Operating a small business can be challenging, right from increasing sales and hiring staff to office maintenance. But for any business owner, an employee's health should be of topmost priority. Many of us are prone to illnesses today due to increasing pollution and sedentary lifestyle. The rising inflation and consequent medical costs further add to our difficulties.
Hence, buying health insurance is imperative. The majority of employees across the world feel their employers must provide health insurance. So, your first step as an employer should be to insure your employees' health. Besides, for smaller businesses, a health insurance perk attracts potential employees, makes them feel more secure and increases their loyalty towards the company.
While choosing health insurance for your employees, you need to consider the number of employees, coverage, and the premium you need to pay. Here are 7 tips to help you choose the right health insurance for your employees:
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Compare health insurance policies
Before settling on a health insurance policy, research and compare various policies available in the market. Compare them on the basis of their coverage, premiums, deductibles and co-pay. Group health insurance policy provide greater coverage over self-funded plans. However, the number of employees will determine your organisation's eligibility for Group Health Insurance.
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Opt for sufficient coverage
Make sure you select health insurance which provides adequate coverage. Also, choose the sum insured wisely. You can stick to Rs. 3 to 4 lakhs which is the average amount provided by majority organisations, or you could buy a policy of approximately Rs. 5 lakhs that will provide sufficient cover to your employees.
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Think about covering employees' parents
Unexpected medical expenses can take a toll on your employee's finances. Most employers look for health insurances that cover the employee as well as his/her dependant spouse and children. Your employees may also have financially-dependent parents. If you consider a health insurance cover for employees' parents, it would take off a major responsibility from your employees' shoulders.
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Know your employees
Before finalising a Group Health Insurance policy for your business, you should also consider the type of employees and their income. If your employees are older people who require frequent doctor visits and medications, better coverage with a high sum insured will benefit them in the long run. However, if you have young and healthy employees who may not need a high cover, you can opt for a policy with smaller sum insured.
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Cost to your organisation
Your expenditure will depend on the type of health insurance policy, coverage amount, the number of employees and their dependants (if covered). So, ensure that you take into account all these factors along with your company budget before finalising a Group Health Insurance policy. Make sure the health insurance policy doesn't become a heavy financial liability for you in the future.
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Involve your employees
Usually, the HR and finance management decide employee health insurance in majority of the organisations. However, as a small business owner, you should try to take an inclusive decision by involving your employees. Ask your employees about their insurance needs and seek inputs from them on the shortlisted policies.
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Health insurance from joining date
With a cost-cutting intention, many organisations do not provide health insurance to new employees immediately. However, if you provide employee health insurance from the first day of joining, he/she will feel more accepted and welcomed in your organisation. As mentioned above, the employee's willingness to stay around in your company will also increase.
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The Final word
Your employees are the pillars of your business. A Group Health Insurance Policy will help reduce sick leaves, work absenteeism and will result in reduced employee stress. By actively involving your employees in choosing the right health policy, you will be able to build a loyal team.
As one of India's leading insurance companies, we offer Group Health Insurance for our customers. ICICI Lombard’s Group Health Insurance policy is designed to offer comprehensive and flexible health cover to your employees and their loved ones.
- Group Health Insurance
- Product Code: 4016
- Product UIN: ICIHLGP21381V052021