The term employer group insurance makes reference to a health or life insurance that a company offers to its workers. The premium of such insurance plan is paid in full by the employer. This has proven to be an effective way of keeping the personnel motivated… as long as the provided insurance plan covers the staff’s needs.
As an employer, when signing your employees up for a group insurance service, you want to get a comprehensive, high-quality plan. Most importantly, the chosen healthcare or term life insurance plan must be affordable. Making good decisions when selecting an insurance plan helps in improving your company’s productivity, especially when the employees are happy with the benefits offered by their company. On the following lines, we’ll briefly discuss some of the key features that a good group insurance products should have.
It should offer a suitable compensation in cases of fatality towards the deceased person’s family. A comprehensive insurance product should also provide coverage against permanent disability that resulted from natural causes or unfortunate accidents.
Top-quality group term life insurance products should also provide some level of coverage against:
- Critical illness
- Partial and permanent disability
- Long-term disability
It should offer coverage against total or partial disablement due to accidental causes. The employee should also receive the following benefits:
- Reimbursement of medical expenses
- Indemnity paid regularly. For example, once a week
- Hospitalization expenses
- Daily hospital income
It should reimburse the expenses when some sort medical treatment is needed; especially applicable in the event of hospitalization or surgery.
Some of the most beneficial services that this kind of insurance plan should offer are:
- Coverage for major medical treatment
- Outpatient medical attention
- Outpatient treatment for cancer
- Dialysis for employees with kidney failure
- Maternity benefit
- Plan for dental services
The most competent insurance services should provide the company with additional benefits for signing up with them.
One of the main concerns for employers is paying a premium that includes coverage for services that the employees certainly won’t need, thus making the insurance plan more expensive. That’s why companies should look for insurance packs that are open to modifications. In other words, the selected group insurance plan should allow some degree of customization so it can perfectly meet the company’s needs.
Another important feature to have is permanent customer service from the insurance agency. What makes accidents so difficult to deal with is that no one knows for sure when they will happen. Most of the times, they occur at the worst possible moment. A customer service that is always available should provide the employer with useful guidelines when these undesirable situations take place.
Save time and money with these ready-to-go comprehensive plans
For companies with 5 to 150 full-time employers, two high-quality insurance plans have been developed. These are the A-SME Plus and the Corporate PA Plus. Both are easy to understand and offer a great degree of customization.
Workforce is the core of every company’s productivity. Be smart, invest on your employees!