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Group Health Insurance is an integral part of employees’ benefit aspect of any HR policy of a Company. It is one of the bases of employees’ retention and satisfaction. Being an employer it becomes a huge responsibility to buy the correct Group Medical  Insurance for your employees. Though it’s a product of customisation as per your requirement, there are certain checklists you should follow before buying it.

Claim Settlement ratio: The foremost comes among the checklist to buy a Comprehensive Group Health Insurance is Claim Settlement Ratio. It’s the ratio of the number of claims settled to the number of claims received. If this ratio is higher, your probability of settlement getting approved is the highest. Also, be informed about the timeline and processes of settlement. Generally a Claim Settlement Ratio above 90 is considered very good and ensures a timely, smooth process and full payment in general.

Coverage: When buying a Group Health Insurance for employees, an employer customizes the benefits they require for their employees. For example, whether only the staff will be insured or their spouse and family too. Will there be açcidental coverage or not; or critical illness, maternity benefits etc. Therefore, it is of utmost importance to check what all covers are being provided to the staff of the company.

Exclusions: Exclusions are the benefits which you are not getting in the policy. Apart from the compulsory exclusions by IRDA in some of the policies, sometimes few other benefits are also excluded whereas some unwanted benefits which may not suit your employees or your organization are included. Always read the fine lines and ensure what all benefits you want to get added in your group health insurance policy for your employees.

Network Hospital: Network Hospitals are the hospitals which have tie ups with the insurance company to do cashless transactions. Ensure that the number of network hospitals in the list is high enough in your operational areas to fulfill  your employees’  medical emergencies if and when they are in need. So, it’s important to check the list on the insurance company’s website as they keep on changing with time.

Insurance Intermediaries: From whom you are buying the policy matters. You may buy online or from a bank. You can buy it from any individual insurance agent or from any insurance broker. All of them help insurance companies to sell their policies. Select as per your convenience. However, the insurance broker has an edge to advise you on the right product on Corporate Mediclaim while saving your time and money as they have the right to sell various insurance companies policies.