How to choose the health insurance your employees would love

health insurance for employees

There is a significant relationship between motivation and productivity. Motivation is the force that keeps your employees productive, efficient and effective.

There has been an increase in competition for talent in every industry. In a survey conducted by McKinsey in 2021, Forty per cent of employees held that they are likely to quit their jobs for another within three to six months.

This is driving most employers to optimise benefits that their employees would love. Employers offer these benefits to support employee well-being, improve productivity, enrich core benefits plans and attract new talents. An example of this is the employee health insurance plan.

Employee health insurance in Nigeria is often seen as an expected job benefit. Its absence is a huge driving force for employees to leave the company for another. A study from the Society for Human Resource Management shows that 4% of employees held that health insurance sponsored by their employers influenced their decision in choosing their current job.

How do you choose a health insurance plan for your employees as an employer? Most importantly, how do you choose the health insurance they would love and appreciate?

How to Choose Your Employee’s Health Insurance

1. Understanding the types of health insurance plans.

Health Maintenance Organizations (HMOs)

This form of health insurance allows your employee to choose a primary care provider from its local network of Hospitals, healthcare professionals, doctors and facilities. The choice your employee makes becomes their primary place for medical care.

The HMO costs are lower than other forms of health plans. It is a common form of employee health insurance plan in Nigeria.

Preferred Provider Organizations (PPOs)

Your employees have a large network of providers, hospitals, and professionals to choose from. They do not need to select a primary care provider and have access to a specialist without a referral.

They can see a provider outside your plan, but the insured(your employees) would have to pay from their pocket.

Point of Service Plan(POS)

The network of providers, professionals and hospitals is smaller than the PPO. Like HMO, your employees choose a primary healthcare provider, but it’s cheaper than an HMO. 

Their primary care provider becomes the base for health care and advice. Your employees seeing a doctor outside their primary provider attracts a higher cost.

Exclusive Provider Organizations(EPOs)

It also offers a network of participating providers. Depending on the plan, your employees may be required to choose a primary healthcare provider. 

They need no referral to see a specialist within the insurance plan network. In most instances, your employees do not get coverage for out-of-network care except in cases of emergency.

2. Understanding the medical care access and coverage options

Can my employees access medical care where and when they need it? Can my employees receive care online or by phone, even without an appointment? Is there a 24/7 care line? Do they have access to a vast network of specialists? Are there restrictions to medical care? When picking the right insurance plan for your employees, these are the questions you should ask.

Understanding this will help you decide what is best and will be most appreciated as an employee health insurance.

3. Know your employees and what they want.

To get the best health insurance for your staff, take your time to speak to your employees. Do more than just focus on the cost variation from different health insurance providers and the financial strain on the company. Ensure you find out about their past experiences with insurance companies. Find out what they need and speak to them about the available options.

The vice president for human resources at Schulte Building system said, “You have to know your employees and what they want. Don’t just sit in your office looking at claims numbers. Get out and talk to your employees; find out what’s working for them.”

4. Find out if integration benefits are available and what kind.

As an employer, you need to carry out the necessary research. Find out if the plan or health insurance provider offers integrated benefits such as pharmacy and dental. This can help the company with cost-saving and convenience. Employees will also have a positive experience by accessing different benefits using the same provider.

5. Medical coverage for your employees’ family

Employee health Insurance is compulsory in some countries, while it is a voluntary form of employee benefit in others. In Nigeria, it is compulsory. Providing an extension of this service and benefit to your employees’ families will make them very happy and spur them into productivity. This act has saved them from the financial burden of medical care for their families.

Although the cost of this comprehensive coverage will be higher, the company should conduct a cost-benefit analysis before deciding. Still, remember that this is a driving force in retaining and attracting a good talent pool.

6. Digital-friendly Health Insurance Provider

Employees would find it easier if they could easily reach their health insurance provider when issues arise. A desktop and mobile app should be available to provide personalised customer support and helpful conversations.

Employee Health Insurance is an excellent way to retain your employees, attract new talents, and keep your employees motivated and productive. As an employer, providing health insurance to your employees is a good way to keep them motivated and productive.

Octamile has partnered with various insurance digital brokerage solution companies to help provide your employees with Health Insurance they would love and digital access to a personalised support system. Send a message to get started.

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