The post-pandemic corporate world is all about staying ahead of the curve. Whether it’s scaling new challenges or investing in employees - employers are taking every bit of effort to match pace with the new normal. Employee well-being is a huge part of the corporate agenda as they steer the wheel back to normal while new variants and newer viruses continue to hamper the normal course of life. 

However, this has also redefined the role of corporate insurance beyond being the cursory ingredient of the CTC. The role of corporate insurance is constantly evolving to be more expansive as well as inclusive to cater to the future workforce. The option to customise and add components to the policy is gradually becoming a new norm to ensure better coverage. 

Here’s recapitulating the new but important additions that have found their way into the evolving landscape of group health insurance.

OPD coverage

After the pandemic, outpatient department (OPD) expenses have started to constitute a significant part of one’s healthcare expenses. However, covering them under insurance is a relatively new concept, even in individual health insurance policies. To ensure minimum financial strain on employees, corporate insurance policies are now covering OPD expenses incurred on doctor consultation, pharmacy and diagnostics. This eliminates the popular notion about the need for being hospitalised for your corporate insurance to be triggered. Keeping up with the transitioning healthcare landscape, this inclusion truly makes corporate insurance future-ready.

Sponsored gym, yoga and wellness memberships

If there’s a silver lining to the pandemic, it is the heightened awareness regarding healthcare and self-care in general. In today’s hectic and chaotic lifestyle, it’s important to take out some time for self-care. While everyone is aware of the benefits of regular yoga or gym, quite often, people don’t actively pursue it. Corporate insurance policies are now giving employees that much-needed push by making these valuable memberships a part of the corporate health plan. These memberships can also be availed of with a partner or a co-worker to further push up the motivation quotient. 

Mental health

Here’s another area that’s making corporate policies forward-looking and more relevant for the new-age workforce. Fortunately, the definition of being healthy is now no longer defined by just good physical health. The clandestine and often tossed-aside conversation around mental health has now made its way into the corporate spaces. And rightly so; as per Statista, around 14% of Indians suffer from some variation of mental illness which is an alarmingly huge number. Employers are now offering plans that have a 360-degree focus on wellness. Technology has greatly helped bridge the missing gaps in healthcare and that applies to mental health as well. Employees have access to confidential consultation with a mental health expert from the comfort and safety of their homes now. Not just this, employers are going the extra mile to extend the consultation with legal and financial advisors as well, to uproot any cause of concern.

Unlimited online consultations

Digitisation is the way forward and after the pandemic, digital healthcare has got a massive impetus. Health issues have been on the rise in recent times, and the best way to deal with them is to nip them in the bud. Telemedicine acts as the first line of defence in such cases where one can consult a specialist and get expert advice. Corporate plans have made it easier for employees to gain access to those experts. Employers have now made unlimited online consultations with different specialists a part of group health policy. This not only helps with the early detection of a health issue but also prevents the dangerously prevalent practice of self-medication to a huge extent. By adding technology to protection, coverage becomes more accessible and convenient.

Add or customise the coverage for dependents

The corporate insurance horizon has broadened to accommodate the dependents of the new-age corporate workforce. Employers have made way for more flexible policies where employees have the option to add coverage for their parents, spouse or kids. Not just this, pet insurance has seen a rising demand and the option to add coverage for pets is very much open to employees now. Also, we live in a time where a spouse isn’t just defined as husband or wife. Keeping pace with current times, employees are even given the option to cover their live-in partners or LGBTQ partners as well. 

Coverage for alternative medicine

In a world where everything is evolving, the definition of treatment follows suit too. Not everyone might prefer conventional treatment for their health issues and might opt for alternative medicine. Corporate insurance has now widened its scope to cover Ayurveda, Unani, Naturopathy or oriental medicine for overall protection.

Preventive healthcare coverage

The silver lining during COVID-19 has to be the collective wake-up call that people have had regarding good health, immunity and overall wellness. Corporate insurance coverage is stretching beyond being the fall-back option for emergencies and becoming more comprehensive to cover preventive health check-ups and consultations as well.

By shortening the list of exclusions and making the corporate policy more comprehensive, employers are investing in what can be called their most important asset - employees. Especially as remote working culture continues to be the new norm, this will help establish strong ties with the organisation and inculcate a sense of belongingness.