Several employers offer health coverage to their employees under group insurance. Such plans often extend the coverage to your spouse and children. A few may even cover your parents.
The group policy offers a fixed sum insured (SI) to cover hospitalization expenses due to an ailment or accident. In case you want to enhance the SI, you will have to pay an additional premium.
Why employers offer group health insurance
1. Retain and attract talented personnel
Finding talented employees and retaining them is tough as the industry is highly competitive. A group health insurance plan is offered by employers as an additional perk for motivating the employees.
2. Tax benefits
The Income Tax Act offers tax benefits to the employers for the premium amount paid to offer corporate health insurance to the employees. The amount is considered as a business expense and helps to reduce the overall tax liability of the company.
3. Employee motivation
The attrition rate is high, and it is a huge concern for most employers. Providing comprehensive health insurance coverage for the employees and their families motivates your staff to perform better and enhances loyalty.
Tips to choose the best group health insurance plan
Employers who want to avail of the best group insurance plan for their employees must consider the following factors:
1. Customer service
Choose an insurer that offers good, reliable, and timely service. This ensures that employees do not face any issues while claiming the group medical insurance plan.
Employers must choose an insurer that has a wide network of hospitals where employees can avail of cashless services. Additionally, the chosen plan must cover various locations for maximum benefits to the employees.
This is an important consideration, and employers must compare health insurance policies offered by various insurers before making their decision. While choosing the least expensive plan may be tempting, ensure the policy offers sufficient coverage and benefits.
Employers may choose an online mediclaim policy. To check the details, companies can visit the insurers’ websites. Alternatively, employers may use an online portal to compare different policies offered by various insurers to understand the terms and conditions, premiums, inclusions and exclusions, and other benefits available under the chosen plan.
Check these details today and get the best group insurance plan for your employees.