Published on the 27th June 2024
Care for Your Employees with a Group Health Insurance Policy
Reading Time: 5 min read
Employees make your business work and help you achieve organisational goals. Over recent decades, there have been significant developments in the number of businesses investing in group health insurance policies for their staff.
Across Europe, the average spending per capita in the health insurance market is approximately USD 262 in 2024, with a steady annual growth rate of 3.39% to 2028. As the figures suggest, businesses want to help protect their employees’ health and well-being.
Contents
- What is a group health insurance plan?
- How does group health insurance work?
- Why does your business need group health insurance?
- Protect your business with GasanMamo group health insurance.
What is a Group Health Insurance Plan?
A group health plan provides healthcare coverage for employees in a business or members of an organisation. One of the most valuable benefits of group insurance is that members usually receive cover at a competitive cost due to the fact that the insurer’s responsibility is extended over a group.
This reduces the cost per person and delivers peace of mind for employees, as they can access private healthcare when they need it. Every group health insurance company will offer a tailored insurance package for business employees to suit the particular requirements of an organisation.
How Does Group Health Insurance Work?
Businesses and organisations invest in group insurance plans for their employees or members. These types of insurance premiums can’t be purchased by individuals and are only available to groups. In terms of specifics, each policy is different and works alongside a business’s needs.
Over recent years, the amount of businesses incorporating insurance into their employee offering has grown, with the total of European health claims rising by 1.1% to 130 billion euros in 2020.
Typically, businesses give their employees the choice of opting into an insurance plan. Organisations may offer flexible group health insurance plans that contain tiers of coverage, some of which may have additional advantages included.
Some additional premiums can also deliver family member coverage as part of their group plans, which might be a valuable benefit for many employees and their loved ones.
Read more about how group health insurance works in our blog.
Why Does Your Business Need Group Health Insurance?
As a business owner, you will inevitably have a host of concerns on your plate. Having sick employees puts pressure on individuals to manage at work, which can affect everyone in the organisation as other employees may take on more to support colleagues.
With this in mind, it makes sense for businesses to protect their employees if they fall sick. Group health insurance offers coverage to employees to take specialised medical care and advice when they have a problem.
In addition, this supports their ongoing health journey and helps them to find a solution to any health-related issue. Plus, if they have a family member who is unwell and causing them worry, they can get checked with a healthcare professional.
Protect your Business with GasanMamo Group Health Insurance
Once you begin to research policies, you notice the plethora of perks on offer. A key motivator for many businesses is that investing in an insurance plan enables you to put your employees’ wellness first.
At GasanMamo, we like to help you prioritise your staff. Our health insurance policies are truly adaptable and deliver exclusive medical and health benefits. We support you with everything from policy initiation all the way to claims processing.
As with everything in life, preparation is key. Don’t wait for your employees to struggle with ill health at work. Get ahead of the curve by investing in your employees’ health with our insurance coverage options.
GasanMamo Group Health Insurance Plans
Below is a concise summary of the various GasanMamo Plans we both underwrite and manage:
Vital Plan
This offers limited insurance cover for in-patient and day-patient medical treatment in hospitals/clinics worldwide, excluding the USA and Canada. Available with additional benefits for outpatients, such as GP charge cover or diagnostic tests and medical procedures.
Key Plan
A more comprehensive plan which offers a full refund of fair and reasonable fees for in-patient and day-patient treatment in participating hospitals and clinics in Malta. Limited cover is available up to the limits of the Vital Plan for treatment received worldwide, excluding the USA and Canada. The key plan also comes with out-patient benefits similar to the Vital Plan and the international plan.
International Plan
Our most comprehensive plan offers full refund of fair and reasonable fees for in-patient and day-patient treatment in Malta and anywhere in the world except the USA and Canada. Direct settlement of your in-patient and day-patient bills is possible with participating hospitals and clinics.
The plan covers outpatient benefits which include cover for GP charges, prescribed drugs, specialist consultation fees, alternative therapy, diagnostic procedures, and medical emergency dental care.
Why not get ahead with group health insurance requirements?
Interested in learning more or receiving a quote? Visit our Group Health Insurance page or reach out to us by clicking Quote.