How to get Group Health Insurance for small business?
If you run a small business, you must have considered getting group health insurance for your employees. Not only is it an essential and extremely valuable benefit to your employees, but it can also provide you with several benefits, such as better employee retention, and higher employee productivity, as well as tax benefits.
These benefits can be explained in detail later, but let us first understand what group insurance is in the first place. And then also get into how you can get one for your own business.
What is group health insurance?
Group Health Insurance is a special policy designed for employers to offer health insurance coverage to their employees. Usually offered as an employment benefit, this can also cover the immediate and extended family of the employee, depending on the plan chosen.
Although group insurance usually covers most basic illnesses, there might be certain additional benefits or restrictions based on the plan chosen or the insurer. The comprehensiveness and cost-effectiveness of these insurance plans also depend on the insurer and the coverage selected.
One thing to note is that, in terms of group insurance, the employer is the policyholder, and the coverage extends to the employees and their families if chosen by the employer. Every covered employee receives a claim card they can use at the hospitals for claims.
What should you get health insurance for groups?
As mentioned above, there are several benefits to getting health insurance for groups. These benefits are made available to both the employer and the employees. So let us discuss them after dividing them based on who is being benefited.
Employer
- Better employee retention
- Better employee job satisfaction
- Better employee productivity
- Attracting new employees
- Tax Benefits
- Additional CSR activity.
Employee
- Protection from unexpected expenses
- Health Insurance for self and immediate/extended family
- Pre-existing medical condition coverage
- Access to a wide network of hospitals
How to get group health insurance for small businesses?
For those convinced about getting group health insurance, specific criteria must be considered before getting into the steps.
- Sole Entrepreneur
Being a company’s sole employee is not covered under group health insurance, and you will be better off purchasing an individual health insurance plan instead.
2. Minimum Number of employees
This is an essential condition to be considered as a group insurance. Although different insurers have different minimum requirements, this should be considered when getting group insurance.
3. Family Business
Family businesses are typically only covered by group insurance if there are multiple employees.
Here are the steps you can take to get corporate health insurance.
- Explore the different insurance providers, finalise a set of 3-5 different insurance providers, and request a callback.
- Explain the requirements to them, see what they are offering, coverage options, and the quotation.
- Choose the best one from the remaining options and visit the webpage. For my business, I chose Niva Bupa as they offered the best coverage-to-value ratio and extensive coverage options.
- Once on the page, click the ‘enquire now’ button and fill out the form.
- You will then receive a call back to discuss further and negotiate.
Conclusion
With these instructions, getting the right group health insurance for all kinds of businesses should be easy enough. Although it is now easy to choose the right insurance, it is essential to understand what factors impact the premium prices for group insurance. These factors are the ages of people in the group, the location of the business, additional coverages chosen, and exclusive benefits offered.
