6 Points to Keep in Mind When Choosing Group Health Insurance Plan

When it comes to group health insurance for startups, it can be tough to balance rising healthcare costs with the needs of your employees. Money Control found that group health insurance premiums may rise by 10-15% this year. That is a direct result of medical inflation and COVID-19.  

A rise in claims, a sharp increase in medical treatment costs and heavy discounting to retain clients are all responsible for this inflation. As a company, you could just accept the inevitable. Or, you could choose to act. Have you decided your group health insurance plan is not as economical or comprehensive as you would like? If that’s the case, we are here to help. 

Group Health Insurance Plan

We’ve put together a step-by-step guide to choosing the right group health insurance plan for startups and SMEs. That way, you know what exactly to look for, and what you absolutely need. That way, you can make sure you get the best plan possible for your employees while saving your company some valuable money.  

Challenges companies face when it comes to getting group health insurance

Group Health Insurance Should be Affordable 

The first and most important factor is always money. When it comes to premiums, you need to ensure that you and your employees are financially capable of paying the amount. Only if you find it affordable, will you be able to pay for your employee healthcare benefits. You need to ensure the yearly premiums are low but offer adequate coverage. 

Or, you could switch to a monthly subscription plan. TeamSure by Onsurity is a great plan, you get both healthcare with group health insurance (thanks to our insurance partner). They are also adaptable to your company’s needs. TeamSure is also pocket-friendly monthly health insurance for startups. That way, it doesn’t eat into your existing working capital. 

Group Health Insurance Should Cover Everyone

You can’t have group health insurance that excludes members of your team. It is important to pick a plan that works for the whole company, benefitting everyone. That means it’s not just your full-time employees, but their families as well. It is also important to remember contractors, freelancers, part-time workers and other outsourced employees. Ensure no one is left out, so they all feel valued and a part of the team.  

Digital First Management 

Signing up and managing your group health insurance plan shouldn’t be a pain. To ensure that there’s no extensive documentation or paperwork, get a plan that’s digital-first. Very few HealthTech firms offer a completely digital plan. Through a mobile app or website, you get a single dashboard to manage your entire team. That means you spend less time managing, and more time working.  

Easy to Work With 

As an HR manager or CEO/CFO, you shouldn’t be spending your time going back and forth about a claim. So, make sure you get a group health insurance provider that is easy to work with. It’s vital to find the right provider, one who provides quality service. You also need to ensure that they have a vast service network, as well as quick claim settlements.  

Group Health Insurance with Comprehensive Coverage

As the pandemic has shown us, there’s no telling what medical emergencies may arise. You need to ensure that you and your team are as protected as you can be. Choose a provider with a comprehensive group health insurance coverage plan, from pre-existing conditions to COVID-19. That way, you and your team can focus on doing your best work, and not about the possibility of a medical emergency with no coverage.  

Other important factors to consider here are tax exemptions and GST rates. These are little things that can add up if you aren’t careful.  

Digital Wellness Services 

In the 21st century, why should you focus only on insurance? Give your employees a holistic plan that covers wellness. That way, they feel valued, healthy and happy, which is great for employee retention. It is also a great way to avoid visiting the hospital, bringing down your claims.  

Look for a plan that provides teleconsultations, health check-ups, medicine delivery and fitness services. These are great value-added services that allow your team to feel cared for. That’s an easy way to boost productivity and satisfaction. 

A handy checklist to help pick the right group health insurance plan

Now that you’ve had a read, you might be thinking “where can I get an affordable all-in-one plan?” Why not check out Onsurity? Onsurity’s plans are customizable and flexible to your team. Thanks to our insurance partner, we provide comprehensive group health insurance for startups. That’s not all though, we offer all-in-one employee wellness programs with doctor consultations, discounted medicine ordering and more.

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