How to Select a Corporate Health Insurance Policy for your Employees
August 23, 2017
The adage Health is wealth is perfect in emphasising the necessity for a comprehensive and effective health insurance policy for your employees. Owing to improvements in the health of a workforce, productivity increases significantly. The consequence of better productivity is higher revenue or wealth for your company. Additionally, improved health and better productivity lead to a boost in the happiness of your workers.
Corporate health insurance is an integral part of the wide variety of schemes provided by corporate insurance companies in Singapore. A person joining a company looks at not only the salary offered but also the availability of an excellent health insurance package. Given the importance of picking the right health insurance package, it is essential to dedicate a sufficient amount of time and energy in choosing the health insurance scheme that is suited best for your employees.
What are the main factors that influence the decision-making process while selecting the right health insurance company? The rest of this article will describe these factors in detail.
Choose a reputed company
When it comes to choosing an insurance company to provide you with a corporate health insurance plan, choose a company with an established presence in Singapore. Conduct research into not only the claim settling capabilities but also the quality of service of your insurance company. A few examples of the top insurance companies in Singapore are listed below.
Zurich Life Insurance
Great Eastern Life
Do not choose low-cost plans
Despite the fact that human beings have a proclivity to choose a less expensive option, a corporate health insurance plan does not follow this principle. Often, a low-cost plan scheme has a lower coverage and a larger number of exclusions. The effectiveness of such plans reduces drastically.
Look carefully at the features of the policy
Selecting the right health insurance policy for your employees can be quite a tedious and time-consuming task. As a result, many companies do not check whether the features of the plan are suited to their requirements.
A good example of an area that can be overlooked while choosing a plan is the coverage type the plan. The most commonly available types of coverage are the international option and the local option. Employees who travel internationally should have an international coverage and employees who work locally should have a local coverage. Often, owing to the need to take decisions quickly, many companies choose the wrong type of coverage for their workers. As a consequence, the effectiveness of the health insurance scheme reduces significantly.
Another feature that can be overlooked is the eligibility criteria of the policy. A health insurance plan is ineffective if your employee is not eligible for the scheme.
Choose a plan that can be customised to the requirements of your employees
Different people face different types of health risks. For example, the risk of chronic disease is much higher at the age of fifty-five than at the age of twenty-five. Certain professions involve a higher element of physical danger. Any strategy of selecting the best health insurance policy for your employees involves checking the individual health issues of each employee. A few of the common features of corporate health insurance schemes are listed below.
Group maternity insurance for women when they are pregnant and after childbirth.
Overseas insurance coverage for people who travel abroad on work assignments.
An option to transfer the health insurance policy to a new employer.
A wellness program that involves regular health check ups
Finally, it is important to interact with your employees to find out what type of plan suits them the best. Employee involvement in health insurance plan selection leads to a greater interest among employees in maximising the benefits of the plan.