10 Group Health Insurance Features Employers Should Consider Before Insuring Their Employees

Employees of any organisation play a significant role in its success; that is why employers must prioritise employee well-being. Providing employees with group health insurance protection is an effective way to ensure their well-being and productivity. 

However, the question that most businesses often face is what features to look for when obtaining group health insurance for their employees. 

In the article, we will discuss the 10 most important group health insurance features that employers should consider before buying group health insurance plans. 

What is Group Health Insurance?

Group health insurance is a type of business insurance policy that provides medical coverage to a group of people under a single plan. This group of people typically consists of employees of an organisation who receive medical benefits under this plan for any health emergencies. 

Moreover, the employer usually purchases the policy for their employees, and they also contribute towards its premium. However, in some cases, the contribution is made part by the employer and part by the employee. 

10 Group Health Insurance Plans That Employers Should Look Out For

1. Sum Insured

The sum insured of group health insurance is an important feature to look out for. It is the amount up to which the employees can make medical claims. Thus, the sum insured amount should be adequate for employees to cover their cost of medical emergencies, especially in today’s time of high inflation. 

2. Flexibility

Next, the feature that you must consider when purchasing this business insurance policy is that it provides some flexibility. Having flexibility in insurance is beneficial for both employees and employers. Flexibility for employees, such as the option to add their family members to the coverage, and employers’ flexibility to include add-on covers as needed for their business. 

3. Coverage Options

A wide range of coverage options is another feature that good group health insurance must have. For instance, TATA AIG group health insurance offers coverage options including inpatient treatment, daycare procedures, ambulance coverage, maternity care, and pre- and post-hospitalisation coverage. 

4. Network Hospital

Another important feature that you must check before buying any group health insurance policy is the network of hospitals. It is beneficial for employees to have insurance that has a large number of network hospitals near their address. This way, employees can receive immediate medical care in the event of an emergency. Moreover, it is easier to settle insurance claims with network hospitals. 

5. Claim Settlement Process

Having an easy claim settlement process is a crucial feature for any group health insurance. It provides ease of service to employees, especially when they are between any medical emergencies.

Moreover, you should also verify that your insurer offers effective customer support services to assist employees throughout the claim settlement process. 

6. Preventive Healthcare

Everyone knows that when it comes to health, prevention is better than a cure. That is why employers should look for a preventive health checkup feature when buying group health insurance.

With this feature, employees receive an annual preventive medical checkup, which helps in the early detection of any critical illness, allowing necessary precautions to be taken. 

7. Room Rent and Co-payment Clause

Room-rent and co-payment clauses are important features to look out for when choosing a group health insurance plan. Room-rent limits mean that if an employee’s room rent exceeds a certain limit, they must pay the difference themselves. A co-payment means employees have to pay a certain percentage of the hospital bill themselves. 

8. Premium

The premium of a business insurance policy is another feature that employers must consider. If the premium amount is too high, both the employer and employee must make higher contributions, which may disrupt their budgets. That is why it is essential to check for affordable insurance premiums that also offer effective coverage options. 

9. Policy Renewability

An easy renewability option or a lifetime renewability option is a great feature to look for in a group health insurance policy. It ensures continuous coverage for employees and is hassle-free, rather than requiring them to search for a new insurer every year or fill out renewal documents annually. 

10. Add-on Covers

Having add-on covers in a group health insurance plan provides an extra layer of protection, in addition to the base plan. 

Moreover, they offer customisation options to employees to get add-on covers that meet their individual medical coverage needs. Thus, employers must check for plans that offer a wide range of add-on covers. 

Summing Up

Every employee’s medical needs are unique to them. With knowledge of various group health insurance features, employers can understand what to look for when researching group insurance for their employees.