Things To Know About Group Health Insurance Policy For Small Businesses

Group health insurance policy, as it suggests, is for a group of individuals, especially employees. Businesses, organizations, financial institutions, and other business and non-business entities may opt for these policies. An employee receives the benefit of this scheme without the need to pay any premium. The policy comes to an end when an employee leaves the company.

Need for group health policies

A large number of employers provide these insurance plans to their employees as part of employee benefits. The more benefit a company offers, the more chances it gets to attract and retain employees. Small businesses can stay ahead of the competition by providing these policies to increase retention.

Employee retention is crucial for small businesses to maintain stable operations as attrition has always been one of the challenges that they face. Hence, providing group health insurance is one of the ways small businesses can reduce their workforce turnover and recruitment expenses. Also, it is beneficial for employees since the majority of organized sector workers don’t avail health insurance policies or cannot afford one.

Bajaj Finserv is a prominent NBFC which offers group/employee health insurance policy for business organizations. You can get a sum assured ranging from Rs. 1.5 Lakh to Rs. 50 Lakh under the scheme.

What to look for in an employee health insurance plan? 

Some of the features you must look for when purchasing a group health policy are as follows.

  • Provide coverage for all medical expenses

It is necessary to buy an insurance policy that covers all the medical costs of an employee. These costs must also include medicines, specialist visits, ambulance charges, etc.

Opting for a plan that provides comprehensive coverage is an ideal way to ensure the above.

  • Availability of cashless facility

Cashless facility is a feature that enables the insured to avail healthcare services from a hospital without the need to pay any cash. This facility is only available from partnered or network hospitals of the insurance company.

The best health insurance plan comes with this facility that is highly beneficial when the insured does not have the necessary cash in hand to pay for medical expenses. It is also helpful during emergencies.

Companies like Bajaj Finserv provide cashless facility under an individual health insurance plan. The company has more than 5,700 network hospitals from where customers can avail of this benefit. It also covers medical expenses 60 days before and 90 days after hospitalization.

  • Coverage for dependents

One of the essential features to look for when buying a group health insurance policy is dependent on coverage. Some employee health policies cover not only the employees but also their spouse and children.

  • Availability of add-on covers

Some insurance providers offer the option of add-on covers for more benefits. For example, add-on cover for pre-existing diseases or maternity expenses.

Bajaj Finserv offers a maternity health insurance plan specifically for expectant mothers. This policy covers normal and cesarean section deliveries along with pre-natal and post-natal expenses. Customers also receive coverage for medical costs incurred 30 days before and 60 days after hospitalization. They can also avail of a 10% cumulative bonus each year when they don’t make a claim.

  • Flexibility in selecting coverage

Opting for an insurance provider who offers flexibility in choosing a policy tenure according to your needs and employee numbers can benefit you exceptionally.

Another benefit of group health insurance plans is that the premium amount decreases when the number of covered employees increases. Also, the workforce does not have to undergo any medical tests to be eligible for this policy.