{"id":3559,"date":"2020-09-24T16:48:13","date_gmt":"2020-09-24T11:18:13","guid":{"rendered":"https:\/\/razorpay.com\/learn\/?p=3559"},"modified":"2023-08-25T15:52:36","modified_gmt":"2023-08-25T10:22:36","slug":"how-to-choose-health-insurance-policy","status":"publish","type":"post","link":"https:\/\/razorpay.com\/payroll\/learn\/how-to-choose-health-insurance-policy\/","title":{"rendered":"How to Choose a Health Insurance Policy for Your Employees"},"content":{"rendered":"<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">In today\u2019s rapidly evolving work environment, employers have started considering employees\u2019 well-being as one of the vital pillars to success.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">A recent survey stated that about 90 percent of employees expect their employers to cover healthcare costs by providing an employer-sponsored health insurance policy. <\/span><span style=\"font-weight: 400;\">That means you, as a business, need to provide health insurance to your employees immediately if you want to remain competitive and see your company grow.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Offering a <a href=\"https:\/\/razorpay.com\/learn\/group-health-insurance-employees-opfin\/\">group health insurance plan is beneficial for both the employee and the employer<\/a>. The employee gains an employer-sponsored health insurance plan, while the employer gains their employees&#8217; well-being and loyalty.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">When you provide your employees with benefits they desire, they tend to be more committed to meeting business goals and are more likely to stay with your company for longer.<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">But before <a href=\"https:\/\/razorpay.com\/learn\/group-health-insurance-vs-individual-whats-right-for-your-employees\/\">choosing a health insurance<\/a> policy, there are a handful of factors that you should consider. Let&#8217;s understand these factors and how RazorpayX Payroll offers best-in-class health insurance policies to its users.\u00a0<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69ded0311a719\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69ded0311a719\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/razorpay.com\/payroll\/learn\/how-to-choose-health-insurance-policy\/#Match-the-market-average-coverage\" >Match the market average coverage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/razorpay.com\/payroll\/learn\/how-to-choose-health-insurance-policy\/#Offer-customised-health-insurance-policies\" >Offer customised health insurance policies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/razorpay.com\/payroll\/learn\/how-to-choose-health-insurance-policy\/#Consider-covering-employees-dependants\" >Consider covering employees&#8217; dependants\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/razorpay.com\/payroll\/learn\/how-to-choose-health-insurance-policy\/#Opt-for-tech-friendly-health-insurance-policy\" >Opt for tech-friendly health insurance policy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/razorpay.com\/payroll\/learn\/how-to-choose-health-insurance-policy\/#Cover-employees-from-Day-1\" >Cover employees from Day 1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/razorpay.com\/payroll\/learn\/how-to-choose-health-insurance-policy\/#RazorpayX-Payroll-%E2%80%93-your-only-right-choice\" >RazorpayX Payroll\u00a0&#8211; your only right choice<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/razorpay.com\/payroll\/learn\/how-to-choose-health-insurance-policy\/#Your-takeaway\" >Your takeaway<\/a><\/li><\/ul><\/nav><\/div>\n<h2 data-speechify-sentence=\"\"><span class=\"ez-toc-section\" id=\"Match-the-market-average-coverage\"><\/span><span style=\"font-weight: 400;\">Match the market average coverage<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">First, you must ensure that your employees have sufficient coverage to cover any anticipated medical expenses.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Do a market analysis and compute an average cover amount before deciding the sum insured. Most SMEs and startups offer a <a href=\"https:\/\/www.acko.com\/health-insurance\/\" target=\"_blank\" rel=\"noopener\">health insurance<\/a> cover of about Rs 3-4 lakh on average. You should aim to match the market average cover or more.<\/span><\/p>\n<h2 data-speechify-sentence=\"\"><span class=\"ez-toc-section\" id=\"Offer-customised-health-insurance-policies\"><\/span><span style=\"font-weight: 400;\">Offer customised <\/span><span style=\"font-weight: 400;\">health insurance policies<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Some employees might need maternal and newborn care coverage in their health insurance plans, while some might want their pre-existing conditions to be covered.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">To accommodate such needs, consider policies that can be customised based on employees&#8217; requirements. Also, the policies should provide coverage for pre-existing conditions and maternity from day 1.\u00a0<\/span><\/p>\n<h2 data-speechify-sentence=\"\"><span class=\"ez-toc-section\" id=\"Consider-covering-employees-dependants\"><\/span><span style=\"font-weight: 400;\">Consider covering employees&#8217; dependants\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Parents and children are the ones who need medical care the most. Your employees probably spend the most on their dependants&#8217; medical expenses.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">While most businesses do provide health insurance coverage to their employees, their spouses, and children, their parents&#8217; health cover is unfortunately not taken into consideration. And, when insurance plans do not include parents, employees bear the medical expenses on their own.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Therefore, you must ensure that the health insurance coverage, being offered to your employees, includes their parents\u2019 health cover too.