Health is wealth! With companies moving towards a more employee-centric environment, there is a focus on employee retention. For this, enterprises are taking the initiative to provide a wide range of perks and benefits. One such benefit is health Insurance for the employees.
An employee is an asset that forms the backbone of the enterprise, especially if you have a team dependent on each other to grow the business. Therefore, it is important to secure employees with health insurance. With the new trends coming in 2024, employees can now enjoy better coverage, allowing them to work stress-free.
Requirement of Health Insurance for Employees
Since the COVID-19 pandemic, the Government of India has mandated employers to provide health insurance for employees in April 2020. The Insurance Regulatory and Development Authority of India (IRDAI) issued guidelines to ensure people in the workforce get health security.
This way, citizens can enjoy protection without a waiting period. For employers, it increases employee retention helping them save money in the rehiring process. Companies can also claim tax relief under Section 17 of the Income Tax Act . The premium that companies pay for these plans is considered ‘profit in lieu of salary’.
Employee Health Insurance Trends in 2024
Here are the latest trends you can take advantage of under this insurance scheme.
Mental Health Coverage
Mental health is no longer a taboo subject which people avoid talking about publicly. With the growth of social media and other platforms communicating about it, more people are becoming aware of its importance.
Therefore, in the upcoming health insurance plans, there is a plan to provide coverage for employee’s mental health. This was previously excluded from the corporate policies or added with very limited facilities.
Nowadays, it is considered a key component of the overall wellness of the employees. That is why you may see stress management, therapy, counselling, and many other mental health related covers.
Eliminating Co-pay
Companies that buy health insurance for their employees do not bear the complete premium cost. Depending on the company policy, a small percentage of the employee’s income goes toward the premium payment. This way, enterprises keep the insurance cost low.
This system is called co-payment or co-pay. Soon, the companies may embrace zero co-payment options to give their team members a complete coverage option without any burden.
Introducing Telehealth
Recently the work environment has seen many changes, from remote working to digitisation of industries. With so many changes happening, time-consuming doctor visits can be a burden. Therefore, revolutionary telecommunication healthcare may become a complimentary service with most insurance plans.
By opting for it, employees can get health care and consultation over calls or video calls from experts. In addition to saving your time, it is also a more comfortable option, allowing services to reach you digitally.
Customised Plans
When you get a health care plan, you have the option to add riders to enhance coverage. You can visit the issuer’s website and go to the add-on section to learn about the different types of additional coverage options.
For instance, you can explore various health insurance plans with customisation in a single place on Bajaj Markets. You will get complete information about their benefits and features when you click here.
By improving that, you can expect data analytics tools and technology to provide suggestions to companies based on their employee health history and other factors. This will allow tailor-made healthcare plans at a nominal cost. Employees have options to choose from, such as:
- Wellness programs
- Preventive care
- Mental health coverage
- Chronic disease management
Value Added Services
Another trend in 2024 for employee health insurance is unique programs and initiatives to add value to the plan. Some of these are as follows:
- Counselling and therapy
- Diet plans and nutrition guide
- Maternity cover
- Maximum cashless hospitalisation
- Coverage for regular check-ups and more
Transparency in Healthcare
Your health insurance premium and the insured amount depend on many factors, such as:
- Age
- Gender
- Occupation
- Medical history
- Smoking and drinking habits
- Geographical location
- Lifestyle
- Policy type add-on covers and more
Considering so many factors, it is important that you get complete information about your plan before you can choose it. To fill in this gap, insurers may use artificial intelligence to allow you to get accurate prices to make an informed decision.
In such a competitive environment, insurers work to improve their plans and coverage amounts to attract more customers. This is beneficial for the companies, as they can also enjoy maximum benefits at nominal prices.
If you want to buy a plan, you can easily compare multiple options on a financial marketplace such as Bajaj Markets. It is a marketplace that allows you to shop for the best options and customise your plans to meet your personal life needs.
Compare various issuers offering health insurance on Bajaj Markets and choose one that best aligns with your needs.
