affordable health insurance Archives - Smartchoice.pk

Going to Offer Health Insurance to Your Employees? These 8 Things Your HR Should be Comparing

Khurram Zahid — Fri, 05 May 2017 15:46:36 +0000

Be it a small company or a well-established one, health insurances are a major attraction to employees and hence it directly affects the performance of your company.

What HR should consider before offering health insurance

When you are a company offering health insurance to your employees, it positively effects your company though you have to weigh out the risk factors also as it deals with big amounts. Here are a few things your HR should compare before selecting an health insurance plan for employees:

1. Weigh out the disadvantages

Insurance premiums tend to change every year, so you should have a good know-how on the working of the particular insurance company and their fluctuations. Carefully analyze the terms and conditions, the duration and the extent to which the insurance is provided. Compare the upfront costs and the payment pattern of different companies and see which one suits you best.

2. The number of employees in your company

Depending on what size of a company you are, HR must be very careful in deciding this sort of thing. While smaller company or an entrepreneurial venture may have lesser employees, they also have a smaller amount go capital they can invest in health insurance. All of these things certainly count when deciding health insurance policies.

3. Look for a renowned trusted insurance company

In today’s world, being fooled at all levels is very common. It’s better to be safe than sorry. Insurances, over time tend to take up a good amount from us, and if it is not returned as promised, it will be counted as a very big loss, leading to a loss of trust and reputation of your company. The employees expect you to authenticate the insurance company that you are offering, hence it is important for your HR to carefully look into the credibility of the insurance company and try getting the ones that are known and trusted in the market.

4. The post you are offering the insurance too

Like with every post, the salary varies, similarly the insurance policies should be such that they cater to the position your employee is on and is worth their standard. This not only attracts the best of employees to apply, but also gives a good outlook to your company’s attitude towards its workers.

5. Coverage

This is the most important factor which determines the worth of an insurance. As per definition, insurance coverage is ‘the amount of risk or liability that is covered for an individual or entity by way of insurance services. Insurance coverage, such as auto insurance, life insurance – or more exotic forms, such as hole-in-one insurance – is issued by an insurer in the event of unforeseen occurrences.’

6. Claim process

This includes the procedure of pre or post payments by the insurance company. It refers to the process of submitting medical slips to the company and claiming the money. This is the core procedure in any insurance company.

7. Existing illness

A pre-existing condition is a medical condition that started before a person’s health insurance went into effect. This is important for employees who are suffering from a particular illness which is lifelong before getting the insurance. This is a very common phenomenon, hence should be taken into consideration.

8. Deductible, co-payment and the coinsurance

Deductible is the amount that you have to pay before the insurance companies starts covering your eligible health costs. Co-payment is something similar to deductible but has to be paid each time you want to use your insurance. However, coinsurance is the percentage of cost that you will have to pay during any medical procedure (this is your share of the total cost). As it is evident from the definition, this is how the insurance companies work, thus it is one of the core information that has to be evaluated by the HR before final selection.

Why Health Insurance is NOT a Thing to Avoid

Khurram Zahid — Mon, 01 May 2017 05:00:57 +0000

Are you worried about your financial problems and your varying health patterns while having too much to deal with? Health insurance is the key to lighten up this extra burden in your life.

Health insurance is when you insure the availability of money via an insurance company of your choice, for the chance of an unfortunate circumstance such as an injury or an illness that requires a lot of money to be treated. In Pakistan, mostly salaried people or people who earn a mediocre amount of money pay a specified amount to insurance companies as per their packages to ensure that money is available to pay for health care. The company then holds responsibility to make the money available when you require it. Different companies offer different packages and you choose according to what you can afford and what you may want to attain in the time of need. Compare health insurance policies from different companies before deciding upon a specific plan.

Why is health insurance necessary?

Following are some of the factors that prove that health insurance is necessary in a capitalistic environment like ours:

1. The government and private healthcare division has created classes in the system itself and quality healthcare, in a developing country like Pakistan. Good healthcare can only be bought with money because the better it is the costlier it gets. To ensure recovery, a person spends as much money as possible on health and to be able to do that, money must be invested and saved for the sole purpose of meeting up with medical needs.

2. The working sector of Pakistan, or the middle class, do not pay as much attention on their health as they should because as it appears, they do not get the time to visit the doctor every once in a while, to get check-ups.

3. Personal level savings are not reliable in such cases because they are more subjected to be used for other purposes and it is very difficult to save up for separate uses at a domestic level. Generally, money is mostly saved without setting out goals or uses. The only way that remains is health insurance.

4. To think that medical expenses can be escaped is highly impractical since we live in a developing country like Pakistan where pollution, accidents, terrorist attacks, diseases like heart attack, high and low blood pressure and diabetes are very common. Health insurance in Pakistan will help remove a potential burden from your finance and will allow you to be worry-free from a very important and inevitable part of your life.

Hence, health insurance is very much necessary to meet up with your health needs as per requirement. It is easy to compare health insurance in Pakistan because all details are available online and health insurance quotes are also easily available. Anyone can research about different health insurance policies in no time.

Consequences of not getting health insurance

1. Risking precious lives due to lack of money:

The obvious consequence is not having enough money and ending up risking a life by not choosing to rely on health insurance.

2. The psychological pressure:

Unavailability of money would result in extended disease and that further would mean psychological pressure and would make you regret your decision of not getting a health insurance.

3. Use of other savings:

In such circumstances people use up their general domestic level savings having no other choice and little money is then left for emergency use or any other purposes you may require it for. Honestly, some health insurance policies are not even that expensive and you can easily check which ones suit your budget by comparing health insurance quotes.

4. Financial strain on the monthly budget:

Regular check ups will also put a dent on your monthly budget effecting your daily livelihood drastically.

The affordability of health insurance in Pakistan

To give you a summary as to how health insurance works and how is it therefore very much affordable, here is an overview of the steps to be followed:

1. The fact that you choose your own package as per your demands is what makes it affordable. Compare health insurance packages and policies of different companies and chose the one that you think is feasible for you and meets your needs. This would depend on the money you can offer to the company and how you can submit it, i.e. monthly, annually etc. Different companies offer a variety of policies that can even cover complete all medical expenses. Examples include family health-care plan to meet the medical needs of your family as a whole, personal injuries can also be covered along with expenses for in-home treatments of minor surgeries, services such as hiring an ambulance for transportation and burial costs for if in unfortunate cases the patient dies. Health insurance quotes ensure that you can look at which health insurance packages are most applicable for you.

2. After comparing health insurance and choosing it, all there is left to do is to buy the plan and submit investments as per your package and you will be saved from the extra effort of worrying yourself about your health expenditure.