As the employer of an organization, your foremost goal besides doing well in the business is to take the best care of your employees. Their wellbeing can impact work productivity, contribution to the company, and overall happiness index of the organization. This is why the health of team members of a company is said to indicate its level of success.
One way to assure that organization members get enough medical support is by taking a health insurance that has maximum coverage for illnesses, diseases, and treatments. Taking individual policies could be cumbersome, so you can choose a group mediclaim solution to offer the right protection the employees will need at a time of a medical emergency.
Reasons to Get a Health Insurance Policy for Your Employees
Apart from the salary package offered to the employees, you should also take care of their other needs, such as excursions, health, and other perks. Medical insurance is one of the facilities that almost every company provides to its employees, for the very valid reasons as mentioned below.
- You can avail tax benefits for premiums paid on group mediclaim policy of employees.
- By providing a mediclaim to people in your company, you not only safeguard their health but make them feel cared for and happy.
- The employees do not have to after all pay the premium themselves. Because of this certain benefit, people may want to stay employed with organization than look for a job elsewhere.
- If maternity benefit is opted for, then it shall be effective as soon as the policy becomes active.
- No medical check is needed for the employee and his/her family before availing the policy.
- There is no waiting period in such plans. The pre-existing illnesses are also covered from the start of the plan.
- A health plan along with retirement and pension plan completely protects employees and encourages them to perform their best.
- Knowing that they are financially secured, employees will provide positive feedback about the organization to others.
Now that you understand the importance of securing the health of your company’s workforce, let us have a look at what a health insurance plan for employees contains.
Facilities under Employee Health Insurance Plans
Below are the benefits available under employee health insurance that you can provide to the members of your company.
- In Patient Expenses
The insurer will bear expenses that were incurred at the time of hospitalization and treatment of the employee, due to an injury or illness sustained during the policy tenure. Do remember that medical cost during the insurance period must not exceed the sum insured for which the employee is covered, otherwise, the remaining expenses has to be paid by the employee itself.
The employees will receive reimbursement for medical expenses incurred up to 30 days before hospitalization for spending on an illness/injury/disease, for which hospitalization was required.
- Day Care Treatment
The health insurance companies will pay reasonable and customary charges for day care treatments taken by an employee on advanced technological procedures taking less than 24 hours of hospitalization. You must confirm with the provider as to which surgical treatments are allowed under the policy.
Reimbursement is available to employees for medical expenses done up to 60 days after discharge from the hospital. The spending has to be on the same condition for which hospitalization was required.
- Domiciliary Hospitalisation
Domiciliary hospitalization is usually up to 15% of the sum insured. But the employee health insurance policy may not cover expenses arising from pre and post hospital treatment or treatment for diseases such as diarrhoea, asthma, gastro-enteritis, bronchitis, Nephritic Syndrome, chronic Nephritis, hypertension, epilepsy, influenza, diabetes mellitus, cough and cold, dental treatment or surgery, psychiatric or psychosomatic disorders, etc.
Note the exclusions in the policy’s fine print. Expenses for these health conditions and treatments will not be covered in the policy. Some of the common exclusions are expenses for AIDS and related diseases, international self injury, congenital external defect/illness/disease, aesthetic-related or cosmetic surgery, weight control programs, medicines/treatments/supplied for morbid obesity, etc.
Remember that claims from injury or harm because of nuclear weapon usage or acts of invasion, war, hostilities, civil war, are also excluded.
- Optional Covers
If you want to give a better protection to the members of your company, then you choose any of the optional cover with the existing plan, as given below:
- The insurer can provide a cover for room rent, subject to co-payment if applicable. There will be an upper limit to this amount.
- Extension for maternity and childcare subject to certain conditions.
- In some cases, health insurance companies can double the sum insured for specific illnesses, as mentioned in the policy, on additional premium.
- Extension is for deductible and co-payment.
- On a higher premium payment, cover is extended for health check-up, critical illness, wellness care, OPD, vision, and dental treatment.
- Extension is for non-medical devices and expenses.
- Organ donor expenses also find coverage.
- Added benefit of attendants and nurses after discharge from the hospital.
- Added benefit of hospital daily cash allowance.
- Vaccination cover is one of the facilities.
- On additional premium payment, it is possible to waive off waiting period (if any) for pre-existing diseases.
- There is a cover for ambulance service on road and air ambulance.
How to Find the Right Employee Health Plan?
You must get a list of health insurance companies that have group plans for corporate and companies. Take a help of an insurance agent if necessary. After which, compare the policies in terms of extent of coverage, optional covers, premium amount, additional riders/benefits, discounts, in-network hospitals, emergency services, and other features.
Now select the best one as per your requirement. Read the fine print of the policy and review all the details entered before singing it.
As the members of your company are assets towards future growth, you must do what is in your capacity to retain their interest and health. Employee group health insurance is one of the major perks you can offer as an employer. By safeguarding the employees and their family, you can increase engagement and productivity between employees within your company.