In today’s evolving workplace culture, employees have started considering employee benefits as a vital pillar of success for an organization. All employees prefer having employee benefits at the workplace, and 90% of them want employers to cover their healthcare costs too. Moreover, an MHA notification states that employers now have to mandatorily offer health insurance coverage to their employees if they resume operations post Covid-19.
Choosing the right group insurance ensures employee well-being and loyalty. However, there are also costs to consider as an organization. Offering health insurance to employees can be a hefty financial commitment, so it pays to be informed and shop smart.
Here are a few tips you should keep in mind while choosing health insurance for your employees:
- Customized plans for employees
Depending on the type and size of the organization, group insurance requirements may range from one employee to the next. As people have different needs, their health requirements vary. Some employees may require insurance for pregnancy and infant care, while others may demand coverage for critical illness or a personal injury. Therefore, employers must consider policies that are tailored to meet the demands of individual employees to support their health and well-being.
- Cover employee’s dependents
No employee would deny appreciating when their immediate family members are included in the health insurance plan. While most organizations provide coverage for employees’ spouses and children, they do not provide coverage for parents.
Providing full coverage to your employees’ families will cost you almost twice as much as the premium. So, your organization has to decide whether or not you should consider extending health insurance benefits for your employee’s dependents.
- Wider hospital network
Employers must consider a wider hospital network that includes employees’ preferred hospitals. If the employee’s preferred hospital is included in the network, they are entitled to a cashless claim. Otherwise, they must pay for the costs and then submit a claim for reimbursement. Due to the unexpected nature of medical crises these days, the employees’ preferred hospital may not always be available. Therefore, selecting an employee plan that covers more hospitals is recommended.
- Check for wellness benefits.
For employees to survive during the challenging times of the Covid era, employers should pick a plan that combines wellness programs. These programs are designed to keep employees fit and healthy by indulging them in fitness activities and regular health check-ups.
- Do a market analysis.
Ensure that your employees have adequate medical insurance to meet any expected medical bills. Before deciding on the quantity of coverage to purchase, conduct a market analysis and compute an average cover amount. When calculating the insurance price, consider the growing expenses of medical inflation and the hospitals your employees would most likely visit.
- Opt-out of sub-limits and co-payments
The sub-limit in insurance applies to the sum insured and additional items such as room rent or the type of operation done while hospitalized. Specified health insurances have a co-payment provision that requires policyholders to pay a certain amount of hospital expenditures. Therefore, before finalizing an employee benefits policy, companies should review it for these terms and select programs that do not include them.
Get started with your employee benefits.
If you’re in search of the best employee benefits beyond health insurance policy, talking to one of our consultants would be a great next step. Zaggle Save not only offers employee benefits but also enables employees to save taxes up to Rs. 1,00,000 per year. Get in touch with us today to know more!
