When is the Right Time to Buy Health Insurance for Your Employees?

The Right Time is Now

The right time to purchase a group health insurance plan for your employees is now. Covid-19 has shown us the need to purchase health insurance like never before, and as a caring employer, you must buy a group mediclaim policy for your employees immediately. It will establish you as a caring employer and motivate your employees to go the extra mile for you.

Many insurers are offering attractive discounts on group health plans, and buying a policy now can help you provide coverage to your employees at an attractive price point.

Essential Parameters to Consider

You need to consider specific parameters while buying a group mediclaim policy for your employees. They are:

• Adequate coverage

  Given the rise in medical costs over the years, you need to opt for a group mediclaim policy that provides sufficient coverage to your employees. Go for a sum insured of minimum of Rs. 5 lakh if most of your employees live in a metro.

• Claims Settlement Ratio

  It is another crucial lookout. Buy a group health insurance plan from an insurer with the highest claims settlement ratio. It increases the chances of the claims being settled on time. Almost all insurers declare this ratio on their website. You can also find out about the same from the annual report of the Insurance Regulatory and Development Authority of India (IRDAI).

• Large Network of Hospitals

  It’s prudent to purchase a group mediclaim policy from an insurer with an extensive hospital network. It will ensure that your employees can get cashless treatment facilities when needed. Empanelling of prominent hospitals will ensure top-notch treatment facilities for your workforce.

• Waiver of Waiting Period

  Health insurance plans have waiting periods for certain diseases. During this time, the insurer doesn’t provide any coverage for treatment of the particular ailment. However, there are provisions to waive the waiting period by paying slightly higher premiums. Find out if there is such a provision and if yes, it’s advisable to opt for it.

The Final Word

Group health insurance plans are an effective way to cushion your employees from rising medical expenses. Like an individual plan, compare various offerings and choose the one that best fits your needs.

• Group Health Insurance
• Product Code: 4016
• Product UIN: ICIHLGP21381V05202