Let us try to understand the Employee Health Insurance: 😕
Employee Health Insurance allows members of a company to get health insurance at a low cost 👂. Because insurance risk is spread across the group members, the premium cost is reduced as a single policy covers the members. We all know that health insurance is an essential component of everyone’s investment portfolio in today’s world.
Employers are increasingly concerned about their employees’ well-being and the additional medical costs that they must bear in the face of rising medical costs and the threat of a pandemic. They provide plans to their employees, shielding them from unanticipated medical/health expenses. 🏥
Now, what is the subscription-based group medical plan: 😮
With all the benefits of the group health insurance intact, a group medical subscription policy is essentially a plan wherein the premium of the insurance is designed in the form of a monthly subscription. It becomes like any other subscription like your Netflix, Mobile Plan, etc. Wherein monthly reviews and changes can be effectively done.
Another benefit of the plan is that the premium burden is reduced to a smaller amount monthly rather than a more significant chunk of quarterly, six-monthly, or annually.
How does this help us: 🤑
- Smaller teams: This Employee Insurance scheme can be taken for smaller teams as well. It comes with easy management and Pro-rata management in case of Middle of the month addition or Deletion of a member.
- Sum Insured: These policies encompass a few variants, and accordingly, there is a variation in the amount insured. As per the suitability, a fitting group medical plan can be purchased.
- OPD Discounts 😀: A salient policy feature is the applicability of the OPD fees that the insured pay for any doctor consultation during the month. (monthly Subscription plan)
- Medicines Discount: Subscription-based plan of group policies typically include a percentage of discount on monthly expenses on the purchase of medicines.
- Dental 🤓: Not all the policies have this feature, but a few of the expertly crafted plans include reimbursing dental treatment expenses.
Mental 🧠: Some subscription plan of the group insurance plan comes with various features that enable the mental well-being of the group member; these include wellness activities.
Consultations: Consultation taken from a licensed medical practitioner can be reimbursed in many of these policies.
Monthly subscription: Subscription-based employee health plans can be subscribed for as low as a monthly subscription.
Per Person Subscription: These plans categorise a per-person subscription, making the group varied sizes to take suitable for based on their criteria.
Easy Modifications: Modifications from one plan to another, the addition of a member, deletion of a member, all can be done without any hassle in employee health insurance subscription, like the category, and per person, the plan has clear definitions.
Transparent pricing 💵: These plans have transparent pricing as it comes with a break up of per-person cost, and most of the insurers do not charge any other hidden costs under these subscriptions.
An employee health insurance subscription is ideal for SMEs, MSMEs, and small business groups that work with smaller team sizes. In times like these, with the threat of pandemics looming over our heads, with one after the other variant 🦠 being found, it is imperative to make your employee feel valued.
A monthly subscription plan-based health insurance is a fitting solution for small businesses. It does not require a bulk payment but a small subscription each. It is typically easily manageable and does not require a separate person managing 👩💻 the plans and various required modifications.
How to buy a group medical subscription policy? 👀
- Check Eligibility: Insurers that offer Subscription-based Employee Health Insurance have clearly defined eligibility criteria for their policies. This can be checked online and clarified with the insurer if there are any questions.
- Subscription-based plans – Like any other type of plan, your Netflix, Prime, Mobile etc., group insurance can be applied online. There is no requirement to visit the insurer’s offices.
- Select your group policy: There are several subscription-based group health insurance variants to choose from. The same thing can be investigated and applied for. The subscription amount for these plans varies depending on the inclusion.
- Make payment 💳: After reviewing the requirements, selecting the best option, and duly filing the application. The final step is to make the required payment. Make your payment.
- Examine the Specifics: Download a copy of the insurance where all the policy details are listed, cross-check it with the chosen policy, and contact the insurer if there are any discrepancies. You have successfully purchased a Group Insurance Policy if there is no discrepancy.
Now we got it 😎:
One of the most significant advantages of full-time employment these days is access to the company’s group health insurance.
Since a health insurance cover impacts the lives and finances of an employee and their loved ones🫂, Employee health Insurance becomes an increasingly valuable perk. It can be quite reassuring to have a substantial portion of one’s medical expenses covered through his remuneration package 📦 without affecting take-home salary.