5 Reasons to get group health insurance for your company and 5 tips!
In today's ever evolving business market, the offer of a good health insurance package is not only a massive pull for potential employees but also gives the employer a tool to aim for a higher level of employee. With the daily stresses of work and life a good health insurance plan can bring calm and peace of mind to a sometimes hectic life.
When shopping and choosing group health insurance it is important you find the right package for your company. At times this can seem like banging your head against a wall with all the packages on offer. Below we look at some reasons why you should opt for a group policy and offer some simple tips to follow to guide you on your path to the right insurance package and a happy company.
1. Save Money – For every company big or small, costs are a vital part of every decision and health insurance is no exception. With group health insurance, savings can amount to as much as 25% of costs being saved across the board.
2. Peace of mind – As a company owner employee health and well being is always important. A happy work force is a productive workforce. With group health insurance this peace of mind can be offered to employers and employees alike.
3. Retain staff – Having a good health insurance plan and improved benefit package helps to retain your best staff as they will feel like the company is taking care of their best interests. Retaining staff is a great way of reducing the costs of recruitment and staff training.
4. Recruiting new staff – Offering a good health insurance package to new recruits can put you leagues ahead of your competitors. In an age where many workers have inadequate insurance, this can be a massive selling point.
5. Access favourable under-writing terms - Groups, by virtue of volume, have more bargaining power with underwriters than individuals. Therefore you likely to be able to negotiate bespoke terms for your group. This may include medical history disregarded terms which means that pre-existing conditions can be covered from the commencement of the policy for your employees.
Tips:
1. Don’t under insure – When choosing the right health insurance policy for your company don’t cut corners. Instead, think of the worst case scenario and make sure your policy limit covers such eventualities. Although it may look like you're saving in the short term, not having the right cover can be disastrous in the eventuality of the worst-case scenario.
2. Shop around – Choosing a group health insurance policy is a massive decision for any company. So make sure you search the market, not compromising benefits for value, and always buy the product which best suits the needs of your company.
3. Use an agent who knows the market and can negotiate a good deal. To have someone clued up in the insurance field will not only help you to get the best price on your group health insurance package, they will also ensure your initial needs are met.
4. Use an onshore provider based in Thailand. You can set the company insurance as a taxable expense and its always beneficial to have a local insurer who knows the hospitals and local procedures.
5. The final and most important tip is make sure you understand the policy wording from the start, and understand any exclusions. Read all the terms and conditions in detail and make sure it’s the right policy for your company.
