Health insurance is no longer just a perk for big corporations. In fact, it is crucial for startups and small businesses to attract and retain top talent.
Providing healthcare benefits is an excellent way to boost employee morale and productivity. In addition, employees can keep their individual health insurance even after they leave your company.
Group medical health insurance
Group health insurance is one of the most important benefits a startup can offer to its employees. Although small businesses are not required to offer it, many choose to do so to attract and retain talented workers. It is also a great way to save money, since premiums are much lower than healthcare marketplace policies.
In addition, a group health policy covers pre-existing diseases from the day an employee joins the company. In contrast, healthcare marketplace plans may cover pre-existing disease only after a waiting period. Another benefit of a group medical health insurance is that it includes preventive care and wellness programs, as well as hospitalization and doctor visits.
A small business can purchase a group health insurance plan from a private insurer or through a professional, trade, or membership organization. The master policyholder, typically the company’s human resources department, deals directly with the insurer on behalf of the employees covered by the policy.
Dental and vision insurance
Health insurance is a must-have for startups, but it can be expensive. However, new-age digital insurers are changing the game by offering affordable group medical healthcare plans for startups and small businesses. Moreover, they provide additional employee benefits that make the experience hassle-free for employees and employers. These benefits include teleconsultations, OPD coverage, paperless claims, flexible premium payment cycles, and free advice from insurance professionals.
When choosing a group health plan for startups, it is important to understand your employees’ cost preferences. For example, some employees may prefer a Point of Service (POS) plan, which is a hybrid between an HMO and PPO, and allows them to use all specialists without referrals. Other employees may prefer an Exclusive Provider Organization (EPO) plan, which offers a more cost-effective way to access specialists and providers.
Startups should also consider implementing a defined contribution plan for their employees. This involves setting aside a monthly allowance that employees can use to pay for their own individual health insurance plans.
Employee wellness programs
Providing wellness programs is a great way to keep employees happy and healthy. The programs can help to reduce employee turnover and the resulting costs of hiring and training new employees. They can also help to boost productivity and morale.
Physical wellness is arguably the easiest dimension to promote in employee wellness programs. It encompasses the smooth operation of all body systems, from the skeletomuscular system to the digestive and circulatory systems. Physical wellness programs should offer multiple activities so that employees of varying fitness levels and abilities can participate.
One way to create a successful employee wellness program is to involve employees in its planning and implementation. This will make them more likely to embrace the program and be active participants. Additionally, it will give them a sense of ownership and responsibility. The programs should also provide opportunities for employees to provide feedback on the program’s effectiveness. This can be done through surveys or open-ended conversations on a regular basis.
Providing employees with quality healthcare benefits is essential for startups. This can help them attract and retain top talent, while also increasing employee morale and productivity. Fortunately, there are many affordable ways to provide these benefits. These include reimbursing employees for their individual insurance, offering dental and vision insurance, and implementing wellness programs.
The best option for startups is to offer group medical health insurance. This type of insurance is less expensive than individual coverage, and it can protect employees from unforeseen health costs. It can also reduce workplace accidents, which will save the business money.
Choosing the right employee insurance provider can be difficult. Make sure you choose a company that offers the lowest prices in the market, seamless HRMS integration, and complementary health and wellness programs. Pazcare can offer you all of these things and more. Get a quote now. It only takes a few minutes. And you can even start with just two employees.