Consider Your Employee Medical Needs and Wellbeing When Choosing a Group Medical Policy
Experts warn that many companies are prioritizing their group medical policy based upon premium cost alone and therefore missing out on the opportunity to bring value to their organization.
The basic policy, which provides a maximum of AED 150,000 worth of compensation per person per annum, gives the end user access to basic healthcare, but it will never cover someone fully if they have a very serious accident or illness. In addition, the network will be heavily restricted, so people may not be able to seek the services they might expect at the facilities they would prefer. But if companies are willing to invest in what may be a marginally more expensive policy, they can offer their employees more value and avoid the difficult situation of exhausting policy limits.
Another factor that employers should consider when selecting a group insurance policy is whether to provide coverage for spouses and dependants. Although it is not required by law, providing medical insurance for employee spouses and dependants can relieve the employee’s burden of time and cost associated with hunting in the market and signing up for private policies. By including them as part of the group insurance plan, the premium will be minimised, the coverage values will be maximised, and the employer can agree whether the employee or the company will pay for the additional amount, in part or in full. This will mean that the whole family can then have consistent coverage and access to the same network of healthcare providers.
What employers need to realize is that investing in a group medical policy is not only about complying with the law, but also about creating a positive workplace environment in which the company recognizes the value of its staff, who in return show greater loyalty. Quality health care also means lower sickness-related absenteeism and an enhanced quality of life, which can ultimately lead to improved productivity – so it is a win-win for all concerned.