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We live in a world fraught with growing health concerns and rising medical inflation, distancing most people from availing of quality healthcare and securing their health and financial well-being.
As a business owner or HR manager, selecting the right corporate health insurance policy for your company is a critical decision that can impact your employees’ well-being and your organisation’s financial stability.
With numerous options available in the market, navigating the complexities of corporate health insurance can be daunting. This guide aims to help you choose the best corporate health insurance plan for your organisation.
What does corporate health insurance cover?
A corporate health insurance policy is a type of health insurance specially designed to cover all members of an organisation in a single policy. With a comprehensive corporate health insurance policy, covered employees are protected from a wide range of medical expenses, including hospitalisation, OPD, diagnostic tests, ambulance services, and medication. It may include additional benefits such as maternity coverage, dental care, mental health support, and wellness programs.
Additionally, as these policies are highly customisable, organisations can negotiate with insurers to get the right policy with adequate coverage for their needs.
Who needs corporate health insurance?
As the Government of India has mandated all professional organisations to provide health insurance to their employees, corporate health insurance is a valuable asset for businesses of all sizes, from small startups to large enterprises. This is because group insurance policies are more cost-effective, customisable, and convenient when compared to purchasing an individual plan for each member.
It covers employees’ medical expenses, including hospitalisation, surgeries, and other healthcare services.
How to choose the best policy for your company?
As every group’s needs are different, companies might be required to consider several factors when choosing the right policy. Here are some factors that must be kept in mind when choosing a policy:
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Employees’ needs
Companies must consider the requirements of the employees before deciding on a particular plan. This helps set expectations and understand the needs and good to have.
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Industry/government requirements
As every industry has different needs and regulatory requirements, companies must consider these when purchasing a policy. This is because the coverage required for a factory worker working in a high-risk environment differs from that for a service-focused company.
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Budget of the organisation
The company must also consider the organisation’s budget and look for a policy whose premium is sustainable for the business.
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Cost per employee
As every organisation has a specified cost to the company for various employees, it is essential to assess this metric and choose a balanced policy.
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Credibility of the insurer
It is essential to consider the terms and conditions of a policy as well as the credibility of the insurer when purchasing a policy. Buying a policy is just half the job. The settlement or ease of process during claims might be more critical.
When should you purchase corporate health insurance?
If you are an owner or an HR manager of a company with more than seven employees and you also wish to provide coverage for their dependents such as wife and children, aging parents, etc. then it is a good idea to purchase corporate health insurance as opposed to providing individual health insurance to each employee.
Where to find corporate health insurance policies?
If you want to purchase a corporate health insurance policy for your organisation, you can do so in three ways.
- The first method is directly approaching an insurance provider and negotiating a customised policy.
- The second method is to approach an insurance broker and ask them to find an insurance provider and a specific plan for your company.
- And the third method is to partner with a bank and purchase insurance for your organisation that way.
Conclusion
As every professional organisation needs to provide health insurance, corporate insurance plans are a way to provide comprehensive healthcare solutions to your employees while being convenient, customisable, and cost-effective. So ensure your employees’ well-being and your organisation’s financial stability with the right corporate health insurance policy. Considering the above factors, you can choose the right policy for your organisation.
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