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 hospitalization

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.