Goals differ from employee to employee. For some it’s escaping from living paycheck-to-paycheck, some want to have a sound investment strategy that pays off, while others want to have months of living expenses in their savings account. Ultimately, the goal is attaining a healthy relationship with money.
But, what’s not always perceptible is the link between mental, physical, and financial wellness. Financial stress negatively affects your employees’ physical, and mental wellbeing. This can have an unpleasant effect on productivity and morale.
There’s no reason to get discouraged because comprehensive health coverage is the answer. An adequate comprehensive group health insurance policy will positively influence your employees’ overall health and wellbeing. Plus, you’ll have peace of mind knowing your employees are well taken care of under your wing.
What Is A Comprehensive Health Insurance Plan?
A comprehensive health insurance plan is akin to other health insurance - it provides you with a safety net during medical or health emergencies. However, what sets it apart from other basic health insurance plans is it’s all-inclusive. By this we mean it covers a wide variety of expenses starting from consultations to inpatient treatment to medical testing to hospital stay to outpatient treatment and more. Further, a comprehensive plan provides coverage for you and your family, making it more ‘comprehensive.’
Here are a few things a comprehensive policy covers:
- Pre hospitalization
- Post hospitalization
- Day care treatment
- In patient hospitalization
- OPD treatment
- Ambulance cover
- Alternative treatments
You can learn more about comprehensive insurance by reading this comprehensive health insurance blog post.
It will answer many of your queries like what comprehensive medical insurance covers and doesn’t cover, the cost, what to consider before purchasing a comprehensive plan and Loop’s benefits.
Why Is Having A Comprehensive Health Insurance Plan Important?
In the pre-pandemic world, group health insurance was a sought-after benefit for employees. When the pandemic hit, this thought process significantly changed. Employees look at health insurance now as more than a benefit.
They’re more conscious about their needs, picking the right plan, deciding the cover, and even looking for comprehensive health insurance. Why comprehensive coverage, you ask?
A comprehensive health insurance program is important since it covers a wide range of services that most other health insurance policies do not. A comprehensive medical insurance policy covers all significant medical expenses. It is an important component of health maintenance because it is preventative in nature. A comprehensive health insurance covers not just hospitalization costs, but also outpatient treatment, diagnostic tests, chronic sickness, and preventative care, among other things.
A comprehensive health insurance policy comes with a number of benefits for the people who are covered by it. Here are some benefits of a comprehensive health insurance:
Benefits of comprehensive health insurance policy for employers:
- Helps your organization retain the best talent
- Safeguard the health of employees
- Reduces sick leaves and increases productivity
- Maintains a healthier atmosphere in the office
Benefits of comprehensive health insurance policy for employees:
- It offers effective protection for a variety of medical care emergencies like
1. Treatment for critical illnesses.
2. Surgery to treat any medical complication.
3. Hospitalization due to any disease, sickness, or injury.
4. Physician visits, etc.
- Creates the perfect safety net for your employees and their family with sufficient coverage.
- Coverage for pre, during, and post-hospitalization.
- You can be admitted to any hospital on your insurer's list of hospitals without paying a single cent for treatment. This is also referred to as a cashless treatment.
- Comprehensive health insurance plan for employees and their dependents during their work tenure.
- Families are financially secure in case of an unfortunate accident, or untimely death.
A group health insurance policy is a way of caring for your employees and their families in a wholesome way. And there’s no better investment you can make as an organization.
1. What is group Health Insurance policy?
When you give your employees benefits they value, they will miss fewer workdays, be more satisfied, less likely to quit, and have a higher commitment to meet the goals of the organization.
Group health insurance offers comprehensive healthcare coverage to individuals who are part of the same group, typically, employer to its employees. Based on the organization’s needs, the HRs and insurance companies work together to customize a group health policy that offers coverage against a host of medical expenses along with a plethora of benefits.
Quick overview of features and benefits of group health insurance:
- Medical benefits - Coverage for medical expenses, including pre-existing diseases, from top medical facilities
- Cover dependents - Cover for spouse, children, and parents to ensure complete peace of mind
- Saves time and money - Group insurance policies come at discounted rates. And the right partner will connect all the dots, from hospitals to doctors round-the-clock care to ensure the best health care outcomes possible for your employees.
