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Where does your company's health policy stand compared to others?

Where does your company's health policy stand compared to others?

. 4 min read

All top organisations now provide health insurance to their employees as additional benefits. Each organization provides a policy that they think is fit for their employees.

In order to help employees understand where their company’s policy stands as compared to other companies policies, we will explore and compare the different policies provided by top organisations in this blog.

But before we do that, let us try to help you understand the various components of health insurance that play a vital role in comprehending the value of the benefits provided by different policies.

WHAT ARE COMMON JARGONS RELATING TO HEALTH INSURANCE THAT EMPLOYEES SHOULD BE FAMILIAR WITH?

  1. Sum Insured- The sum insured is the maximum value for a particular year that the insurance company can pay if you are hospitalized. Any amount exceeding the sum insured will have to be borne by the policyholder. The amount you agree on for sum insured will be the maximum amount you get in case of hospitalization or medical procedures.
  2. Room  Charge- The limit imposed on the coverage of boarding expenses at the hospital or room rent of the hospital is called room rent limit. The limit is either expressed as an absolute amount or as a percentage of the Sum Insured.
  3. ICU Charge - This refers to covering the charges of being admitted in the Intensive Care Unit.
  4. Co-Pay - Health insurance co-pay refers to an arrangement in which the policyholder will need to pay a portion of the medical expenses on their own and the insurance company will pay the remaining amount. This is usually covered under the portion of co-pay clause of any policy.
  5. Waiting Period-  Refers to the time period before a selected list of ailments begin to get covered by your policy. Usually this applies for pre-existing ailments and some ailments may have a waiting period of a year or two.
  6. Pre-Existing Covered- This refers to the question of if the policy will cover the expenses for treatment of pre-existing diseases of the policyholders.

Now that we have a basic understanding of the various components of health insurance, let’s move on to understanding and comparing the array of  policies offered by different companies.

A COMPARISON OF THE EMPLOYEE POLICIES OFFERED BY SOME OF THE TOP COMPANIES ACROSS DIFFERENT SECTORS:

The following table provides a comprehensive view of the health policy offered by different companies belonging to similar sectors for easy comparison and understanding:

UNACADEMY

TOPPR

Sector: EdTech

City: Bangalore

Number of employees: 1955

Sum Insured: 5 Lakhs

Family members covered: 3

Room Rent Coverage: Uncapped

ICU Charges Coverage: Uncapped

Co-pay: 0%

Waiting periods waived: Yes

Pre-existing covered: Yes

Additional Benefits: Employees can add parents at their own benefits.

Sector: EdTech

City: Mumbai

Number of employees: 1842

Sum Insured: 2 Lakhs

Family members covered: 3

Room Rent Coverage: 1% of SI

ICU Charges Coverage: 2% of SI

Co-pay: 0%

Waiting periods waived: Yes

Pre-existing covered: Yes

Additional Benefits: The coverage begins 72 days after joining date and employees can either add parents or spouse and dependants as per their discretion.

INMOBI

OBSERVE.AI

Sector: Saas

City:Bangalore

Number of employees: 1296

Sum Insured: 10 Lakhs

Family members covered: 5

Room Rent Coverage: 1% of SI

ICU Charges Coverage: 2% of SI

Co-pay: 0%

Waiting periods waived: Yes

Pre-existing covered: Yes

Additional Benefits: The policy can cover parents  or in-laws under the condition that the employee has to pay Rs.549 per month to make a claim upto 5 lakhs   ( to be covered within the SI of 10 Lakhs). The policy also covers dental and eye-care upto 10,000 per year and covers same- sex partners.


Sector: Saas

City: Bangalore

Number of employees: 81

Sum Insured: 3

Family members covered: 5

Room Rent Coverage: 1% of SI

ICU Charges Coverage: 2% of SI

Co-pay: 0%

Waiting periods waived: Yes

Pre-existing covered: Yes

Additional Benefits: None

OFBUSINESS

KHATABOOK

Sector: Fintech

City: Gurgaon

Number of employees: 322

Sum Insured: 2 Lakhs

Family members covered: 0

Room Rent Coverage: 1% of SI

ICU Charges Coverage: 2% of SI

Co-pay: 0%

Waiting periods waived: Yes

Pre-existing covered: Yes

Additional Benefits: Employees can extend the policy to their parents at their own expense.

Sector: Fintech

City: Bangalore

Number of employees: 115

Sum Insured: 3

Family members covered: 5

Room Rent Coverage: 2% of SI

ICU Charges Coverage: 4% of SI

Co-pay: 0%

Waiting periods waived: Yes

Pre-existing covered: Yes

Additional Benefits: None

URBAN LADDER

CASA ONE

Sector: Furniture

City: Bangalore

Number of employees: 175

Sum Insured: 5

Family members covered: 3

Room Rent Coverage: 4000

ICU Charges Coverage: 10,000

Co-pay: 0%

Waiting periods waived: Yes

Pre-existing covered: Yes

Additional Benefits: Parents added on a voluntary basis which lead to 30% employees adding parents to the policy.

Sector: Furniture

City:Bangalore

Number of employees: 100

Sum Insured: 3

Family members covered: 5

Room Rent Coverage: 2% of SI

ICU Charges Coverage: 4% of SI

Co-pay: 20% on parents

Waiting periods waived: Yes

Pre-existing covered: Yes

Additional Benefits: Added corporate buffer of 5  Lakhs.

FLIPKART

BLACKBUCK

Sector: Ecommerce

City: Bangalore

Number of employees: 5000+

Sum Insured: 3 Lakh

Family members covered: 5

Room Rent Coverage: Uncapped

ICU Charges Coverage: Uncapped

Co-pay: 0%

Waiting periods waived: Yes

Pre-existing covered: Yes

Additional Benefits: Flipkart provides employees the ability to increase their SI at their own expense. For every 1 lakh worth of premium purchased by the employee, Flipkart would contribute 1 lakh from their side too, having negotiated with the insurance company for a per-lakh premium cost.


Sector: Logistics

City: Bangalore 

Number of employees: 1647

Sum Insured: 3-5 Lakhs

Family members covered: 5

Room Rent Coverage: 1% of SI

ICU Charges Coverage: 2% of SI

Co-pay: 0%

Waiting periods waived: Yes

Pre-existing covered: Yes

Additional Benefits: Sum-insured of the policy is in the 3-5 Lakhs range, varied by hierarchy in the company.


The table given above summarizes the policies provided by different companies. A comparison is drawn on the basis of the sectors of the companies or due to similarities in the policy itself.

The comparison is done on the basis of several insurance components to understand how comprehensive each policy is along with understanding the advantages and drawbacks of each policy.

To conclude, it is vital for employees to be aware of the several kinds of insurance offered by employers in order to make sure they are getting sufficient coverage and are making use of all the features of their insurance along with being aware of what other policies they could undertake for better safety.

From the company’s perspective, almost 69% of employees have shared that their loyalty towards the company increased when provided with a comprehensive set of benefits. Therefore, companies should ensure that they provide the best employee health plans to keep employees happy and motivated!