It is important for business owners to secure the health and wellbeing of their employees. 💪 They can do so with the help of group health insurance plans. While providing health insurance is often considered to be a liability or a compliance requirement alone, it can fetch several benefits for businesses. ✅
Organizations that have a secure and healthy workforce often enjoy higher productivity and lesser absenteeism. Further, they are in a better position to boost company image and grow their sales. It is for these reasons and more that insurance can be a beneficial tool for small businesses. 👍
Let’s understand what business health insurance is in detail and how it works.
📜 What Is Business Health Insurance?
While business owners buy health insurance for several reasons, the prime one is employee health and security. As noted above, a healthy workforce can reap several benefits, and companies across the globe have now come to realize this.👍
Although widely known, business health insurance is nothing but a group plan that enables companies to protect their employees in case of any health contingencies. A good health plan also includes family coverage and benefits for the dependents of the employees. 👨👩👧👦
READ MORE: An Ultimate Guide To Employer-paid Health Insurance (2022)
In other words, business health insurance acts as a safety net for employees and helps companies prevent absenteeism and attrition costs. It is a tool to enhance workplace productivity and also boost company culture.
Wondering how business health insurance plans work? Let’s find out below:
🤔 How Does Small Business Health Insurance Work?
While insurance plans are good for all organizations, offering health insurance can benefit small businesses massively. By providing health benefits to employees, they can boost the company’s image and thereby attract 🧲 more talent. This will in turn help them get more business and increase sales. 💷
However, before buying insurance, it is key to understand the coverage it entails and its overall working mechanism.
Small business health insurance plans don’t deny coverage based on pre-existing conditions. Further, you can purchase these plans at any time by complying with simple requirements. ✔️
It is also important to know that health insurance plans require employers to pay at least part of the employee premiums. The minimum percentage of premium required to be so paid depends on the insurance company and the type of plan chosen.
LEARN MORE: Small Group Vs Large Group Health Insurance - Loop Health
Let’s understand other requirements that your companies must consider before buying health insurance. ⬇️
✅ What Are Business Health Insurance Requirements?
In addition to the above-mentioned prerequisites, there are a few other conditions that come while buying business health insurance. Let’s walk through them.
1. 🏢 Registered business
For buying health coverage, businesses need to be registered and have legal status. The company’s paperwork must be in place, and it must also have a valid GST number to avail of insurance plans. 📜
2. 💵 Economic activity
A business cannot be registered with the intention of buying health insurance alone. It is important for the business to show economic activity and actual working protocols before purchasing health coverage. 👷
3. 🔢 Number of employees
According to the IRDAI, the minimum number of employees that are required to purchase health insurance is seven. This can also include the business owner himself and his family members who are the employees of the organization. 7️⃣
READ MORE: What Are Employer Group Health Insurance Requirements?
🔝 Top 3 Best Business Health Insurance Brokers In India
Now that we know how business health insurance works, let’s find out about the best health insurance brokers in India that provide small business insurance plans. 🎗️
1. ➰ Loop
We’re a promising health insurance provider in India. The company was founded in 2018 with an aim to bring preventive care into focus and make health insurance accessible to all. 🏥
Our offerings include pre and post-hospitalization cover, maternity cover, 24/7 doctor support, access to wellness resources, and more. Besides this, you also get free claim assistance and a range of benefits that go over and above the standard insurance plan inclusions. 💪
Loop is specialized in providing the best small business health insurance plans.
We have HR tools to make the lives of HRs easier. With minimal intervention from your end, you can put health benefits on autopilot. The HR Dashboard acts as a control panel and gives you an overview of what’s happening. You also get all information on claims and enrollment, right there. 💻
2. Marsh India
Another small business health insurance broker to look out for is Marsh India Insurance Brokers & Reinsurance Company Limited. They provide a wide range of insurance services with employee health coverage being one of them.
The company caters to small, medium, as well as large scale enterprises and is one of the best business health insurance brokers in the country.
3. Prudent Insurance
Founded in 2005 and regulated by IRDAI, Prudent Insurance is another well-known health insurance company. It offers life insurance, general insurance, and individual health insurance with a focus on small business owners, and medium-sized multinational companies.
The company has a presence in over 120 countries and has grown to be a trusted brand in India over the years.
READ MORE: Why Is Having A Comprehensive Health Insurance Plan Important?
💵 How Much Does Small Business Health Insurance Cost?
For businesses that are just starting out, health insurance costs can feel like an added liability. However, not providing insurance due to financial constraints/considerations is not a prudent idea.
In addition to being mandatory, health insurance also offers tangible benefits to companies such as tax credits. Insurance expenses can be claimed for deductions on the taxable income and therefore help an organization save up a sizable portion on taxes. 💶
READ MORE: Are Group Health Insurance Premiums Tax Deductible?
Further, several factors go into deciding small business health insurance costs and it need not always be a costly affair.
Based on the number of employees you would like to cover, the limit of the coverage, the additional benefits you opt for, and other cost containment features, insurance prices widely differ from one provider to another.
Some companies also factor in the location while deciding the pricing for the chosen insurance scheme.
Depending on the broker and type of plan you choose, you can purchase group health plans at affordable rates.
At Loop, our healthcare coverage schemes are priced as low as Rs. 499 per month. To get a customized quote for your business needs, reach out to us today.
🪄 Why Choose Loop As Your Insurance Provider
The main goals of small businesses include growing their reach, attracting new talent and customers, and becoming profitable. 💹
No one wants to add extra operational costs and is therefore on the lookout for the right price range yet effective means for growing and maintaining their business.
🟢 At Loop, we understand this and thereby enable organizations to create customized insurance plans that are in line with their requirements and budgets. Loop is your go-to solution for buying small business health insurance.
Our group plans are available at budget-friendly prices and include a host of complimentary benefits including 24/7 access to medical 🩺 and mental health 🧠 counselors and wellness sessions conducted by experts.
Buy customized business health insurance plans with Loop today! To know about business health insurance quotes, contact us now