policy Covering Employee’s Dependents
Whether you have young, middle-aged, or senior employees, everyone will have some dependents. If you want to establish, maintain, and promite a positive brand image and make the best talent stick to your company, choose group insurance that also covers their dependents.
It will give your employees an added sense of security, and they can focus more on providing their best at work. Look for a policy covering the employee’s parents, spouse, and kids as dependents. If the cost to the organization gets high, consider charging them a discounted premium for every dependent they add to their policy.
- Evaluate the Coverage
Coverage is at the heart of any insurance policy. It highlights what all will be covered by the insurer. Not all insurance companies offer the same standard coverage, so give enough time to research about the coverage offered by your shortlisted options. Check the sum insured, list of network of hospitals, exclusions, type of treatments covered in the policy, waiting period, etc. The clearer you are about the policy coverage, the better.
- Compare Different Options
The Indian market offers numerous insurance product options, so you don’t have to compromise with an average product. Start learning more about the different options online and compare the shortlisted ones to finalize the ideal insurance. While comparing, it is essential to compare two similar types of policies.
For example, when searching for a group health insurance, compare it against other group insurance offered by different insurers. Don’t compare it against different types of business insurance, like D&O insurance. Both serve different purposes and have different coverage, so research well before finalizing a group health policy.
- Gather Information About Waiting Periods
For the uninitiated, every insurance policy has a waiting period. It refers to the precise period during which the insured cannot file for claims. For example, if any health insurance policy has a waiting period of six months, the claims can be filed after six months.
The waiting period clause varies from one insurer to another. It also varies depending on the disease, policy type, etc. We recommend gathering all the information about the waiting period and communicating the same to your employees. Consider choosing a group health insurance policy with the least waiting period.
- Check the Full List of Inclusions & Exclusions
You should never select a group health insurance policy without understanding its inclusions and exclusions. A myth some people have about health insurance policies is that they cover every type of health emergency and treatment- which is untrue. Double-check the inclusions and exclusions if you want to invest in the right insurance.
Generally, a good group insurance policy would offer daily hospital cash cover, critical illness cover, accidental hospitalization, illness-related hospitalization, psychiatric benefits, etc. Maternity cover may or may not be covered in the standard policy. The clearer you are about the policy coverage and exclusions, the better.
Keep Your Employees Happy & Content by Investing in Employee Health Insurance Policy
Every business wants to hire and retain the best employees, but it isn’t as easy as it sounds. Employees are becoming increasingly picky when deciding to work with an organization. Organizations trying to take their business a level higher by hiring the best talent, giving them lucrative employee benefits like a group health insurance policy can help. Vet your shortlisted group health policies against the above-discussed factors, and you’ll certainly find the best one.