\u00a0<\/span><\/p>\n<h2 data-speechify-sentence=\"\"><span class=\"ez-toc-section\" id=\"Opt-for-tech-friendly-health-insurance-policy\"><\/span><span style=\"font-weight: 400;\">Opt for tech-friendly health insurance policy<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">In this digital age, everyone wants to access information at their fingertips. Employees&#8217; frustration with health insurance policies starts at registration, where they have to do extensive paperwork to get their coverage.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">The discontent increases when they have to spend hours with customer service, trying to understand the claim process.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">If you choose insurance plans from a provider that digitises the whole experience, these issues can be resolved even before they crop up.<\/span><\/p>\n<h2 data-speechify-sentence=\"\"><span class=\"ez-toc-section\" id=\"Cover-employees-from-Day-1\"><\/span><span style=\"font-weight: 400;\">Cover employees from Day 1<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Many businesses offer employee health insurance only after 6 to 12 months of joining. This makes employees lack a sense of belonging to the workplace.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">While not providing health insurance policy to new employees may save little funds in the short run, this penny-wise concept could hinder your chances for great employer-employee relationships in the long run.<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Therefore, you should offer a health insurance policy to employees from day 1 of their joining.\u00a0<\/span><\/p>\n<h2 data-speechify-sentence=\"\"><span class=\"ez-toc-section\" id=\"RazorpayX-Payroll-%E2%80%93-your-only-right-choice\"><\/span><span style=\"font-weight: 400;\">RazorpayX Payroll\u00a0&#8211; your only right choice<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">If you are looking for a health insurance provider for your employees, your search ends here.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\">[bctt tweet=&#8221;RazorpayX Payroll provides group health insurance for all the employees of its users irrespective of the number of employees.&#8221; via=&#8221;no&#8221;]<\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Here are the features of RazorpayX Payroll&#8217;s health insurance policy.<\/span><\/p>\n<ul data-read-aloud-multi-block=\"true\">\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Offers app and website for employees to view policies and make the claim\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Includes pre-existing conditions and maternity cover from the day 1<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Provides customised policies to employees at an economical cost to your business<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Manages and updates your employee database with the insurance providers<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Covers employees&#8217; parents and in-laws (Optional add-on)<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Covers 60 days of pre-hospitalisation expenses and 90 days of post hospitalisation expenses<\/span><\/li>\n<\/ul>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">RazorpayX Payroll\u00a0strives to deliver end-to-end and seamless payroll experience to businesses with minimal human intervention. It is a payroll software that automates all-things related to <a href=\"https:\/\/razorpay.com\/blog\/what-is-payroll-definition-process-complete-guide\/\">payroll processing and execution<\/a>.<\/span><\/p>\n<h2 data-speechify-sentence=\"\"><span class=\"ez-toc-section\" id=\"Your-takeaway\"><\/span><span style=\"font-weight: 400;\">Your takeaway<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Offering health insurance policy to your employees that will not be beneficial for them would be a futile activity. Your efforts and money might go down to drain if the insurance policies do not cater to your employee needs.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">You would also incur additional resources because of low employee engagement, which would potentially lead to high turnover rates. So, always choose the policies that can bridge the gap between your employees&#8217; healthcare needs and actual medical expenses.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">To access the best-in-class group health insurance policy, all you have to do is automate payroll processing and execution with <strong>RazorpayX Payroll<\/strong>!<\/span><\/p>\n<div style=\"text-align: center;\" data-speechify-sentence=\"\"><a style=\"border-radius: 3px; background: #528ff0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/group-health-insurance\/\" target=\"_blank\" rel=\"noopener noreferrer\">Get Health Insurance Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Businesses should provide health insurance policy to their employees if they want to remain competitive and see their company grow.\u00a0<\/p>\n","protected":false},"author":151156469,"featured_media":3567,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3404],"tags":[3466],"class_list":{"0":"post-3559","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-payroll","8":"tag-group-health-insurance"},"_links":{"self":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/3559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/users\/151156469"}],"replies":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/comments?post=3559"}],"version-history":[{"count":15,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/3559\/revisions"}],"predecessor-version":[{"id":8769,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/3559\/revisions\/8769"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media\/3567"}],"wp:attachment":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media?parent=3559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/categories?post=3559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/tags?post=3559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}