5 tips for choosing health insurance for your small business
Small business owners in the Philippines know that navigating both the overall economic climate and implementing day-to-day operations is more than just a full-time job. It requires more passion than any nine-to-five, and creative thinking is a necessity.
Many things go into becoming a resilient company, such as having a reputation that attracts new customers and business partners, and providing benefits to recruit and maintain the right employees. You may have heard that health insurance is one such attractive benefit but are confused about how to get it.
Here are the five tips for to help you choose health insurance for your small business:
1. Let your employees know you are considering health insurance
Since your employees are a major consideration in making this decision, make sure that they know you are currently looking at health care options. This way, they can tell you if they prioritize serious illness coverage versus hospitalization coverage, or if they would appreciate low deductibles over a wide range of medical conditions to be covered.
Do they need dental services or vision care? Do they need reimbursement for medicines? Do they want the option of paying extra for family members? Are there any health hazards in the workplace that must be covered by the insurance? All these considerations should be part of your assessment.
2. Let an expert assess your needs
Now that you have a good idea of what your employees need, it’s time to consult a human resources (HR) expert. When it comes to small business insurance in the Philippines, HR experts know the lay of the land and will be able to make the correct recommendations for you. If no such person can be hired within the budget or time frame, you can survey the essentials such as how many people will be covered, how big the budget is, and how much employees are willing to shell out. This report will be instrumental to you moving forward and will make your negotiations with a health insurance company go much faster.
3. Ask your business networks for the best options
Professional networks are still the best way to get tried and tested options, especially when it comes to an investment as significant as health insurance for small business owners. Your professional network already has the relevant knowledge you need to tap into, and sometimes it’s as easy as reaching out during conferences or even through social media.
With all the options out there, you need to exercise all avenues to make an informed decision. You are likely to get unbiased evaluations of health care plans from those in the same position as you. You may also ask employees of other small businesses how they feel about their coverage.
4. Take your time in deciding your health care plan
Armed with your survey of your employees’ needs, and recommendations from other small business owners in the Philippines, you now have a pretty good idea about the direction you want to take. It’s now time to check out your other options online. It’s also advisable to allow two or three different insurance company representatives to make their pitches and compare what they have to offer.
An important business decision understandably takes time and will be better for you in the long run. This will also be a good time to decide who will administer the health care plan once you avail one – many small businesses don’t have a dedicated employee for this, so make sure that your administrative associate knows that this will be an additional task for them.
5. Monitor the impact of your health insurance
Once you’ve decided and implemented a health insurance plan and have all your employees on board, don’t forget to monitor the impact of your health insurance on the different aspects of your business. In a year, for instance, were all the employees’ needs met? How has it improved productivity and the business’ bottom line? Were new recruits attracted by the health care package? Are there any changes that need to be made to the current system? Will the package serve the company well in the future? A designated administrative associate or an external HR representative can undertake this task.
Part of running a successful small business today is making sure that operations remain undisrupted no matter what. Delivering results and keeping customers happy is a team effort, and your employees are an essential part of that. Small business insurance in the Philippines is a reliable industry that makes sure you don’t have to worry about your employees’ medical care when they need it. You even have the option of providing for their loved ones.
In such a fast-paced economy with so many changing demands, keeping up can be physically and mentally challenging. We know you care about your future, and the future of the business you love. So, whether you plan to maintain your current business model for a few more years, or expand into other products and services immediately, you can’t go wrong with investing in health insurance.
And because this is an important decision, Maria Health wants help you make the right choice. From hospitalization to consultation and even emergency ambulance service, Maria Health has partnered with top health insurance providers in the country to provide you with the best options so you don't need to go through that tedious task yourself and focus on your business and your employees. And the best part? Maria Health is always free.
Contact Maria Health today and get simple, easy access to the healthcare plan that fits you.