It’s a myth that small businesses don’t need to focus on employee health. 🏥 Despite having limited resources or budgetary constraints, not placing impetus on employee health and wellbeing could do more harm than good in the long run. 🔮
Further, providing health insurance plans is mandatory for establishments regardless of their size.
It is also important to note organizations that are people-centric and prioritize employees’ health are bound to be more productive and earn better revenues. 💷
For these reasons and more, buying group health insurance plans is an absolute must for companies. However, if you’re wondering how to get health insurance for small businesses, this guide will help you in your search from end to end. 🔍
🏢 How To Get Health Insurance For A Small Business?
A good health insurance plan can reap several benefits for companies. This is especially true with small businesses that are streamlining their operations and expanding in size. 📈
With the help of a robust health care system in place, companies can ensure a healthy and secure workplace. 💪 This will enable lower absenteeism and also encourage employee retention.
The overall costs that come with talent recruitment or replacing resources will come down. Further, increased productivity 🎯 will boost revenues and customer satisfaction in the long term.
That’s why providing health insurance coverage is extremely important for small businesses. It is also essential to choose the right insurance company/plan ✅ to get maximum benefits without going overboard with finances.
As a first step, let’s understand what the requirements of a group plan are and if your business meets the criteria that underline health insurance.
Key Requirements Of Group Health Insurance:
1. Minimum no. of employees:
Ensure that your business has a minimum of seven employees. This number can include family members who are employees of the business as well. 👨👩👧👦
2. Registered business:
At the time of buying health insurance, make sure that your business is registered and has a legal presence. Keep all documents ready, along with the GST number. 📃
Single entrepreneurs with no full-time employees or family businesses are not eligible for group health insurance. Check your business eligibility before planning to opt for a health plan. 🔎
After fulfilling the requirements of group health insurance, it is important to select the right provider and plan that fits the needs of your business. Here’s a list of trusted health insurance companies that can help you get started. 👌
Leading brokers for group health insurance in India:
Based out of Pune, Loop was founded in 2018. We’re a health benefits provider with a focus on preventive and primary care.
2. Prudent Insurance:
Founded in 2005 with headquarters in Mumbai, Prudent Insurance provides several types of insurance plans. They have a presence in over 120 countries and is a trusted name within the industry.
3. Anviti Insurance:
Renamed as Aon in 2021, Anviti Insurance Brokers Pvt. Ltd, as it was previously called, offers a wide range of insurance and risk solutions with a special focus on health insurance.
4. Marsh India:
Established in 2002, Marsh India is another leading insurance provider. They have a presence in over 130 countries, with a Pan-India presence in 12 locations. Marsh offers a wide range of insurance plans and risk assessment solutions.
5. Howden Insurance Brokers India Pvt. Ltd.:
Part of Howden Broking Group with an alliance with UK’s Hyperion Insurance Group, Howden India offers a host of personal and commercial insurance products. They are based out of Mumbai.
Businesses should select the right provider, and plan based on their requirements and budgets.
To support optimal benefits at affordable monthly premiums, Loop offers preventive care and added wellness and health benefits as part of the overall group plan. Read further to know more. 🩺💊
📦 Loop’s Health Insurance Packages For Small Businesses
After analyzing the unique needs of small business owners as well as the underlying expectations of employees, we at Loop have created a host of coverage options and health insurance packages for small businesses. 🏢
For a sum insured of 1 lakh, we offer health insurance benefits starting at Rs.2800 per employee (for a minimum total of 25 employees.) The premiums further decrease ⬇️ as the number of employees increases. ⬆️
READ MORE: Small Group Vs Large Group Health Insurance
As the sum insured goes up, the premiums payable per employee increase too. For a sum insured of 3 lakhs, the costs per employee range anywhere between Rs. 6500 to Rs. 8000 depending on the total number of employees. 👷
Further, for a sum insured of Rs. 5 lakhs, the approximate premium per employee ranges between Rs. 10,000 to Rs. 12,000.
The ambulance service in the case of all plans is offered at a standard rate of Rs. 2000 while the virtual OPD is at zero cost. 0️⃣
Our healthcare services are further customizable and allow you to reduce premium payments by up to 50%.
Businesses can tailor their plans based on room rent limits, ambulance charges, maternity charges, and more to save up on group health insurance costs. 💰
💶 How To Get Health Insurance Quotes From Loop?
➰ Loop was founded with the primary motive of providing affordable health care to citizens and to fill the numerous gaps that are present in the health insurance industry.
Our health insurance options are focused on employee wellbeing and preventive care. We have a dedicated panel of doctors who practice various specialties like women's wellness, ophthalmology, nutrition, dermatology, endocrinology, etc. 🥼
And wellness experts who help employees with enhancing wellbeing via curated sessions like financial wellbeing, self-defense, sleep, nutrition, etc. thus enabling employees to tackle health conditions before they become an emergency. 💪
These wellness sessions are complimentary with our plans. This enables employers to cater to holistic employee health at no added costs. 💴
With this mission and the sheer dedication of our team, Loop has emerged as a leading provider of group health insurance. 💯
Over the years, we have grown and won the trust of several emerging and well-known companies of varying employee sizes, such as reddiff.com, Weikfield, No Broker, and more. 📈
Since our inception in 2018, we have already served 130,000+ employees and over 300 + employers – a number that is growing steadily! To get started on the journey of holistic employee health with Loop, please fill out the form below.