How to Choose the Best Insurance Plan as per Your Business Needs

When it comes to providing the best health insurance to employees in India, this is a tactical decision that with a variety of options available can affect employee retention, motivation and overall happiness of the business.

Picking a plan that is not only worth it but also rated low-priced so here’s a handy checklist on how to pick the health insurance that suits your Indian Company perfectly.

1. Understand the Employee and the Business First

First things first - the size of the business, financial allocation and understanding the demographics of the people that work under you. For instance, younger employees may be more of the core of a business as opposed to older employees or employees with dependents. Another factor is the health coverage provision; for example, are your employees looking for family coverage or only basic benefits such as preventive measures? When the right health policy is made and tailored to an employee, it will increase the levels of productivity and happiness.

2. Study the Categories of Health Insurance in India

To select the best health insurance plan for your company makes sense to first establish how much coverage is necessary and what the budget is. Below are some of the general plans available with most Indian insurers:

• Group Mediclaim Policy: These policies offer a comprehensive healthcare insurance plan to a group of employees as well as allow them to give cover to their families. Given their low cost and reasonable coverage, group mediclaim policies are favoured by small and medium enterprises.
• Corporate Health Insurance: Large corporates in India usually purchase the best health insurance plan for their employees with some cover for the employee dependents as well. As a rule of thumb, however, these plans have usually better coverage features such as maternity cover, dental cover, wellness programs and so on and can be tailored to suit the employee.
• Family Floater Plans: In some cases, businesses may provide family floater plans which have coverage of an employee and their family members under the same policy. This can be very economical as an extended family can still benefit without the need for separate policies for each.
• Top-Up Plans: These plans suit businesses which want to increase coverage but do not want a sharp increase in the premium. A top-up plan is also referred to as additional cover, which is very useful for businesses with tight budgets who want to maximize the coverage of their employees’ standard health plans.

3. Evaluate the Costs Apart from Premiums

Costs of premiums are one of the factors that one cannot do without in the business world, and acquiring insurance coverage is quite expensive, however, it is also necessary to look at the other costs such as deductibles, copayments and even out-of-pocket maximums. In India, high-deductible plans are said to be premium consumers due to their lower premium rates however, such plans push the employees to spend more on co-pay charges. For example, it is one thing to opt for a basic mediclaim policy but what is more debilitating are the co-pay charges that may arise if the employees require consistent medical attention. Evaluate these parameters in order to find a plan that treats the clients and still stays within the reasonable prices that are offered in the plan market.

4. Look for A Broader Coverage Health Insurance Plan

Like many job-minded people, many Indians who want to get employed are on the lookout for the best plans in the Indian insurance market that are readily available without any additional charges. Many of these plans, however, do not only cover the above needs but also have additional cover features that can include wellness apps, mental help support or even telemedicine. Such benefits are crucial to the employees and can give employers an edge when it comes to talent retention. It is also wise to check the additional care features that have been offered, for different providers usually offer different amounts of the same features.

5. Examine Network Provider Accessibility

Network hospitals are important in terms of having access to cashless treatment options in metro cities of India. One should check the insurance provider’s network of hospitals in the city or region and see if that includes larger hospitals. For companies having employees in various locations, it would make sense to choose an insurance provider with a good network, so that all the employees can easily avail of the cashless services.

Conclusion

In India, selecting the right health insurance plan for a firm is a matter of trade-off between the price level of coverage and the flexibility required. Employees’ requirements, types of policies available, premiums, and network hospitals may all be important factors in making your decision on the best health insurance option that fits the requirements of ‘your business’ and, protects ‘your employees’. This outlay on quality health insurance will increase employee satisfaction, enhance retention and boost business growth and stability.