Benefits That Must Be Included In A Group Health Insurance Policy
Employee retention is one of the critical
factors of business growth. Studies show that a business may end up spending
around 33% of an employee's salary when he/she quits. These expenses go into
hiring and training of new recruits as well as several other overhead
expenditures. Instead, holding onto an employee may require a hike much lower
than the above percentage.
Employee retention plays a vital role in
the success of a business. To do that, offering benefits is an ideal way. And,
one of the benefits that you can provide is a group health insurance policy.
Selecting an insurance scheme that goes
beyond offering the standard features can keep your employees content.
Some of the benefits that a group health
insurance policy should include are as follows:
1. Coverage for pre-existing
diseases
A majority of health insurance companies
don't readily include coverage for pre-existing conditions. Insurance providers
need customers to undergo a thorough medical check for the same.
This is precisely where you can take
advantage of a group health insurance policy that covers pre-existing diseases
of the employees. Such benefits are rare and providing them to employees can
increase your retention rate.
2. Protection against
maternity expenses
While the average expenses of a normal
delivery can range from Rs. 20,000 to Rs. 70,000, a C-section can include
expenses of around Rs. 20,000 to Rs. 1 Lakh. Making sure that employees get to
take care of such expenses without burning-up their savings can help them
function better on the professional level. Hence, to have an employee health
insurance policy in place can aggregate your organisational output in the long
run.
3. Cashless
Insurers have to pay for the medical
expenses and treatments and make a claim to avail reimbursement from the
insurance company in case of standard health insurance policies.
Making a claim involves a lengthy process
and filing up of a list of documents. It may also take several days for the
reimbursement to process through to the insured.
Cashless hospitalization eliminates all
such hassles. Insurance companies are partnered with hospitals known as network
hospitals. Availing healthcare treatment from such medical facilities will
enable patients to take advantage of the cashless benefit.
Insurance providers have a third-party
administrator (TPA) that coordinates claims between the former and a network hospital.
Such liaisons help towards cashless claim benefits. Such cashless procedures do
not require the insured to advance any funds from their end for healthcare
facilities, a must-have to successfully implement health insurance plan for
employees.
4. Provide coverage for
dependents
Offering coverage to employees is the
standard feature of all employee health insurance schemes. What you should
consider including in your insurance scheme is coverage for your spouse and
children.
Ensuring that your employees’ families also
receives similar healthcare benefits is another effective way to increase
employee retention rate.
5. Additional coverage to
parents
Other than spouse and children, adding
parents to the list is another benefit you can include in the group health
insurance scheme. The best health insurance scheme should specifically
include benefits for senior citizens as well.
Avail a group health insurance policy to
cover healthcare financial assistance for you and your family as a whole. Some
of these expenses include medications, doctor visits, and ambulance fees.
You can also check out affordable plans
under Pocket Insurance by Bajaj Finserv that offers a Group Jeevan Suraksha policy that caters
to your needs.
