How to Select the Best Health Insurance Policy for Your Startup
Indian startups and unicorns have been growing in leaps and bounds in recent years. As an entrepreneur who’s just starting a business, you need to pay attention to various aspects to make it grow. One key aspect you should not miss when you have a startup is the basic concerns of your employees. Health insurance is one such concern. 👩🏽⚕️
Employee health insurance is a type of health insurance policy that employees receive from their company. Corporate medical insurance ensures them the health care that they require. 🔝
Workmen health insurance also covers the employees’ spouses and children. They are generally a fixed sum of amount, which the employee can use during any kind of medical emergencies for their family or themselves. However, if the medical fee is more than the insurance scheme, the employee would have to pay an additional premium. 💰
Now, the most frequently asked question by the startups is: “How to choose the best health insurance policy for the employees?” 💭
Employees often look for the best health insurance policies that meet their ends. It is one of the most crucial and appealing benefits for the employees. Rather than considering a traditional health insurance scheme, the company must investigate the grounds for offering the scheme. 🔍
Let us consider the case of the corporate health care scheme, where the health care scheme will cover the pre-existing illness; it also enables the employees to access the policy as soon as they sign for it. The health insurance of the startups must also be similar to corporate health insurance.
So, before you sign for any insurer or broker, always refer to the kind of scheme that your company wants to attain based on the requirements and conditions. Ensure that the insurance policy is cost-effective depending on the company’s growth condition.
Before introducing the policy, the deductibles, co-insurance, and other financial aspects must be taken care of before signing the policy. However, the standard of the policy must not be compensated for the cost, which will harm your company.
- The company pays the premium in corporate health insurance, and a minimum of up to 5 lakhs is covered.
- This ensures favorable coverage. Similarly, your health insurance policy must be a promising one, which covers almost all of their medical needs, such as dental, maternity leave, etc. 💉
- As the medical inflation rates are soaring up every year, the medical expenses will increase, thus making it unaffordable if there are any cases of serious medical emergencies or health issues. 🏥
- Never forget to read the fine print before signing the agreement for the insurance with the insurance company or insurer.
- Always ensure that there are no extra clauses, terms, and conditions that exclude specific provisions which might force the employee to pay extra.
- This will have another serious drawback on the company. Look for policies that cover discounts, rewards, and other policy scheme offers that provide financing for the company and benefit the employees.
- Most corporate health insurance policies involve group insurance policies. The group insurance policies are insurance policies that involve the employee-employer group or employee-employee groups that offer them standardized coverage.
- Group health insurance policies generally involve members of the association of any organization or the other employees in the company. The group members choose to enroll or opt-out of the health coverage. Nearly 70 percent of the participation rate is required. The essential benefits of this insurance policy are that they have customized plans with lower premium value and have more chances of employee retention. ✔
The Other Benefits of the Group Health Insurance Are💯
- Provides a safe and peaceful working environment for employees.
- It ensures the mental health of the employees.
- It improves the goodwill of the office environment.
- It also strengthens employee motivation.
However, the corporate health insurance model has a few drawbacks. Most of them, in general, do not involve the coverage of health insurance to other members of the family, which might be a worrying factor if the family is dependent on you. When you take up the corporate health insurance model, you will be able to access the insurance model until you work in that company.
The insurance policy would be invalid when you don’t work in the organization and will continue only after joining another organization or company. A co-payment clause exists in the case of the gorup health insurance model, where the policyholder (the employee in this case) should pay a fixed percentage of the medical bill. 💡
Hence, choose the right policy plan appropriate for the company and the employees. Make sure the policy is tax-free or with less tax, adequate coverage, more control over the policy for the employee, should not be a troubling and insufficient policy, etc. The employees must have complete control over their policy, and it should be flexible. For more information, check out Plum Insurance.