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Framework for structuring the Group Health Insurance plan for your employees

Structuring a group health insurance plan for the employees needs a lot of groundwork. As any HR manager dealing with the subject quickly discovers, there is no template for designing or running the perfect employee health insurance plan. Each workplace will demand different solutions, and so-called best practices aren’t always the perfect solution for every employer “One size does not fit all!”

Let’s see the basic point to consider when designing an efficient plan:

Focus on preventive health checks:

Of course, support will be provided to the employees in partnered network hospitals in case of any medical intervention, however, you need to focus on the preventive check-ups so that employees are always a step ahead in terms of their health quotient! Organising preventive health checks, seminars on healthy eating, benefits of exercise, giving them gym memberships, etc- all these factors will keep your employees engaged, motivated and fit!

Educating your employees:

Bringing in the financial advisors for talks shows, seminars, educating your employees about the latest trends and safe financial investment practices will surely help them understand their financial situation better and take the unnecessary stress out of their lives. Similarly, organising mental health and physical talks will educate them as to how to keep their bodies fit and minds happy.

Analysing the data:

Data analysis will give you insights on the ratio of how much you have spent versus how much the plan is being used. Your money should not go waste, that’s why you need to know whether you are overpaying for the benefits you are providing to your employees. This will help you reduce the benefits that are not contributing to the wellbeing of your employees. Data will also tell you how engaged your employees are and how what steps you can take to make the engagement even better!

Company’s best way to structure an efficient plan is to work with a knowledgeable broker. An insurance broker is the balancing or the administrative force on TPA and insurance company’s customer promise and delivery standards. Apart from just a watchman or external administrator, the insurance broker can offer a great amount of value addition in the whole experience and the administration of group insurance.

Fortunately, we at Ethika can help you with structuring the right policy for your employees keeping the above points in mind. Our Expert team will design, do the data analysis, educate, engage, reduce the claim costs and help your business grow!

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