Why SMEs Should Negotiate Custom Group Medical Insurance Plans - Not Just Buy What's Offered?
Providing a group health insurance policy to small and medium enterprises (SMEs) in India is no longer considered a luxury but rather a basic requirement when it comes to talent acquisition and retention. While most SMEs tend to go with off-the-shelf plans from insurers, they overlook crucial fundamental negotiations, which might lead to coverage gaps and wasted benefits. For a balanced cost and employee wellness framework, understanding how to optimise group medical insurance plans is vital for these organisations. Untailored Group Health Insurance Policies: The Issue Off-the-shelf group health insurance policies face several challenges, especially from the perspective of organising real-world employees. Some of the issues include: - Capped maternity benefits - Exclusions for pre-existing conditions - Sub-limits on room rent or ICU charges - No OPD or mental health coverage - Unreasonably low pre...