Looking for a better group health insurance but don’t know where to start?
Caring about your employees’ health is always on the cards for every type of organization. After all, a healthy employee is a happy employee. And happy employees result in higher productivity & maintaining a better culture within the organization. It sounds so beneficial, isn’t it? Why not explore it more & how it helps the organization.
Group Health Insurance
Quoting from the web, ‘A Group Health Insurance is a type of health insurance plan that covers for a group of people who work under the same organization. This is often offered as a valuable benefit for employees as the premium for the same is borne by the employer. The group health insurance coverage can be extended to the family members of the employees in some cases. This insurance plan is also referred to as corporate health insurance or employee health insurance.
As it is explained in the above quote, group health insurance is all about caring about the health of your employees & their family members. But why is it so necessary to provide one? (apart from the fact that it is now mandatory to provide GHI)
Benefits of Group Health Insurance
Rohit was working with a multinational company called ACME Pvt. Ltd (HQ in Germany) as a senior marketing manager. He enjoyed a salary of 9 lakhs per annum & ACME gave its employees & their respective families, group health insurance coverage up to 10 lakh rupees. In his tenure of 4 years, he never used the coverage provided to him.
In the month of January, he got an offer from MAC Pvt. Ltd to head their marketing efforts with a whopping package of 15 LPA. Their health benefits were different as compared to ACME, offering an employee-only coverage of 5 Lakhs. He decided to accept this offer.
Unfortunately, Rohit’s mother got diagnosed with cancer in the month of March. After a rigorous line-of-treatment that went on for 6 months, sadly she passed away. The cost for the treatment went up to 13 lakh rupees. Paid out from Rohit’s savings since MAC didn’t provide a health benefit plan that would cover his family. Even if they did, their cap of 5 lakhs would’ve still required Rohit to reach deep into his savings & pay the remaining 8 lakh rupees.
Today, Rohit regrets leaving ACME & praises their people-centric health policy.
Currently, there are players in the market that bundle in these preventive care services for free with the GHI, lIke Loop Health. Partnering up with players like these will help in providing affordable, engaging & efficient health benefits, irrespective of your organizations’ financial situation.
In the end, Group Health Insurance is necessary & mandatory for organizations to provide. So why not make the best of it & really make your health benefits work in favor of you, your family & work family.