Whether you run a well-established company or a small business, group medical insurance can ensure employee satisfaction and drive loyalty. Comprehensive group health insurance is cost-effective and includes add-ons and extra benefits. However, a plan such as this can truly benefit your company if you can customise it as per your requirements.
For this, you first need to have a detailed understanding of your employees’ needs, their age range and your budget. Here are some pointers, based on which your plan can be structured.
Average Age of Employees
The assured sum will depend on the average age of your employees. It makes sense to keep the sum insured lower in case the average age is 30 and below. Similarly, you could opt for a higher sum when the average age is 40 or higher.
Option to Include Dependents
The plan can only cater to employees or also include their spouse and children. You can also choose plans that extend benefits to employees’ parents. Again, this depends on the average age of the employees. For instance, in a start-up, where the average age of employees could be less than 25, their parents would likely be below 60, still earning, and have their own medical insurance.
Benefits Based on Hierarchy and Other Factors
Your company might want to extend coverage based on seniority levels as well. This could be an added feature in the compensation package. Group medical insurance can be customised to include special value-added benefits like Dental & Optical, discounts or nutritional advice. Higher ranking employees can be provided special health club memberships.
Plans That Suit the Company’s Budget
Today, it’s possible for small and medium-sized companies to provide health insurance benefits to their employees due to better affordability. This can help them attract and retain talent, and also protect them against the huge cost of employee turnover, since a satisfied employee tends to stay with the company.
It’s important to partner with a provider that understands your industry and company thoroughly to provide you the best solutions.