Things to Look for While Buying a Group Life Insurance Plan

By Charlie Brown

As the employer, and the owner of a small business, you have many responsibilities towards your employees. One of them is to get a good insurance policy for them so that they can get the much-needed financial backing when they need it the most. Medical emergencies can strike up at any hour, and one must be prepared to face it. Medical insurance cover can guard against the extreme financial crunch one faces due to expensive medical treatments and medicines. If you introduce a group insurance plan for the employees, where they can invest just a small reasonable amount to get insured and yet get lots of benefits and surplus than a health insurance plan they could buy outside, then it would be a great step towards their welfare. Such group plans are always chosen for the welfare of an entire group of employees at a reduced rate with many facilities. As the employer, you also, therefore, must know how much you can extract out of an insurance plan, and how much you may negotiate with an insurance provider to get the best offer for your employees.

Prescription drugs

The medical insurance company does not always cover prescription drugs, and even if they are covered, you do not get the coverage right at the time of purchase at the point of purchase. Hence this is a must thing to be discussed with the insurance provider. They should cover for drugs because medicines are the most integral part of treatment and without cover, you can go bankrupt simply by buying medicines.

Paramedical consultation

A good insurance provider must be able to help you get paramedical services at reduced rates through their channel so that your services are reasonably priced, and there again they must have a good allotment for the service per person per service type in a year.

Supply of medical equipment

Many medical emergencies and treatments need the supply of media equipment. Whether you buy or rent equipment, you would need money. And it’s best if the group insurance plan supports the purchases. That’s why as the employer you must see to it that the insurance provider has a supporting plan to cover for some must need equipment like ambulance service, buying of hearing aids, and other nursing and caring utilities.

Travel insurance

Medical insurances must be applicable during travelling too. If the employee is travelling alone or with family, for a business trip or leisure trip, the insurance plan must support then also. In fact, travel insurances are more needed for emergencies one may meet away from home. Hence, you must see that the Group Life Insurance plan covers this too.

Optical coverage

Reputed insurance providers and good insurance plans also have optical care coverage to support optical enhancements. Glasses, contact lenses, surgeries, and many such things can be covered by group insurance.

Dental treatment plans

If you are a company with more than three employees, then you can get a lot of dental covers besides the basic cover. The basic cover helps in normal dental exams, treatments, scaling, polishing, crowns and restorations and small dental surgeries. However, for major dental surgeries and treatments, periodontal and orthodontic procedures, realignment, gum treatment and many such advanced things, you need the advanced dental cover.

Critical illness cover

A critical illness cover is needed to ensure that an employee may still get the basic financial backup to sustain his or her family in the event of a life-threatening change, due to some disease, accident, illness etc. A major operation that may impair the workability for some time or life-threatening disease that may affect the entire future and workability falls under this cover, which you may get in a group insurance policy. The employee affected will get the amount to sustain life, meet basic medical expenses, and help the family get the basic needs fulfilled.

Good insurance companies provide EAP in their cover

EAP or Employee Assistance Program is a way to boost the morale of employees and retain them from leaving the job when they are burdened with certain pressure or situations in life. The program is aimed at reducing the costs of healthcare and life sustenance due to some disability, reduce all associated expenditures, and helps increase employee job productivity.

Employees feel protected

Employees feel protected when they know they are being cared for. Group insurance shows by pointing directly that employees are being cared for by the company. That is why the loyalty of employees towards the employer increases a lot. They think before leaving the job, and also give in their valuable input for the growth and improvement of the company. This feeling of comfort and gratitude comes from the employees towards the concern, which after all helps in overall growth and improvement of the business.

When your employee feels protected and gets the realization that their money for the insurance premium is used in the best possible way for their welfare, then it overall nurtures a feeling of satisfaction and helps make a warm bonding between the employee and the employer.

The multiple benefits of group insurances

A life insurance group plan always comes with certain unmatched benefits compared to individual insurance plans. The premium is low while benefits are high, and the banner of the company makes it a corporate tie-up thereby increasing the weight of the cover. Hence things are executed faster when you need it, and the waiting time is minimal compared to a normal plan. Most importantly as the employer, you can always advertise your company for being employee friendly with such perks and benefits in the package. That is why it’s great to have such a plan for your employees.

Finally

To get the best deal, you must think smart and talk to as many insurance providers as possible. You must find the lowest quote, negotiate for the best clauses and covers, and then get the insurance finalized. The lower your employees pay for the backing and security, the happier they would be.