In today's rapidly evolving workplace landscape, safeguarding employee health has become a non-negotiable priority for organisations. Investing in comprehensive corporate health insurance is a key tool in fostering employee satisfaction, loyalty, and overall productivity.
Particularly in India, where healthcare expenses can rapidly escalate, insurance can serve as a critical financial safety net for employees. Customising your corporate health insurance coverage to ensure maximum benefits for your employees requires an intricate understanding of various add-ons.
To start with, one should consider the Day 1 Pre-existing Diseases/Specific Diseases (PED/SD) coverage. Pre-existing conditions such as diabetes or hypertension and specific ailments like cataract or hernia, often subjected to waiting periods under retail insurance plans, can be covered from day one under corporate insurance. This reduces hurdles during claim processing, easing the process for employees.
Maternity cover, a pivotal add-on, takes care of maternity-related expenses, including pre and post-natal care. Considering the rising cost of maternity care in India, it is essential to have this add-on, especially if your employee demographic trends towards younger individuals planning to start families.
In a similar vein, day 1 child coverage is an essential add-on, providing coverage for all medical expenses from childbirth, a feature usually not available under retail plans until 90 days post-birth.
Keeping pace with societal change, insurers now offer coverage for LGBTQ and live-in partners, reflecting the shift towards greater inclusivity in the workplace. By opting for such coverage, companies can embrace the diversity of their workforce and send a clear message of acceptance and equality.
Considering that many Indian employees bear healthcare responsibilities for their elderly parents, coverage for parents/parents-in-law becomes a crucial add-on. It not only provides a great relief to employees but also boosts their satisfaction, thereby enhancing their productivity.
Pre and post hospitalisation add-on covers medical expenses incurred before hospital admission and after discharge. This add-on can be customised based on the duration of coverage, which usually ranges from 30 to 180 days. The longer the duration, the larger the safety net for employees dealing with serious health issues.
Home hospitalisation is another add-on worth considering. This coverage can be beneficial for the treatment of illnesses such as dengue or pancreatitis that can be managed at home. It ensures that the lack of hospital rooms or the inability of a patient to reach a hospital does not hinder access to quality healthcare.
Given the rising concerns around mental health, it is essential to include coverage for psychological counselling. This ensures that employees have access to professional mental health services when required. It also contributes towards creating a supportive and inclusive work environment.
Cashless Outpatient Department (OPD) cover, although partly covered under pre and post hospitalisation, is increasingly being sought as a standalone benefit. Since a significant chunk of OPD expenses in India is often out-of-pocket, including this cover in your policy can greatly ease the financial burden on your employees.
Corporate buffer is an add-on designed for situations where an employee's health cover has been exhausted due to unforeseen medical emergencies or critical illnesses. Companies can opt for this additional coverage providing further financial support to their employees in their hour of need.
Critical illnesses, such as cancer or heart disease, often involve substantial treatment costs. By including a critical illness cover in your corporate insurance policy, companies can provide extensive financial support for their employees in case of such dire health situations. This cover typically offers a lump sum payment, ensuring significant expenses can be managed.
To make the best choice of customizations for your corporate health insurance, a thorough understanding of your organisation's demographic, the specific needs of your employees, and the industry norms is vital. A one-size-fits-all approach may not yield the best results, hence customization is the way forward. After all, organisations must assume a fiduciary responsibility to ensure that their workforce is protected.
It's important to remember that tailoring a corporate health insurance policy requires balancing comprehensive coverage with budget constraints. However, providing a well-rounded insurance plan helps create a healthy, satisfied, and motivated workforce, making it a worthy investment.
Anuj Parekh is the Co-Founder and CEO of HealthySure
