How to choose the right health insurance plan for a startup?

Group health insurance for startups is very important as the startup has very few employees and it is the most basic employee benefit that can be offered to attract the talent. Group health insurance for startups covers the hospitalization costs of the employees due to an accident or illness. Group health insurance can be availed by the startups if they can satisfy the minimum requirements such as the minimum number of lives to be insured under the policy, premium payment and other exclusions. The right group health insurance for startups can be selected on the below basis:-

  1. Premium: The right group health insurance for startups is the one that comes at low premium without any compromise on the coverage. The premium for group health insurance depends on the number of employees, age of the employees, sum insured required, add-ons opted etc. the premium would increase with the increase in the above mentioned factors and therefore the startup should have a strong intermediary who can negotiate the premium and get the best lowest premium from the insurance company. The insurance brokers such as Ethika insurance broking are known for their negotiation skills who can get the best group health insurance quotes for the startups.
  1. Coverage: The other important thing to consider is the coverage in the group health insurance for the startups. The group health insurance policy should cover the hospitalization expenses, ambulance charges, and other expenses related to illnesses and diseases. The coverage would be related to the exclusions or limitations which would be mentioned in the quotation and it is advisable to take the help of an insurance broker to understand the terms and conditions of the coverage. Coverage can be limited with sub limits for certain illnesses and this would result in the reduction of premium which would affect the insured at the time of claim settlement.
  1. Exclusions: Exclusions are the list of things or diseases or illnesses that would not be covered under the group health insurance for startups. It is very important to check the exclusions specifically offered by the insurance company apart from the mandatory exclusions as the exclusions would affect the insured at the time of claim settlement. The list of exclusions should be known before the group health insurance policy purchase by the startups. Exclusions can be in the form of pre-existing waiting period, specific disease waiting period, initial waiting period, maternity waiting period etc.
  2. Network hospitals: The other important thing deciding the right health insurance for startups is the network hospitals available in your area of residence or operation and also to check if your preferred hospital is in the network list or not. Network hospitals are the hospitals empanelled by the insurance company to provide cashless claim settlement service to its customers. More the number of network hospitals, the more the number of options for the customers. Cashless claim settlement facility can be availed in the network hospitals with the health cards provided by the insurance company for the group health insurance policy for startups.

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