No. You should not consider only premium while buying employee health insurance policy. This would lead to inadequate coverage and may lead to problems at the time of claim settlement. Only comparing premiums in employee health insurance policy is like buying Low quality electronic items which can blow up and damage your properties at any time.
Employee health insurance is a type of group health insurance which is offered to organisations and is also known as corporate group health insurance. The premium under Employee health insurance would be paid by the employer in most of the situations. For more information visit now.
It is important to compare the employee health insurance quotes from different insurance companies but choosing the employee health insurance policy solely on the basis of premium could lead to problems in the future. For instance a low premium employee health insurance policy may have a co-pay clause which means that the insured has to bear a certain amount of claim at the time of claim settlement. This co-pay can be any percentage ranging from 5% -50%. The higher the co-pay percentage the lower would be the premium and at the same time the higher the amount of claim to be borne by the customer.
The co-pay would be applicable to each and every claim made under the employee health insurance policy leading to more amount being paid by the Employees than the insurance company. If you have decided to take an employee health insurance policy with low premium then it is better to check the co-pay clause mentioned in the quote given by the insurance company and then proceed accordingly.
The other reason for the low premium could be the deficiency in Services of the insurance company. If the insurance company is not having enough network hospitals where the employees can avail cashless treatment then it would lead to dissatisfaction among the employees of the employee health insurance policy. The company would then settle most of the claims through reimbursement mode in which the employee had to bear the hospitalization claim expenses and then submit all the claim related documents to the insurance company to process the reimbursement claim settlement.
The reimbursement process is very tiring and takes much time, it also doesn’t serve one of the purposes of taking an employee health insurance policy. A health insurance policy with reimbursement claim settlement means that the customer has to spend first from his/her pocket which may not be feasible to arrange funds on a short notice especially in case of accidents.
One more thing to note is that it would be very difficult to change the employee health insurance policy after taking the policy as it involves many complications and hence it should be decided with utmost care before taking the employee health insurance policy. An employee health insurance policy only with less premium should be preferred only after taking the above mentioned facts into consideration and then decide on the purchase of the policy.
