employee healthcare plan challenges

5 Employee Healthcare Issues Every SME’s Face

As an SME, it can often be difficult to make choices for your business. From setting up a website to picking an employee, there are plenty of choices but few right ones. Similarly, the right employee healthcare plan is important, but the difficult choice has given the number of employee healthcare issues faced by SME’s.

An employee healthcare plan by new Health Tech companies is designed specifically for small businesses. They are more affordable, flexible, and come with several other benefits. However, that doesn’t answer everything. Here are five employee healthcare issues you will face, and how to overcome them when picking an employee benefits plan. 

Employee Healthcare Issues

Rising Healthcare Costs 

As a business, nothing matters more than cost. It’s the one thing that can sink or help you succeed. As of 2018-19, India’s healthcare market saw inflation of 7.14%. That number is only expected to go up, due to the COVID-19 pandemic and a global shift away from China. 

The cost is directly reflected in healthcare plan premiums. Don’t let such events affect your cash flow. When picking an employee healthcare plan, ensure that it doesn’t eat into your working capital. The premiums should be affordable, offer coverage to all employees, and be customizable to your needs.  

That way, you and your team can be assured even if healthcare costs rise. It will also allow you to carefully budget your business, in a way that works for you. 

Evolving Healthcare trends 

Like all other consumer-driven markets, healthcare is constantly evolving. Currently, health-tech start-ups have created a trend of value-based services. Now, nobody wants just group health insurance for startups. Instead, they want a wellness program that covers all aspects of health – from prevention to intervention and care. 

A traditional health insurance plan just cannot compete with such demands. That’s why it is wise to choose a health-tech company that can deliver an all-around employee healthcare plan. You need to ensure your plan allows you to take advantage of the latest developments in the industry – telehealth, wellness, and an app-based approach.  

Adopting such a healthcare plan will allow you to attract new, and retain old employees. Your business will seem like it is leading the pack, rather than following, when it comes to adopting the latest healthcare trends.  

Digital Tools Adoption 

Haven’t you heard the saying – “there’s an app for that”. That applies to healthcare too! The current workforce and those who will be joining are all about the app-based economy. Even amongst the older demographic, there is an increasing demand for app-based solutions because of COVID-19. 

That’s why, as a small business it is vital you choose an employee healthcare plan that is digital-first. It’s not only for your employers but also for you. An app-based tool will save you time, effort and money. It’s likely you’ve switched to digital tools for payment, processing and other areas of your business. Why should employee healthcare be left out? 

Flexibility in Employee Healthcare Plans  

Your business will constantly evolve. You will add new employees, expand services and include new products. In such a situation, why should your employee healthcare plan be rigid? When shopping for a plan, make sure that it offers the flexibility you need. 

When we mean flexibility, we mean in terms of features. Plans that offer parental and family coverage are often popular when attracting employees in their 30’s and older. Usage-based premiums are also great, especially if you have a diverse workforce with diverse healthcare needs.  

The best way to offer flexible employee healthcare benefits is to let your employee pick. Find an insurer or administrator that allows employees to negotiate and upgrade their own plans. That way, everyone can build a plan that works just for them, while giving you the benefit of a discounted plan. It’s a win-win for everyone.  

Implementation of healthcare plans 

Your business often demands attention on multiple things at once. Don’t let your employee healthcare plan be one of them. Pick the wrong plan, and you could be spending hours on the phone trying to negotiate a claim. You could also find yourself struggling to onboard new employees and remove old ones. Sometimes you will have to call in an expert.  

Or, you can avoid all of that by picking a plan that is simple and efficient to manage. That way, you don’t waste time and operating costs.  

employee healthcare issues

Picking the plan that solves all those challenges does seem difficult. Not anymore though. Onsurity offers employee healthcare plans that not just solve all these employee benefits issues but go beyond. Our TeamSure healthcare plans are simple to manage, economical, digital-first and offer great benefits. Find out more here on our website.