Health Insurance Setup for Small Businesses

Guide to Small Business Health Insurance Plans

Since medical costs continue to rise in India, health insurance has become essential for small business owners and employees. Health insurance can shield you and your employees from unprecedented medical emergencies. In fact, setting up health insurance for a small business can be a valuable benefit for employees and can help attract and retain talent. Let's find out how you can do that.

Online Process to Set Up Health Insurance for a Small Business

Here is how you can set up health insurance for a small business online: 

Step 1: Visit your insurance provider's online portal and fill out the application form with basic details like name, address, and more.

Step 2: Then, submit the information to receive quotes. 

Step 3: Next, enter the One Time Password (OTP) received on your registered number. 

Step 4: Choose the suitable health insurance policy and click on ‘buy now’. 

Step 5: Your personal details will be pre-filled based on your given information, and click on ‘Next’. 

Step 6: Add your nominee details and answer a few questions regarding your health and lifestyle. 

Step 7: Mindfully verify all the details and click on ‘Proceed’ to be redirected to the payment page. 

Step 8: Pay your first premium through net banking, UPI, credit, and debit card to buy the policy. 

Offline Process to Set Up Health Insurance for a Small Business

Following is the offline process for buying health insurance: 

Step 1: Get in touch with an insurance provider's agent and manually compare the plans. 

Step 2: Complete the documentation process and apply. In the offline process, you need to pay your first premium through cash or cheque. 

Step 3: Next, wait for the approval; it may take up to 3 to 5 working days. 

Step 4: Once approved, your policy documents will be created and sent to your registered address. 

Reasons Behind Setting Up Health Insurance for a Small Business 

Medical insurance for small businesses is crucial for many reasons, such as: 

• Employee Attraction and Retention: Offering health insurance shows your concern for your employees’ well-being. It acts as a catalyst in employee retention and attraction.
• Elevated Employee Productivity: Employees with offered health insurance focus more on their work, boosting productivity. 
• Compliance Regulations: In certain cases, providing health insurance is a regulatory requirement. Non-compliance with it may lead to penalties.

Ideal Health Insurance Policy for Small Business Employees 

Here are some suitable options for small business employees: 

• Group Health Insurance: This is the ideal health insurance policy for small business employees. Designed for multiple employees, it provides consistent coverage across the workforce, ensuring all can access its benefits. 
• Critical Illness Insurance: As the name implies, this policy offers coverage for chronic critical illnesses such as cancer, heart attack, stroke, etc. It does not cover general medical expenses, rather it provides lump sum payments that can help to offset treatment costs. It acts as a valuable addition to group health insurance, offering supplemental security. 
• Group Personal Accident Insurance: To offer further protection to your employees, you can also select group personal accident insurance. It offers financial support in case of accidents leading to hospitalisation and death.

Star Health Insurance offers a wide range of medical insurance policies that suit your requirements and budget. Kindly visit their website to get to know about the plans in detail.

All in all, health insurance serves as a safety net. The above-mentioned health insurance policies for small businesses are tailored to meet the needs of small businesses and offer comprehensive coverage for hospitalisation, diagnostic tests, surgeries, and more. 

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