One of the greatest non-monetary benefits an employee can get is a health plan. This way, the employee is assured by the company that his medical needs, and even those of immediate family members, will be taken care of. While there are a lot of companies offering businesses health coverage for their employees, what are the considerations when choosing a health plan for your company? What factors will you consider? You might want to check out some tips to consider below.
- Find health care that fits the company's budget. It is already given that you will be operating on a limited budget. The point is to maximize the budget allocated for health plan. If you are choosing from several insurance providers, and these are all within your company's budget, don't choose the cheaper ones just because of the lower rate. Consider also some other factors like maximum limit or extent of network.
- Choose the one with an extensive network of accredited hospitals or clinics. Your employees or colleagues may be living in different areas, and you wouldn't know when disaster strikes. Choosing the extensive network will somehow ensure that health care can be provided wherever your employees are.
- Choose a health plan that has a large maximum annual limit. The annual maximum limit is the cap set for all hospitalization costs for the year. The health care provider will stop covering for your medical expenses when that limit is reached. Don't go for the one that can accommodate you only once a year because of its low annual limit.
- Consider covering for employees' dependents. Some health care providers offer coverage for dependents of employees, usually the spouse and children for married employees or the parents for singles. However, the premiums are sometimes shouldered by the employees, although at a reasonable price that's often discounted. Choose the one that provides this coverage so that the employee's dependents can avail of the same quality health care that is offered them.
- Choose a health care plan that has a wide coverage. Some health care providers limit the type of diseases or treatments covered. Choose a wide range health care provider so that your employees are covered, whatever illness befalls them, or whatever accident they get into.
- Check the records of the health care provider. Make sure that a healthcare provider promptly pays affiliated hospitals and clinics. Otherwise, it could be an embarrassing situation when you got hospitalized as the hospital refuses to service you because of a delinquent health care provider. Keep an eye on these delinquent providers and stay away from them.
- Watch out for annual increases in premiums. Some health care providers are using promo rates to entice companies, but will jack up prices in the succeeding year to recover costs. Make sure that your company is not on the losing end when the premium increases.
A healthy employee is a productive employee. Instead of investing in their own office clinics where they have to maintain a set of doctors and nurses, and the equipment that comes with it, more and more companies are now turning to health care providers. Should you decide to invest on a health care provider instead, choose one that your employees will benefit the most.