- Flexible terms - You can choose a tenure, add-ons, etc. based on your company’s group size and needs.
- Shows employees you care - Extending insurance to your employees and their families shows you value them, and they’ll give back the same for your organization.
- Extended benefits - Other than almost instant activation of the policies, coverage for pre-existing diseases, and maternity coverage, you get a host of other add-ons to ensure you offer comprehensive health insurance to your employees.
As you can see, health insurance takes care of any financial burden that arises because of the costs of medical treatments. And stress-free employees make a more productive workforce and healthier organization.
Bundle Insurance Plans To Meet Your Needs:
Your organization’s health insurance needs are unique. And bundles can help ensure your health insurance solution builds the right coverage for your workforce. Bundled plans comprise multiple types of GHI insurance coverage that you can purchase together, typically with one integrated premium. They’re pre-built in safety nets that address health insurance needs, fill gaps in coverage, and provide protection against disabilities, accidents, and healthcare expenses.
Why choose the bundled plan?
- Savings - As opposed to buying each plan on its own, you can save more with bundled plans.
- No guesswork - You get convenient, core coverage at reasonable prices.
- Flexible - If you please, you can further top up the plan by adding more coverage.
You can increase the coverage for your group health insurance plan by simply adding on a bundled plan. One of the frequent choices is Group Personal Accident (GPA health insurance) and Group Terms Life Insurance (GTL health insurance).
2. What Is Group Personal Accident(GPA) Insurance Policy?
Group Personal Accident policy, also known as a 24-hour worldwide accident policy, owing to its extensive coverage. It’s a part of group health insurance. At a nominal premium, it offers protection against unexpected events such as disability, accidental death, injuries, etc. The protection covers hospitalization expenses, whether the incident occurs on or off duty.
Coverage under Group Personal Accident Insurance Policy:
- Accidental death
- Permanent partial or total disability
- Weekly compensation for temporary disability
- Ambulance charges
- Charges for transportation of mortal remains
- Compensation for broken bones
Features and Benefits of Group Personal Accident Policy:
- Comprehensive coverage - The perfect financial pillow that provides extensive coverage for employees.
- Benefits for dependents - It elevates the financial pressure from the dependents of the insured and includes additional benefits such as an educational fund for dependent children and more.
- Economical - A bundled Group Personal Accident Policy can be cheaper than compared to individual personal accident insurance and comes with great discounts for employers.
- Easy purchase and renewal - You can easily purchase and renew GPA health insurance policy online.
3. What Is Group Term Life (GTL) Insurance Policy?
In the event of death of the insured, the group term life insurance policy offers financial independence to the family. The primary intent of this type of policy is the monetary guarantee to the beneficiary.
Coverage under Group Term Life (GTL) Insurance Policy:
- Uniform cover
- Graded or ranked cover
- Coverage for outstanding loans
- Coverage for critical illness and disability
Features and Benefits of GTL Health Insurance Policy:
- Default cover - Family members of the employees receive financial assistance in case of unforeseen events leading to the insured’s death.
- Tax benefits - Employees receive death benefits that are exempt from tax under Section 10D of the Income Tax Act.
- Funding for gratuity - Employers can fund their gratuity liability with ease under the Group Term Life Insurance Policy.
- Economical - A bundled Group Term Life Insurance Policy is more economical for employers as compared to buying individual term insurance plans for each employee.
Caring Is Just A Click Away:
Ensuring 100% safety against illnesses or injuries isn’t possible but you can remain prepared.
With Loop, our customers come first, and health is front and center. For us, it’s not just about the process or product but complete integration. Your business is unique so you’ll never get a one-size-fits-all solution.
We’ll work together and understand your goals and customize the perfect GHI health insurance plans to meet your needs. Plus you can build on a plan by bundling and adding coverage.
Why wait? Apply today for a healthier, happier workforce and robust bottom line.
Interested in learning more about Group Health Insurance? Click here to learn more.