Company insurance for employees is among the top-ranked benefits 🔝 employees seek.
Especially after the pandemic, medical insurance for company employees has become a necessity and an essential retention tool. Let’s not forget, that health insurance for company employees 🏥 has become a government mandate in India.
So whether you’re a small business 🏢 and looking for health insurance for companies under 50 employees or in need of health insurance for companies with over 50 employees, we’ll set some context and give you more information on this topic so you can make an informed decision ✅.
⚕️ What Is Company Insurance For Employees? ⚕️
Company insurance for employees is also known as group health insurance or group mediclaim. It's a form of medical insurance 🩺 that covers members of a particular group. This group can be members of a professional club or organization, employees of a company, a cooperative society, etc.
When employees of an organization possess group health insurance, the policy covers them for any medical expenses 💊 .
Typically, organizations bear the premiums of a company health insurance policy for employees. Depending on your employer and policy, sometimes family members 👨👩👧👦 are covered too.
Company insurance coverage for employees is highly customizable 📝 and you can tailor make it according to the needs of your business and employees.
LEARN MORE: What Is Employer-employee Insurance: A Comprehensive Guide
📃 What Does A Company Health Insurance Policy Cover? 📃
Unlike individual health insurance, a group health insurance plan offers far more advantages in terms of what it covers.
1. 🩹 Pre-existing disease
A pre-existing disease is any medical illness or injury that you have before you start a new health care plan 📜 . Typically, these are long-term or chronic conditions like sleep apnea, cancer, diabetes, etc. A group health plan covers pre-existing diseases from day one 1️⃣ of your policy.
2. 🏥 Pre and post hospitalization
Before you are hospitalized, you incur certain expenses for health checkups 🩺, blood tests 🩸, medications 💊, etc. All this is covered for a 30-day period. Similarly, post-hospitalization expenses that you incur once you are discharged, like follow-up treatments, medical bills, etc. are covered too.
3. 💉 Outpatient treatment
Outpatient treatment is the care you receive for no more than a 24-hour period when you’re hospitalized. One of the insurance benefits of group health insurance is costs for this are covered too, such as medical bills, room rent, chemotherapy, dialysis, etc.
4. 🤰 Maternity benefit and newborn baby cover
Company insurance coverage for employees covers both normal and cesarean delivery as well as expenses for the newborn baby for up to 60 days.
5. 💊 Alternative treatment
A company health insurance policy for employees covers alternative treatments like AYUSH too.
6. 🏥 Daily hospital cover
During hospitalization, you have to bear costs over and above room rent like ambulance charges 🚑, food 🍜, attendant’s fees, etc. Group mediclaim covers such things.
7. 🥼 Consumables
During hospitalization, there’s a need for consumables such as syringes 💉, gloves 🧤, needles 🪡, etc. Whether it’s health insurance for companies with over 50 employees or less than 50, this is covered.
8. 🦷 Dental and 👀 vision
If you opt for this add-on to your group mediclaim policy, then you get dental and vision cover for extra protection.
➕ What Are The Advantages Of Company Insurance Coverage? ➕
The biggest advantage of company insurance for employees is it makes your workforce feel important, appreciated, and safe. Here are some benefits for both employers and employees.
1. 💰 Convenient and value for money
Today’s businesses, including insurance, are digital-first, meaning HRs or business owners don’t have to stress about managing their health benefits. From the point of purchase 💵 to the settlement of claims 📜, the process is all online 💻 and can be managed with minimal intervention.
Besides convenience, group mediclaim covers a group of people. As the risk is spread over the entire group, the cost of the policy is much lesser, as compared to individual insurance.
2. 🚫 No waiting period
The waiting period is the time you have to wait before you can raise a claim. With a group mediclaim policy, the waiting period is nullified and your cover starts from day 1 of your policy activation.
For instance, with an individual plan, typically you must wait one year before you can make a maternity claim. However, with group health insurance, there’s no need to wait.
3. ✔️ Hassle-free claims
For any employer or company, claims are quite a hassle. The route to settle a claim is via a TPA or Third-party administrator, and their role is vital. But with multiple intermediaries, it’s not easy to coordinate and get things settled quickly.
With a group mediclaim policy, typically insurers handle the coordination with TPAs, so there’s no need for you to intervene. Things will get done in the background, like on autopilot.
4. 💷 Tax benefits
Tax benefits apply to both employers and employees. According to the Income Tax Act, if an employer entirely pays the premium for employee health insurance, they can treat it as a business expense and hence, avail of tax benefits.
For employees, if your group mediclaim requires you to pay a part of the premium, then you can claim tax benefits on this amount.
5. 👨👩👧👦 Health insurance coverage for families
With individual policies, you need to get a separate policy for every member of your family. This is quite a hassle, as each policy will have its own terms and conditions that you need to carefully study.
However, with group mediclaim, you can extend the same coverage you have to your family members. It can be you plus your spouse and children and sometimes even parents.
READ MORE: What Are The Advantages Of Group Health Insurance Policy?
