The Indian work culture is completely interlinked in terms of processes where people and work require constant discussions, communication and coordination on a regular basis. Therefore, various companies, working on the work from home model, have either reverted to work from the office or introduced a hybrid model where selective employees are being called to the office.
While, the employees are inching back towards their workplace, but, with a worry in mind that what if they catch the infection and above all if they infect their family members as well. Therefore, the employer must take the initiative to ensure the safety of the lives of their employees with the help of Employee Group Health Insurance.
Employee Group Insurance is a service provided to the employees of an organization in the form of a health insurance plan. In an employee insurance policy, the employees get insurance cover at a reduced cost as the provider's risk is spread across a big number of policyholders.
This initiative will help workers in working with a free mind and without any tension worrying about the medical expenses to meet in case they catch the coronavirus. Also, in times when the life requirements and priorities have changed, employee health insurance can help the organization in increasing the retention rate, employees' motivation, their physical health and mental well-being.
Ideally, the organization should offer a health care plan to their employees that seriously turns out to be a supportive entity at the time of emergency as well as come affordable for the employer. Hence, here are some parameters to consider at the time of buying an employee group insurance:
Sum Insured is the amount that is allotted to each employee in the case of hospitalization. The sum insured allotted to each employee should be enough to manage the expenses of medical requirements of any disease, especially in the times of COVID19 when the medical inflation has increased. Also, the sum insured should be finalized as per the residing city of the employees as the medical cost varies from metro cities to Tier I & II cities.
Room rent is the bill for the hospital rooms except for the cost of medication, doctors' visits and medicines. It is generally seen that the room rent limit has been kept the lowest to save the cost. However, in an employees group insurance, the lower room rent limit can cost high to the employee who is admitted in the hospital, if they take a room with a higher cost. In this case, the employee will have to pay from his pocket which can create a burden on his/her shoulders. Hence, the health insurance plan for employees must cover the cost of up to a single private room.
A health insurance plan can come at a very low cost as well but they might not be able to serve employees with a sufficient number of hospitals for the cashless facility. The health insurance service provider must offer a long list of network hospitals located in different parts of cities to be accessed by all employees.
Adding riders into the plan is a good option to enhance the plan to make it more helpful and supportive for employees. The organization can select riders depending upon the nature of the business or the majority of staff members. For instance, if a company has a huge number of riders then accidental rider benefit can be clubbed with the plan or if the company has a majority of young employees then maternity benefit can be taken for the employees.
The biggest distressing aspect of insurance plans is the waiting period where some diseases are put under the cap of a certain duration for compensation by the insurance company. But a medical emergency can arise anytime without any prior intimation. Employees Group Scheme helps in eradicating the waiting period by paying an extra premium. As a rule of thumb, it is strongly advised to opt for waiver of waiting periods in group health insurance plans.
Written By : Naval Goel
Last Updated : July, 2021
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