Choosing the Best Group Health Insurance for Your Employees

March 9, 2017

 

 

Let’s be honest here: As an HR or Business Leader, typically there’s little time dedicated to reviewing your company’s group health insurance plan. The reality is that many people opt for the same plan year-over-year simply because it’s easier and not because it’s maximizing coverage and managing costs.

 

It can be hard to understand the ins-and-outs of Group Medical Insurance. What do you look for? How do you make changes? Do you do it alone or hire a professional? What elements do your team value most?  Here are a few tips to guide you to building better Employee Benefit Programmes.

 

Don’t Let Price Guide Your Choice

When picking group medical insurance plans, it’s common for leaders to be influenced by policies with the cheapest price tags. Unfortunately, the age old saying “you get what you pay for” rings true with insurance, leaving employers with average coverage for their team. At Expat Insurance, we work with you to understand your HR philosophy and based on this, we design a multi-tiered plan to suit the needs of your globally-mobile workforce.

Understand Your Benefits and Limits

 

In Singapore, healthcare costs are continuing to skyrocket for both Singaporeans and Expats. These increasing healthcare costs makes having appropriate coverage limits essential, and you want policy limits high enough so you’re not left picking up the rest of the tab. When evaluating group medical insurance options, we recommend reviewing at least two options. At Expat Insurance, we will review all the available options on your behalf, recommending the best plan for your organization, HR philosophy and business needs.

 

Look For Restrictions

Some policies impose strict sub-limits on certain procedures or treatments. Try to avoid this at all costs. For example, room and board in private hospitals may be limited to certain dollar amounts per diem, and some impose limits on specific surgeries. Understand what you’re buying. Subsequently, clearly communicating with your employees on the limitations is key to implementing a successful group health programme. At Expat Insurance, we become your company’s Employee Benefit representative – handling all communication and education with your team, and answering queries as needed, so you can focus on growing the business and building a strong team.

 

Tailor your plans for your globally-mobile workforce

In Asia, many organizations have employees based around the globe. If you fall into this category, ensure your group health insurance provides worldwide coverage. At Expat Insurance, we tailor plans to suit the needs of local and international workers to ensure coverage is maximized.

 

If you’re preparing to update your Group Medical Insurance plan, I hope this blog helped!
All the best, Danielle.

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