⬇️ 5️⃣0️⃣How To Get Health Insurance For Companies Under 50 Employees?
As a small business owner, if you’re looking for health insurance for companies under 50 employees, you need to keep a few things in mind.
1. 🔢 Number of employees
Depending on the insurers, there’s a minimum number of full-time equivalent employees. You need to meet that minimum to qualify to purchase group health insurance.
2. 🧍🧍♀️ Know your employees
When you have a small group of people under 50 employees, before you finalize group mediclaim, you must know your employees. For instance, if you have older individuals, they may need medications regularly and frequently visit the doctor. This calls for better coverage and a higher sum assured. So it’s important to know your people.
3. ➕ Various add-ons
Adding to the above point, depending on your employees you may want a host of valuable add-ons like teleconsultations 📞, wellness sessions 💪, mental health consults 🧠, OPD treatment 🩹, etc. This way you know you have comprehensive cover that ensures you’re protected from all angles.
4. ❓ Who to buy it from?
Once you have answers to the above pointers, you need to know from who to buy company insurance for employees.
Every insurer offers its own distinct plans, features, and pros and cons. To get the most out of your group mediclaim, you need a good insurer.
⬆️ 5️⃣0️⃣ How To Get Health Insurance For Companies With Over 50 Employees?
When you have more than 50 employees, you need a policy that caters to multiple requirements. So you need a policy you can tailor-make.
1. 💶 Cost to your organization
If you’re a larger business, the cost is one of the factors you must consider. The cost of the policy will depend on the number of employees in your organization, if the dependents are covered, add-ons, and more. So take everything into account when you’re chalking out the budget.
2. 🏥 Network hospitals
Whether you have a remote workforce dispersed all over the country, or everyone is in the office, your employees from all over need access to quality hospitals. You want to make sure the network hospitals have good facilities, doctors, services, treatment, and more.
3. 👨👩👦👦 Family cover
Providing cover that extends to family members is certainly an added cost, but one that pays off. You will see higher retention and stress-free employees who are productive.
4. 📜 Who to buy it from?
After clearing certain factors like the above, it’s time to choose an insurer. It’s not an easy decision as you need someone who offers a competitive price 💸 as well as a plethora of added benefits to suit your employees’ needs.
🟢 Why Should You Buy Company Insurance For Your 50 Or More Employees From Loop? 🟢
1. 💴 Best and affordable rates
We don’t follow a one-size-fits-all approach. We study your team and your requirements thoroughly and ensure we tailor make your policy based on your needs. Our tie-ups with some of the top insurers in India help you get the best deals possible at budget-friendly prices.
2. 📞 Proactive approach
From the moment you initiate a conversation with our experts, until the claims stage, we’ve got a dedicated team of customer support executives, account managers claim support specialists, doctors, and more, who are involved and hands-on with the process.
They’re available 24X7 🕛 and always ready to address and solve any issues.
3. ➕ Lots of added benefits
When you purchase a group health insurance policy with Loop, you get more than just the insurance. You get added benefits such as pre and post-hospitalization coverage, coverage of pre-existing diseases, maternity and newborn cover, dental and vision cover, etc.
4. 🩺 Unlimited doctor consults
Your employees can consult with a doctor or chat with a medical advisor for support in their healthcare journey. They’re available 24x7, speak multiple languages, and are highly specialized in a variety of fields. So you and your team have complete access to care anytime, anywhere.
5. ➿ Continuity of care
Our care experts are keen to help you in your healthcare journey. So from your medical history to your concerns, and more, they’re not just going to help you for that particular instance, you can count on them like a family doctor.
6. 💊 Preventive care
Unlike simply treating you when you’re unwell, we take a preventive care approach to keep you healthy always. Keeping your history, likes, dislikes, food habits, and more in mind, we help you live a happy and healthy life. So you visit hospitals or doctors less frequently and feel like your best self!
7. 💪 Holistic wellness
Group mediclaim takes care of aspects of employee health. For holistic wellbeing, in addition to insurance, we offer wellness sessions that focus on multiple areas. This helps develop well-rounded, stress-free, productive employees who like to show up to work.
8. 🔝 Easy top-ups
With the rising cost of medical care, you and your family need the best coverage possible. In case you feel your sum insured is less, you can always top up your policy for 5 lakhs to 50+ lakhs sum insured to suit your individual or family needs. This way, you have comprehensive cover and peace of mind.
9. 🏥 Cashless treatment
Our network hospitals are spread throughout the country. So no matter which part of India your team is based in, we can help them reach the closest network hospital, receive quality care and have a hassle-free cashless experience.
👌 Your Team Deserves The Best 👌
Employee health and happiness are of utmost importance in today’s day and age. They want to feel cared for and so health benefits play an important role.
Download this quick and easy-to-read guide for implementing employee benefits that work for you and your organization/
Happy and healthy employees not only increase workplace positivity and culture, but also productivity and efficiency. So it’s a win-win!
When you need a partner, 🟢 Loop is the answer, quick, talk to our experts, and start your journey to a better workforce!