In the past, employers used to provide regular health insurance plans that could only cater to basic medical needs. However, this altered when employees began seeking more from their benefits packages. The COVID-19 pandemic further pushed the trend.
Customised group health insurance plans are medical coverage policies specifically designed to cover different requirements of various individuals within a particular organisation.
A customised group health insurance plan not only meets an employee's unique healthcare requirements but also lets employers offer this incentive and project themselves as employee-friendly organisations.
Let’s look at some significant factors as to why a customised group healthcare plan is needed.
Variety in Healthcare Need
Healthcare demands vary among employees, depending on lifestyle, age, existing medical conditions, and family size, among other factors. With customised group health insurance, employers can opt for tailored plans that meet employees' needs. For instance, women employees who may need options like maternity coverage can do so under the group health insurance plan. Similarly, employees can consider add-ons like vision care and dental care.
Increases Employee Satisfaction
By implementing a customised group health insurance plan, an employer shows concern for his/her workers' well-being. This can boost employee morale, loyalty, and work performance.
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Reduced Cost
Employees can pay an additional premium and widen the scope of coverage. This brings down the unnecessary payments usually associated with higher insurance premiums for personal healthcare plans.
Attracting Top Talent
Personalised health insurance can serve as a lucrative perk for potential hires. As a result, it can be an effective tool for attracting top talent, Which, in turn, facilitates organisational growth.
Increased Employee Retention
Employers who are concerned about their employees’ well-being will provide group health insurance packages that address employees’ individual needs. Hence, this will encourage employees to stay longer, increase loyalty, reduce the attrition rate in an organisation, and save costs related to recruitment.
Promoting Health and Wellness
Personalised group medical coverage is one of the important investments in health and wellness. Such plans offer wellness programs and incentives to encourage preventive care among employees. They not only improve employee health but also minimise rates of absenteeism from work, thus increasing productivity at workplaces.
Offering Flexibility and Choice
Employees can choose coverage options that meet their unique requirements in personalised group health insurance policies. This gives them a feeling of control over their healthcare decisions.
There are several ways in which an employer can customise the group medical cover for employees.
1. Flexible Options
It is possible to customise group health medical insurance by offering different coverage alternatives with varying levels of benefits, premiums, and deductibles attached to them.
2. Extended Coverage
This could be done by allowing the employees to include spouses, kids, and dependent parents under the group health insurance plans.
3. Add-on Services
Employees can opt for add-on covers like dental care and mental health services, as well as wellness programs (such as workshops on managing stress and nutritional programs) that would characterise such group insurance schemes.
4. Customised Deductibles and Copayments
This may involve allowing employees to opt for customised deductibles and copayments, depending on their financial priorities and use of healthcare services.
5. Educational Assistance
One way towards the personalisation of group health insurance is guiding employees through informative resources on how they should go about selecting add-ons or medical establishments suiting their needs. Information on disease management, preventive care, and managing healthcare expenses also promotes employee well-being.
6. Telemedicine Services
When telemedicine services are included in group health insurance policies, it helps employees consult healthcare providers remotely for medical issues that don’t require emergency measures.
Customised group health insurance plans are a win-win for both employers and employees. By investing in customised health insurance, companies meet the diverse healthcare requirements of their employees. This can help attract top talent, improve employee satisfaction and retention, and promote employee health and wellness. Moreover, with the rising healthcare costs, a customised group health medical insurance plan is becoming a necessity.