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