What To Look For In A Group Medical Insurance Company?

May 6, 2020

Group medical insurance for small business organizations shows that you care about the well-being and prosperity of your employees — both within and outside the workplace.

Employees expect to spend significant time and skills with you and your company, but what do you owe them in return? Ideally, not just their salary.

Potential employees would look closely at the benefits package that you are providing. How can you expect to attract the best staff who would be willing to grow with your company if you don’t have any great perks to offer them?

When you’re just starting out with group medical insurance, one of the first decisions you’ll have to make is determining what group insurance to go with. Here are some of the top things to consider before purchasing health insurance for your employees:

Check the premium amount

Health insurance provided to employees by an employer or by an association to its members is called group coverage insurance. Whereas, health insurance you buy on your own and not through an employer or association is called individual coverage.

The premium is the annual fixed cost that a group medical insurance policy charges to you. As with most stuff, you get what you’re paying for when it comes to health insurance.

Minimum coverage insurance policies will have lower premiums, although higher premiums will be required for more extensive policies. Do not presume that the best deal is always the plan with the lowest premium.

If you can afford a slightly greater premium to cover more health services that are necessary, this may reduce your overall costs.

Benefits provided by group insurance can vary depending on how many employees there are. All health plans provide the same essential health benefits for individuals and businesses with less than 50 full-time equivalent workers. But if the company has 51 or more full-time equivalent staff, the organization may have more control over what your policy may or may not cover.

Evaluate the deductible

A deductible is the sum you need to pay on healthcare services in a year before the insurance company decides to cover them. While you usually have to pay 100% of the costs until you have reached your limit, some plans cover specific services even if your deductible is not met.

The plan dictates when the out-of-pocket healthcare expenses count as you hit the limit. Higher premiums lead to lower deductibles and vice versa.

If you can pay only a modest premium and don’t plan to use a lot of health care, then you might choose the catastrophic insurance option, which costs a low premium but has such a high deductible that it only kicks in if you have a costly major medical emergency.

Understand the coverages

You’ll want to think about the health care that your employee needs before you choose your package and discuss how each aspect is protected and how much you’d pay through a copayment or coinsurance.

The insurance policy will also provide specifics on how often each supply can be obtained and the qualifications that you need to meet to obtain it. Your company can go for several group insurance schemes that can make the workforce feel safe and secure in the work environment.

Some of the most common types of group insurance include Group Life Insurance, Group Medical Insurance, commercial, and specialized.

Check the insurance network

The medical team is an integral part of your employee’s health management. Choosing a doctor is a very personal decision that can influence how much you pay when you have a visit to an office.

Group medical insurance companies have connections with various physicians and hospitals to provide you and your organization the right health care.

Final Thoughts

Finding the right group health insurance plan for your needs can be challenging. Benefits, administration and budget management can be daunting for anyone without a strong understanding of the healthcare system.

That’s why many business owners and HR managers in the UAE consult with group medical insurance companies like ours to help them assess their choices and manage the administrative burden of the group health insurance policy. Contact us at Emirates HR today to talk to one of our experts so we can offer you quality healthcare plans that fit with your budget and needs.