As a small business owner, you get to a point where you must decide whether or not to start looking for a corporate health insurance plan. And when that happens, you are bound to ask questions like how will it benefit me? Will it help me attract employees? Will it cost a lot more than my company can afford at this point? And how does corporate health insurance work?
At the center of these questions lies the fact that even though there are multiple benefits you can offer, there is one that tops them all: the benefits of corporate health insurance. It is because corporate medical insurance doesn’t just ensure your employees’ great health, but also signals that you care about their well-being.
If you are one of those companies who are still on the fence about whether finding the best group health insurance policy in India should be a priority, this article is for you. We are going to dissect corporate insurance and its benefits.
Benefits of offering corporate health insurance
There are a number of benefits that both employer and employee draw from the addition of corporate health insurance in the workplace.
From a cost front, offering group health insurance makes a lot of sense for small businesses. When compared to insurance in the individual market, small businesses’ health insurance plans tend to have low per-person costs on average. This means that group health insurance plan is not just affordable for the employees, but also the employers and their families.
Now, you must be thinking why small business health insurance plan is cheaper than the individual plans. The reason behind this is that group health insurance plans have a high-risk pool, with the risk of getting spread across many people. As a result, the insurance firms have more resources to draw from when someone raises a claim.
Eases hiring process
Corporate health insurance can be a great recruiting tool for hiring skilled employees while establishing yourself as an employer of choice. An e-Health Small Business Health Insurance Report found that 66% of small business owners across the globe offer corporate medical insurance to hire and retain their employees.
A well-strategized set of insurance and corporate benefits cannot just help you attract the best employees but even keep them from making the switch to your competitors’ company. Ultimately, it can help build a compelling, robust benefits package that can have a lasting appeal on both future hires and present employees.
Improves employee retention
At the extension of hiring benefits of corporate health insurance lies retention. To work towards their employee-centricity plans, a number of businesses have started concentrating on offering comprehensive group health insurance plans to their employees.
Employees are more likely to stay in a company that provides great insurance benefits, as the benefits can be a lot more cost-effective than their individual insurance plans. What motivates them further is that the group health insurance plans come with the provision of adding families to the same plan. Meaning, the employees are not just able to safeguard their health but also their families at a much lower price than personal purchases in individual plans.
In addition to improving retention, a good employee healthcare plan can also boost employees’ productivity at work since they won’t have to worry about their and their family’s health needs.
Greater access to care
While it’s true that a majority of the mandatory employee benefits in India are less comprehensive in nature, there are employee healthcare service providers like Onsurity that take employee healthcare beyond insurance. We add a range of comprehensive benefits in the employee healthcare landscape mix like doctor teleconsultations, online medicine delivery, provision to add family members beyond spouse, discounted medical tests and health check-ups, mental wellness plans, etc.
A comprehensive plan like this which comes backed with a huge network of hospitals and a very affordable monthly payment membership helps expand employee healthcare beyond insurance.
Hospitalization and claims assistance
If you have ever been admitted, you would know how complex and stressful it can be to get hospitalized and raise a claim from an insurance company. The same issues however reduce to zero when you have a corporate health insurance plan. In case of hospitalization when you are a part of the group health insurance plan, the responsibility of getting the process streamlined and claims processed becomes either the HRs or the healthcare service providers’ responsibility.
Here’s how Onsurity makes hospitalization and health claims so easy.
What’s even more enticing about corporate health insurance is the fact that there are no waiting periods. Meaning, you can take benefit of all the coverages from day one.
So here the five primal benefits that small businesses can take advantage of by offering medical insurance for company employees. The next crucial question that emerges at this point is how to choose the best employee healthcare plan for your business.
How to choose the best corporate health insurance for your business?
In the modern times, there are a number of things that should be considered by employers when finalizing a corporate medical plan. While the above graph surmises the factors perfectly, if we had to list down the pointers, it would look something like this –
- Digitalized or mobile-based healthcare
- Comprehensive coverage
In order to truly understand the corporate health space, it is not enough to just know the benefits. There are some limitations as well that you should know of. Let us look at them in the next section along with the solutions that Onsurity offers to address them.
Limitations of group health insurance and how Onsurity solves them
Although when compared to individual insurance, the cost of group health insurance is very low but when you counter in the high annual payment, it can easily eat into your business’s working capital.
Onsurity solution: Onsurity healthcare membership plan is priced at Rs. 145 month – an amount that you have to pay on a monthly basis.
Absence of customization
There is a limited set of plan variants that an insurance provider offers you. Even in that, a number of inclusions or benefits are on a rarely used mode, leading to a very low adoption rate of your plan. Moreover, in many cases employer sponsored health insurance is not enough to cover all the needs.
Onsurity solution: Onsurity offers customization facility to the members. Meaning they can choose the benefits that they think will best suit their team’s needs. With us, there is no minimum number of employees for group health insurance and benefits.
Limited to employees’ association with the company
The corporate health insurance is limited to the employees who are a part of the organization. The moment they leave the organization, the benefits cease to exist.
Onsurity solution: Onsurity plans are designed to continue even till after the employee leaves the organization.
Limited to permanent employees
Corporate medical insurance is only offered to the permanent employees. Meaning, there is no coverage or benefit expansion to interns, blue collar workers, freelancers, and part-time workers.
Onsurity solution: Onsurity membership comes with plans designed specifically for the non-permanent employees, like how we did in our recent partnership with Magicpin.
Here was everything every small business owner should know about the benefits of corporate health plan for their employees and how Onsurity becomes the best partner choice to overcome the limitations. If you’d like to become an Onsurity member and avail a plethora of healthcare benefits, get in touch with us today.