In today’s rapidly evolving work environment, employers have started considering employees’ well-being as one of the vital pillars to success.
A recent survey stated that about 90 percent of employees expect their employers to cover healthcare costs by providing an employer-sponsored health insurance policy. That means you, as a business, need to provide health insurance to your employees immediately if you want to remain competitive and see your company grow.
Offering a group health insurance plan is beneficial for both the employee and the employer. The employee gains an employer-sponsored health insurance plan, while the employer gains their employees’ well-being and loyalty.
When you provide your employees with benefits they desire, they tend to be more committed to meeting business goals and are more likely to stay with your company for longer.
But before choosing a health insurance policy, there are a handful of factors that you should consider. Let’s understand these factors and how RazorpayX Payroll offers best-in-class health insurance policies to its users.
Table of Contents
Match the market average coverage
First, you must ensure that your employees have sufficient coverage to cover any anticipated medical expenses.
Do a market analysis and compute an average cover amount before deciding the sum insured. Most SMEs and startups offer a health insurance cover of about Rs 3-4 lakh on average. You should aim to match the market average cover or more.
Offer customised health insurance policies
Some employees might need maternal and newborn care coverage in their health insurance plans, while some might want their pre-existing conditions to be covered.
To accommodate such needs, consider policies that can be customised based on employees’ requirements. Also, the policies should provide coverage for pre-existing conditions and maternity from day 1.
Consider covering employees’ dependants
Parents and children are the ones who need medical care the most. Your employees probably spend the most on their dependants’ medical expenses.
While most businesses do provide health insurance coverage to their employees, their spouses, and children, their parents’ health cover is unfortunately not taken into consideration. And, when insurance plans do not include parents, employees bear the medical expenses on their own.
Therefore, you must ensure that the health insurance coverage, being offered to your employees, includes their parents’ health cover too.
Opt for tech-friendly health insurance policy
In this digital age, everyone wants to access information at their fingertips. Employees’ frustration with health insurance policies starts at registration, where they have to do extensive paperwork to get their coverage.
The discontent increases when they have to spend hours with customer service, trying to understand the claim process.
If you choose insurance plans from a provider that digitises the whole experience, these issues can be resolved even before they crop up.
Cover employees from Day 1
Many businesses offer employee health insurance only after 6 to 12 months of joining. This makes employees lack a sense of belonging to the workplace.
While not providing health insurance policy to new employees may save little funds in the short run, this penny-wise concept could hinder your chances for great employer-employee relationships in the long run.
Therefore, you should offer a health insurance policy to employees from day 1 of their joining.
RazorpayX Payroll – your only right choice
If you are looking for a health insurance provider for your employees, your search ends here.
RazorpayX Payroll provides group health insurance for all the employees of its users irrespective of the number of employees. Click To Tweet
Here are the features of RazorpayX Payroll’s health insurance policy.
- Offers app and website for employees to view policies and make the claim
- Includes pre-existing conditions and maternity cover from the day 1
- Provides customised policies to employees at an economical cost to your business
- Manages and updates your employee database with the insurance providers
- Covers employees’ parents and in-laws (Optional add-on)
- Covers 60 days of pre-hospitalisation expenses and 90 days of post hospitalisation expenses
RazorpayX Payroll strives to deliver end-to-end and seamless payroll experience to businesses with minimal human intervention. It is a payroll software that automates all-things related to payroll processing and execution.
Your takeaway
Offering health insurance policy to your employees that will not be beneficial for them would be a futile activity. Your efforts and money might go down to drain if the insurance policies do not cater to your employee needs.
You would also incur additional resources because of low employee engagement, which would potentially lead to high turnover rates. So, always choose the policies that can bridge the gap between your employees’ healthcare needs and actual medical expenses.
To access the best-in-class group health insurance policy, all you have to do is automate payroll processing and execution with RazorpayX Payroll!
