TIPS TO CHOOSE Group Health Insurance Plan for Your Employees

Insure My Team
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April 25, 2022
Group Health Insurance Plan

Is Group Health Insurance better than Individual Health Cover?

Group health insurance is generally considered better than individual health insurance for various reasons. For one, it’s cheaper. Second, the waiting period can be considerably reduced. But even after this, it was found that only 39% of full-time employees were part of group health insurance through their employer. 16% of part-time employees had health insurance, out of which only 2% were insured by their employer.*

*Report by Statista

A plethora of surveys, time and again, have stated that group health insurance for employees is considered the most crucial benefit by those working under you and is often a significant criterion while choosing a new job or sticking to the current position.

Employee health insurance helps establish a strong relationship between employees and employers. It helps reduce churn and motivates your staff to remain loyal and stick to their current jobs.

This article discusses seven crucial factors you should consider while choosing the right health insurance plan for your employees.

Seven factors to keep in mind while choosing a group health insurance for employees

  1. Finding the right plan type

There are three distinct types of employee health covers:

  • Defined Benefit Plan or traditional health insurance, where the employer uses a group plan to cover their employees
  • Defined contribution plan, where the employer allows the employee to choose a suitable plan and compensates via an allowance
  • PEO or professional employer organisation, where employers can join hands to provide cumulative group benefits to their employees at a cheaper rate

Depending on your needs and size, you should opt for a plan type that would meet your costs projections while optimising the health cover for your employees.

  1. Understanding employee needs

An employee in a manufacturing firm will have different needs than an employee in the banking sector. So, the employer must choose the right health insurance partner who can help him/her identify the different plans available for different types of teams. . It involves job responsibility, age, mental health, dependent cover and other vital factors. Choosing a group healthcare plan that offers customization to cater to different employee needs would be the best move forward for your organisation.

  1. Preventive health checkups and online consultations

Health checkups are periodic. So, whenever you seek to find the right employee healthcare plan for your employees, it is imperative that it includes health checkups as one of the primary criteria. If the provider is willing to provide online teleconsultations, it would be an added bonus.

  1. Ancillary wellness benefits

The world is going through a tough time. To keep up with it, you need to find health insurance plans that offer ancillary benefits. For this, Insure My Team offers a plethora of programs dedicated to health improvement. We conduct bi-monthly events aimed at improving employee health and making them understand various aspects of physical and mental wellness. All of these events are free and exclusive for Insure My Team members. 

  1. Do not opt for sub-limits and co-payments

While skimming through group health insurance plans, you will find that many of them require your employees to share a part of incurred hospital fees. In addition, some have cappings for the sum insured and the type of treatment performed during hospitalisation. These unwanted restrictions can be detrimental to your employees’ well-being and should be ignored at all possible costs.

  1. Umbrella of partner hospitals

Most employees fail to take full benefit of the group health insurance plans that only have a few hospital brands as healthcare partners. If the employee chooses one that doesn’t fall among the list of partner hospitals, they will have to bear the costs upfront and seek reimbursement from the policy provider. Given the unpredictable times, the total cost of hospitalisation may well be beyond the means of the worker. So, an employer should choose an employee health insurance that offers cashless facilities in a wide range of empaneled hospitals in its network.

  1. Consider consulting a group health provider/company

Given the intricacies involved, it may not be possible for you to find the best group health insurance plan for your employees on your own. You can opt for consulting a group health provider/company that can help you find the right plans. Most times, these providers also offer additional benefits that are not attached to your primary health insurance plan.  

Partner with Insure My Team to get rid of your group employee healthcare woes 

At Insure My Team, we strive to cover employees’ health by providing employers with customized group healthcare plans. We specialise in understanding employee needs and offer curated programmes specially built for your and your employees’ well-being. In addition, we also have a network of over 8,000 cashless hospital partners with zero waiting periods and pre and post-hospitalisation medical benefits.

Click here to choose Insure My Team today.

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Insure My Team
Insure My Team provides accessible and affordable group healthcare to Startups, SME's and Corporate organizations.