While the overall Indian insurance sector is predicted to reach US$ 280 billion by 2020, its escalated prowess can be attributed to the emerging middle class and growing awareness about health covers. Such schemes are particularly beneficial considering increased stress, sedentary lifestyle, and considerable deterioration in the health of an individual.
Keeping in mind the chances of depleting health conditions and an increased cost incurred in providing advanced healthcare services, corporates now offer group or employee health insurance policy covers.
Such policy schemes are aimed at improving the efficiency of employees and boost their loyalty towards a company. These schemes take into consideration the involved risk factor of the group of insured individuals. It plays an important role in settling upon the premium of a group medical insurance policy cover.
Such insurance covers are leverage for both the employer and the employee. Considering this dual-side benefit, several companies now offer these policy covers. Thus, corporates are taking increased interest in opting to buy employee health insurance.
However, since employers are the contributors to this insurance cover’s premium, it is essential that they take into account the following few pointers before purchasing –
- The employee demographics
Before purchasing an employer’s group health insurance policy, it is ideally imperative that the employer takes into account his/her employee demographics. It is because the insurance coverage requirements of the employees vary as per their age.
Thus, in case you have a healthy mixture of age groups in your workforce, make sure to offer them with a group medical insurance policy that provides a financial coverage of medical, paramedical, and dental expenses.
On the other hand, in case you have a mixture of millennials in your floor, opt to purchase medical insurance schemes that financially cover the lifestyle-related and paramedical issues.
- The industry of operation
Each industry, service, manufacturing or export, have varying requirements from their employer’s group health insurance, considering that it offers financial coverage against any impending medical happenstances. Therefore, in case individuals are involved in manual labour, they would require their employer to offer them an insurance cover that might be of benefit to them.
Recognising the industry of your business ensures that you have an in-depth idea about the pertinent group health insurance that might benefits his/her employee.
- Needs of the workforce
Since these health insurance covers are directed at providing a financial security net for the employee, thus, it is mandatory that you, as an employer discuss and know about their expectations from the insurance plan. These plans come with numerous lucrative borrower-friendly features that include –
- High-value sum insured of up to Rs. 50 Lakh.
- Offers cashless claims at the network hospitals.
- Hassle-free application procedure.
Under such circumstances, opting for a Group Health Insurance policy from NBFCs like Bajaj Finserv can be beneficial.
Such employee health insurance policy schemes act up on saving considerably for the employers as well considering –
- Tax-deductible employer contribution
- Payroll tax deduction by 7.65% of employer contribution
- Reduced worker compensation premiums
Such host of benefits offered by the group/employer health insurance covers make it an essential inclusion of every organisation. While it saves the money spent on medical expenses on behalf of the employee, the same plan lends in the required moral leverage on the part of an organisation. However, one should make sure to compare all the aspects before purchasing a health insurance cover for his/her employees.
Time Business News