Debunking the Myths Around Corporate Health Insurance

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If employers want to offer the best coverage to their employees, it is not the actual cost of treatment but the ancillary services that drive up the cost.

  • Opting for tertiary care hospitals while being treated for minor ailments
  • Option for a higher category of rooms which costs progressively more for each service
  • The patient cannot compel the healthcare provider to follow standard treatment protocols for an illness

One solution is to actively work with insurers to organize a closed network of hospitals depending on the disease/treatment and strictly adhere to the prescribed room charge limit (exceeding the limit shifts the financial burden to the employee at a prescribed percentage)

Having a GHI means everything is covered

Employees tend to ignore understanding insurance coverage until the need arises only to realize at the moment of truth that there could be several limitations, for example waiting periods for a certain illness, a ceiling on the amounts for certain treatments, limits on certain expenses such as room rent (to which other expenses are directly associated, etc.). Documentation also plays a key role in timely and higher quality claims settlement.

Employees should also remember that a GHI may or may not be offered by their employer in the future or the benefits may be changed (downgraded for various reasons). GHI coverage also ceases upon termination of employment. Therefore, it is important to take out private insurance early in life and to protect it against inflation.

The Myth That Startups and SMBs Don’t Need a GHI

Businesses of all sizes need health insurance. However, less than 5 percent of SME staff are covered in the current scenario. Indeed, startups and SMEs perceive that group health insurance (GHI) is only accessible and used by large companies. Companies with as few as seven employees can enjoy the same benefits and flexible bonus payment options as their larger counterparts.

Additionally, small businesses and start-ups can now bundle their corporate health insurance with outpatient benefits to provide 360-degree coverage for employees and their families, with a preventative focus and a focus on wellness. to reduce health risks and compete with larger organizations trying to attract the same pool of talent.

by, Dr. Noel Coutinho, Co-Founder and Chief Commercial Officer, Ekincare

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