Today, businesses need to ensure the health of their employees to function well. Since this is expensive😅, one can opt for good insurance plans. Apart from that, companies must pre-plan and manage these expenses so that they do not deter their growth later. This will also motivate the employees since every employee wants to work with a company that values their health and life. Also, if managed properly, the benefit arising from an employee working with total efficiency will outrun its costs. Hence, it’s essential to find a good insurance partner🤝 who can provide group health insurance for your employees.
Tips To Reduce Employee Healthcare Cost
Here are the methods by which businesses can reduce their employee healthcare costs:
1. Free Regular Check-Ups Policy
Any disease can be treated by incurring lower expenses if detected early. Hence, companies can set up regular, compulsory health check-ups for their employees to identify any underlying condition, ultimately leading to less cost burden.😍
2. Tie-Up With Pharma Companies💊
Another large expense, when it comes to healthcare, is medicines. Since every employee buys their medicines individually, it costs more. If the company can tie up with a pharma company and buy the medicines in bulk, they can get it at lower cumulative costs. Hence, it leads to lower healthcare expenses.
3. GOOD INSURANCE PARTNER
This is one of the most important aspects. Corporate insurance policies can be availed for employees. This must be done after great research. It’s important to find a good insurance company that will provide group medical healthcare at a minimal cost. Because, for the claim processing to be hassle-free, the insurance company must be honest with high integrity. Also, they must tell you the best package available to you as a company, and not merely try to sell you a product with high margins for them. Hence, businesses must find a good insurance partner.
4. Focus More On Preventing Diseases Than Curing Them
Try to avoid the disease, then cure it💉💉💉. As they say, prevention is always better than cure.
Hence, if any such diseases are identified earlier, employees must be encouraged to avail of treatment immediately. If an artery block is identified at an earlier stage, it can be cured just with medication. However, if the person suffers a heart attack later, the pocket’s treatment expense would be much heavier. Hence, it’s important to detect and cure diseases as early as possible.
5. Reward Healthy Lifestyle🏸🏓
Many companies in the west have a policy of rewarding their employees for having a healthier lifestyle. E.g., rewarding employees who don’t smoke 🚭 with a gift hamper. This acts as a motivation for an employee to quit or reduce smoking. Not only does it save money spent on cigarettes, but it also helps avoid the diseases caused by it.
6. Provide Health Coaching
Companies can invite various fitness coaches to their premises and organise a fitness camp for their employees to coach them about health and fitness.
Obesity is one of the main reasons behind all major diseases. By keeping themselves fit, they can avoid most of the diseases in the first place, reducing the company’s healthcare burden. Yoga classes are a good example of it. A company can hold yoga classes once a week or month and motivate its employees to adopt a healthy lifestyle.
7. Make Insurance Mandatory For Every Employee
Some employees probably don’t want to avail insurance services. For instance, a less-educated worker at a factory might choose not to take insurance because he considers it an expense. However, if an accident occurs later and the worker is injured, the company will be liable to pay it out of its own pocket😨, ultimately leading to a major avoidable cost. Hence, companies must make it compulsory for employees to avail a group mediclaim policy, especially where on-duty risk is present. Even smaller companies can adopt such a model.
8. Include Healthcare Costs In The Ctc
This is a part of planning employee healthcare costs. This will be fair for the employees, who will appreciate the act done by the employer. 😊 The cost of group policy taken by the company can be charged on the CTC of the employee.
If you are also looking for a good insurance partner for a group medical healthcare plan, check out Plum Insurance.