Everyone needs health insurance and small businesses are no different. It is for this reason that insurance companies specially plan small business supplemental health insurance.
There is no doubt that insurance comes at a cost but since life is uncertain, it is better to pay a little more rather than regret later. What you can do is to keep a track of the cost of various insurance policies and observe the trend of the premiums that are needed. Then accordingly decide whether to take out a policy for one year or more or whether to switch to some other insurance company.
There is a lot of legal terminology used when insurance polices are prepared and it would be sensible to take some time out to read it carefully at least once. For instance, there could be a clause which requires that claims to be made within a stipulated period of time, failing which the insurance company would squeeze itself out from the necessity of paying your claim.
Another senisble thing would be to discreetly check with your staff as to what are the common ailments that they or their immediate family members are susceptible to. Keeping in mind the average age of your employees also would be a sensible thing to do; this way, you can concentrate on taking out a policy which deals with certain ailments rather than taking out a comprehensive policy which covers all illnesses. It would also be a good idea to monitor, at the end of the year, how many claims have come in and for which illnesses. Based on what you find out, you can make out necessary changes when paying the premium next year. This way you will not unnecessarily waste money on paying for what is not likely to be claimed for during the year.
It helps in taking the help of an insurance agent, since their expertise can help in saving your time and money. Based on their experience, hopefully, they should be able to suggest a reliable insurance company which would speedily settle your claims, when they are being made. After all, the real worth of the insurance company, for the customer would be the service he gets, especially when it comes to reimbursing claims.
Tips and comments:
It would be useful not to do things mechanically, but to do it with an open mind. Be prepared to make the necessary changes if you are not happy with the service which your current insurance company is rendering or if you realize that you are paying more for similar services offered by other insurance companies.
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