This is how employees can ask for additions to their group health policy

A Flexi GMC is the best go-to option for a group health insurance plan.

Group health insurance plan

Flexi GMC (Group Medical Cover) is the next go-to for a group health insurance plan. Employees and employers are looking to participate more in getting relevant benefits. However, a one-size-fits-all comes with its own set of limitations. Most MNCs (multi-national corporations) provide a group health policy to their employees. In India, the number goes up to a staggering 90% who provide their employees with this benefit. Employers have to offer it as a standard benefit, not just to attract talent. 

Read: What is the difference between group and individual health insurance?

Increasing Popularity of Flexible Health Insurance Plan

Employees can select their benefits under the Flexi group health policy. Employees appreciate this scheme more, as do employers, as it comes with a bit of incremental cost to their companies. The most prevalent Flexi GMC form involves employees upgrading their coverage on their own. Employers fix a baseline coverage before paying for it. Employees have options from which they can choose with a pre-set cost. The company cuts the corresponding cost from the employee's payroll once they select their benefits. Another type of Flexi group cover involves an employee not choosing baseline coverage and instead taking the corresponding amount as vouchers or money in their payroll. 

Enhancing Group Cover at Extra Costs

A standard flexibility-providing option is to enhance the value of sum assured (SA). For instance, a company offering Rs. 3 lacs can offer Rs. 5 lacs. The premium will be predefined and could be based on age or a flat premium (not considering age). It is a highly effective way to enhance employee coverage. Here, the cost of group health policy is lower than buying it from the open market. The benefits are superior, and employers often offer it through a top-up plan. Employees can add additional family dependents to enhance coverage. A popular employee benefit is to add parent coverage. Companies offer various benefit structures and often include specially-abled siblings. 

Read: Multi-year health insurance plans vs. Single-year health insurance plans

Diagnostic Tests And Pharmacy Bills

An option becoming popular is the OPD benefit. The outpatient-department benefit includes several components like diagnostics, vision, dental, pharmacy, and wellness. Wellness is the most common of the lot, and employees can select from many health check-up options. A group health insurance plan can include this, which comes cheaper than buying it from the open market. OPDs other components are picking up pace, and insurers offer these benefits to a closed network of clinics and hospitals to avoid fraud. Another enhancement option is to change the conditions or sub-limits of the group health policy. It includes a co-pay, disease-wise limits, maternity limits, and room rent. 

The Flexi group health policy has much appeal, and more giant corporations generally opt for it. There should be a higher head count for this option, and more giant corporations generally possess that, making it a viable option for them. Employers and employees must be aware of all the options available to take full advantage and avail the benefits of a group health policy. Employers generally experience a higher retention rate when they offer such benefits to their employees. 

Corporate Health Insurance VS Individual Health Insurance 


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