Things to Keep in Mind Before Buying Group Health InsurancePosted by Gaurav Kadam on June 29th, 2021 However, as an employer, there are certain things that you need to be mindful of before buying group medical insurance. What are they? Let’s find out. Sum InsuredThis is one of the prime considerations. Sum insured is the maximum amount that your employee is entitled to receive in case of hospitalisation. If your employees reside in metros, it’s advisable to opt for a high sum insured as medical costs are pretty high. Even a week of hospitalisation could lead to bills running into lakhs of rupees. As a caring employer, the endeavour should be to reduce out-of-expenses for employees as much as possible, and a sum insured can make it possible. PremiumThis is another essential thing to keep in mind while shopping for a group health insurance policy. Note that in this plan, you, the employer, need to pay the premium, and hence you must ensure that it’s competitive. Premiums towards group medical insurance depend on several factors, including age of employees, sum insured, nature of occupation, etc. Note that while you must ensure that premiums are competitive, you must not compromise on any crucial policy feature just for the sake of reducing premiums. Make sure that the policy has all the necessary features benefitting your workforce. Network of HospitalsAnother essential thing to keep in mind is the network of hospitals on offer. It’s essential that reputed hospitals around the country are empanelled in its list. There can be an instance if an employer has moved out to another city and something happens there. In case of a network hospital in that city, he/she can avail cashless treatment. So, it’s a good idea to ensure that the insurer has tie-up with leading hospitals across the length and breadth of the country. Claim Settlement RatioThis ratio is an indication of the total claims settled as against received and is expressed in a percentage. It’s advisable to opt for an insurer with a high claim settlement ratio as it enhances chances of claims being settled. This ratio is available on the website(s) of insurance companies. You can find it even in the annual report published by the Insurance Regulatory and Development Authority of India. To ConcludeBuying a group health insurance policy is a good way to keep your workforce motivated and leverage their potential to the maximum. You can buy this policy online by filling up the proposal form and submitting the relevant documents. Like it? Share it!More by this author |