How To Evaluate Additional Benefits Apart From Your Standard Group Health Insurance Plan?

A detailed guide to understand the additional benefits apart from standard group health insurance
Team Loop Health
June 14, 2021

When purchasing a group health insurance plan, the more the coverage the better. While a standard plan covers only the basic needs in a health emergency, such as room rent and ambulance cover, there are several add-ons that make the policy more lucrative or beneficial.  

However, additional benefits are an extension of a standard health insurance plan and often come at an extra cost. Before purchasing them, it’s wise to evaluate what each add-on entails, and how it can add value to your existing cover.

When you’re evaluating additional benefits, it’s also important to consider your employees’ circumstances at the time of buying. For instance, if the majority of your workforce is young married women, you can assume they would plan to have kids. And so, it’s prudent to take maternity cover with your standard group health insurance plan. Similarly, if your employees are over the age of 50, it would be helpful to get a critical illness cover.

Key Add-Ons On To Standard Group Health Insurance Plans

Here’s a list of important add-ons that you can add to your group health insurance plan.

  • Top up cover: Standard group health insurance plans provide only for single hospitalization coverage. Buying a top-up cover enables you to cover a subsequent instance of hospitalization due to illness or accident. It also helps you to cover the cost of health emergencies over and above the set sum insured limit and is a solicited way to ensure added protection. Top-up plans make sense when you want to increase the pre-existing cover without paying too much.
  • OPD cover: This add-on provides coverage for expenses related to OPD consultations, diagnostics, and medications. Since not every illness or health contingency will require you to get hospitalized, buying OPD cover in addition to your standard group health insurance plan is always a good idea. Insurance brokers like Loop Health have our own panel of doctors and provide free OPD consultations to buyers as part of the standard insurance plan, thereby enabling policyholders to save up on extra costs while enjoying whole-rounded protection.
  • Daily allowance benefit cover: This cover gives you the benefit of getting a fixed amount of cash for each day of your hospitalization. You can use the amount for meeting additional expenses that are not covered by health insurance.
  • Consumables cover: Generally, the cost of consumables, such as medical aid and equipment like sponge, syringes, etc., is billed directly to the patient. The standard health insurance plan does not cover it. Buying the consumables cover allows patients to cover these costs, which can sometimes be substantial, especially during long periods of hospitalization.
  • Maternity cover: This add-on provides coverage for expenses related to pregnancy and childbirth that are over and above the standard hospitalization coverage. The cover is crucial for young married couples who plan to have kids soon. In some cases, it also covers expenses arising out of fertility issues and the newborn’s hospitalization charges due to medical complications.
  • Room rent waiver: An add-on cover for room rent waiver enables the policyholder to increase the limit of the hospital room rent or ensure that there is no limit on the coverage for room rent in case of hospitalization. This enables the policyholder to choose a better room without losing out on any savings.

Additional Benefits With Standard Group Health Insurance - Should You Purchase Them

Let’s say, for instance, Mr. A has a standard group health insurance plan with no add-ons. He now wants to get admitted to the hospital for hernia surgery. Since Mr. A does not have OPD cover, he will have to pay for all his OPD consults from his own pocket up to the point that he is diagnosed and treated for the hernia. Since he doesn’t have daily cash allowance coverage, he will bear charges for X-rays, food, and other expenses as well. He will additionally need to compromise on the room or pay independently for a room of his choice.

Just like for Mr. A, these additional expenses are sometimes higher than the additional premium that add-ons call for. Therefore, it’s a smart move to buy add-ons with standard group health insurance plans. At the same time, it is also important to choose the right policy provider as sometimes, they will offer several of these add-ons free of cost or as a part of the standard plan for the buyers.

Some health insurance brokers, such as Loop Health, provide benefits such as OPD cover and wellness plans as part of the standard health insurance policy. This enables buyers to save costs and avail premium facilities that would otherwise not have been covered under their regular insurance plan.

Make The Most Of It!

When buying add-ons for group health insurance, evaluate what is already covered under your plan and if it is enough for you. Based on your peculiar situation, it’s better to buy add-ons that can benefit you at the time of hospitalization.

Purchase benefits that will elevate your financial and emotional burden in case of a health emergency. Choose wisely and ensure complete protection under your group health insurance plan with the right add-ons.

Interested in learning more about Buying Group Health Insurance? Click here

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