5 Questions to Ask About Employee Benefits, Especially Group Insurance

1. About Group Health Insurance

As the name suggests, comprehensive group health insurance usually covers a broader range of medical emergencies than what is provided in a basic plan. A comprehensive or proactive plan also includes value-added services like teleconsultation, online booking for lab tests or OPD consultation, financial assistance and hosts of wellness benefits. To name a few, wellness benefits may include gym subscriptions, mental health awareness programs and such. With a comprehensive plan, the employer can take the workplace benefits a notch higher.

2. About Premium Payment

In India, generally, the employer buys group insurance for employees. This means the employer pays the premium on behalf of the employee. However, in a few cases, the employer may pay the partial premium, and the rest needs to be paid by the employee.

Clarification about such situations should be made beforehand. Also, if the employee pays the premium amount (fully or partially), he is eligible to avail of tax benefits to that particular extent.

3. About Waiting Period

When you join a new company that offers group health insurance, there may be a waiting period that you need to serve for getting the coverage. A waiting period is usually categorized into three; namely, initial waiting period, specific waiting period and pre-existing diseases waiting period.

The waiting period may differ from company to company depending on the type of plan they have opted for and various other factors. However, most corporate insurance comes with a zero-day waiting period. Even if a plan carries a waiting period, you can choose to waive off the same by paying an extra premium.

4. Network Hospitals

The network of hospitals is the list of hospitals the insurance company has tie-up with for cashless hospitalization. During a medical emergency, a person would prefer that the treatment is carried out in a hospital which offers the best services with expert doctors.

Thus, it is vital to ensure that the hospitals mentioned offer good facilities, cover various treatments, have availability of expert doctors and provide decent services. Also, the bigger the network of hospitals, the better proximity to home. Group insurance that focuses on employee benefits and services can play a huge role in employee satisfaction and performance.

5. Coverage for Dependents

Many organizations extend the group health benefits to the employee’s dependents too. You, as an employee, can add your spouse and children to the employer’s group health insurance. In some cases, you can also add dependent parents. If you have dependents, group health insurance can be highly beneficial during medical emergencies for your loved ones.

Final Word

Earlier, offering basic health insurance as employee benefits was enough to attract and retain talent. But today’s workforce expects need-based health benefits, customized with seamless and hassle-free processes. So, while evaluating job offers, the above list of questions to ask about employee benefits, particularly group insurance, can come in handy.