The best time to get your team’s health secured was yesterday. But since you have already missed that deadline, don’t wait for a team member of yours to get sick and make a Glassdoor review bashing your employee health insurance plan, or lack thereof. The more you keep delaying getting your employees health secured through insurance insurance or new age healthcare plans which Onsurity provides, the closer you or your employee get to making heavy out of pocket expenses and less benefits.
Although last year, in 2020 it was made mandatory for employers to offer group health insurance to the employee post lockdown restrictions, if you are one of the companies that is still delaying getting your employees health secured at the back of concerns like affordability, lack of customized plan offerings, etc.
Irrespective of where your reason belongs in these pointers –
If you think you couldn’t afford getting your employees’ health secured, let us give you reasons why you cannot truly afford not partnering with an employee benefits company.
Why is The Best Time to Get Your Team’s Health Secured Now?
The cost of premium tend to increase because of a number of situations – age of the person, medical inflation (which tends to be higher than general inflation), advancements in medical technologies, etc. Noting the ever increasing rise in medical costs, the more you delay getting your team secured, the higher would be the amount you’ll have to pay on a later date.
Circling back to the first reason of increased cost – employees’ age, there have been instance where people were asked to get themselves medically examined as part of the plan issuance process – the amount of which comes out of their pocket.
Here’s a snapshot of how cost significantly increase with age
Disclaimer: The table shows HDFC Ergo Health Insurance company’s health plan for 5 Lakh Sum Insured. The idea of the image is to show how the premium rate increases with age and other factors discussed above.
See the ascending order? Every day you wait for getting your team’s health secured, these numbers increase by some fraction. What makes it worse is that there are some plans which come with a co-payment clause for people in higher age groups which are extremely heavy on pockets and mandatory to pay to get claim.
Some benefits are only available with time-restrictions
There are some health insurance plans that come with a pre-existing waiting periods clause. The clause doesn’t keep pre-existing illnesses claims into happened before the plan was purchased. So, if any of your team members had some prior illness, they won’t get covered in the group health insurance plan for the first few years if this clause applies.
The general idea is the early you get your team insured (early here is in terms of age) the more secure they would be with age-related diseases for the waiting period would have been well ended. Another reason why you shouldn’t delay getting your team secured, , in this context, is that sometimes when a pre-existing illness become severe, the plan may gets denied completely. Scary, but true.
Other Waiting periods
Although we have discussed the perils of pre-existing waiting period on your team’s health in previous points, the concept needs a separate highlight.
When you purchase health insurance, it may comes with a mandatory initial waiting period or specific illness waiting period- it is a timeline in which you cannot make a claim. While there are no waiting periods for accident-related hospitalizations, there may be 15 – 30 days waiting period for COVID-19 hospitalization and 30 days period for other ailments. Also, if your plan has maternity covered, then it may also come with minimum waiting period of 9 months. So, always ensure you understand the fine print of terms and conditions before you take out a health plan for your employees to avoid later surprises. More about waiting periods could be read here.
Now, the more you delay getting employee health plans the more you are making them prone to not getting their medical needs covered in time of need.
But does it mean you should settle for the first Google search on ‘Companies providing employee health plans’? No. Because this is what your employees would want –
If these stats hold true for your team members too, partnering with just health insurance company or a broker won’t suffice. You will have to find a company that supports your employees need to not just get insured but also covered across the complete realm of the healthcare benefits. A company like Onsurity.
We are an employee benefits company that provide end-to-end healthcare benefits to employers. You can get your team insured from our partnered insurance providers, order medicine online and get it delivered to your employees’ doorsteps, book doctor consultations or a health checkup and a lot more at starting price of Rs. 145/month.
What’s even more alluring is the fact that we have plans for all size of companies – from a few people team to 2000 people enterprise, we have everyone included in the plan that best suits them and their employees.
Contact our care team to get your company’s comprehensive health benefits.