Things to Consider When Selecting Your Company Insurance Plan

Things to consider while selecting your company insurance

For an entrepreneur, running a business is difficult and filled with challenges. Every day of work is eventful and filled with tasks that require attention. As such, it’s very easy to forget the fundamentals behind what makes a company thrive, which is the employees. 

A company focused on providing its employees with an encouraging and welcoming environment are those who have the highest levels of satisfaction and productivity. Ensuring employee health is one of the most crucial aspects of allowing your business to be successful. It can lower costs for healthcare, operations and on occasion, employee turnover. 

According to UAE law, it is the employer’s job to ensure that every employee is adequately covered by an essential insurance package. This makes corporate well-being a very important task for every company in the UAE. However, with so many different package options and add-ons, it becomes difficult to filter out the most viable solutions.

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Here are a few things all businesses should consider when picking a company health insurance package:

Package Benefits: Picking the right insurance package is a multi-variable task for HR and Finance departments. Cost aside, there a wide variety of health insurance plans available which means that your company will need to filter out the most suitable solutions for your business and employee needs. 

For example, if you have an insurance plan that covers all of the UAE, it does not mean you will have access to all clinics and hospitals in the country. Each plan has it’s available network, so it is imperative to check which hospitals and clinics are covered under your insurance plan before deciding on one. Ideally, it’s best to choose a plan that has a medical network close to your office or home as this provides the most convenient access. The less time your employees have to spend figuring out where the closest clinic in their network is, the happier they will be with the insurance plan picked out for them. Be sure to pick a plan with a comprehensive network to ensure your employees have direct access to services without the hassle of going through paperwork and then filing for reimbursement. 

Here are a few tips when picking out a plan for your company:

  • Transparency: Encourage your employees to be completely transparent about their health conditions. This will ultimately protect yours and their best interests as they could be at risk for getting rejected for an insurance claim should they have a rare disease not covered by the plan. 
  • Different insurers have different plans, some with pitfalls and unwanted add-ons. Use an app like Bayzat to filter out the viable solutions from the unwanted. 
  • Review multiple insurers to see who is most cost-effective and who offers the best terms.

Pre-existing Conditions: Most companies are not in the habit of discussing health and medical history with employees. This can lead to future problems and headaches for an employer. Make it a habit to ensure that any pre-existing condition is noted down and covered in the insurance plan if applicable. This will also mean that your employees will get the most cost-effective coverage without any additional expenses. 

Some insurance companies provide 100% coverage for pre-existing conditions. However, some only provide coverage after a certain time period. For example, some dental plans only kick in after 6 months of buying a plan. Furthermore, some plans have an annual spending limit of AED 150,000 for pre-existing conditions. 

International Validity: If you have a job that requires you or your employees to travel outside the country, be sure to choose a plan that can be used internationally. This will help you save large sums of money should you or your employees get sick while abroad. Insurers who operate internationally are also more reputable and safe as they operate in more than one market. 

Coverage Continuity/Renewal: Some insurers allow a guarantee of renewal for your employees and company. This ultimately protects your interests as it prevents your employees from having to switch to a new plan or insurer long term. It will even safeguard the beneficiary from any new exclusions or extension of waiting periods for ailments that occurred during the coverage period. This will ensure your company can continue with your existing insurance without becoming the subject of longer waiting times, albeit by paying a higher premium. Employers can offer this clause to ensure the continued wellbeing of employees.

The longer you stay with an insurer, the better. Insurance companies cannot cancel your insurance should an employee get sick with chronic illness after the plan has been bought. However, the policy renewal price can be changed annually. 

Market Research and Analysis: Thorough research about different plans and insurance companies at renewal time is imperative in picking the right plan for employees long term. This is the only way employers can be certain that their company has the most suitable and competitive insurance plan with maximum benefits. Sometimes, a rival insurance provider will provide the same benefits at a lower price. 

This research can be quite a time-consuming task for HR departments, which is why companies such as Bayzat are so helpful for cost-effective insurance plans and HR solutions. You can find hundreds of policies within minutes of inputting your data. 

Entrepreneurs face a lot of challenges, ensuring your companies health shouldn’t be one of them.