How to design an employee healthcare plan on a small budget?

  • postauthorDeepali Sen
  • postdateDecember 18, 2023
  • postreadtime4 min read
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If you are a business owner or an HR of a company don’t lose sleep over affordable employee healthcare benefits.

They aren’t as difficult to formulate as often thought especially when the HR/business owner have a budget for the same that does not seem to be good enough.

All the HR/business owner need to do is get back to the drawing board and plan it out in a few calculated steps. Designing employee benefits plan is not rocket science but it does need patience, understanding and strategic skills which HRs are equipped with but small business owners can always get help. Read on to know ‘how?’

employee healthcare plan

Step 1: Identify the objectives the company needs to fulfil through an employee benefits plan

For all the things that we plan in an organization, the most important question that must be answered first is why do we need this? This helps to give the HR/business owner a roadmap for choosing or creating benefits that are appropriate to the requirements of the organization and the employees.

The company’s business and/or HR strategy will be the guide to develop objectives to achieve the strategic goals. The factors that matter generally when building an employee healthcare plan at low budget including workforce size, industry, location, and accumulative bargaining agreements. When it comes to employee healthcare plan some of the objectives would include: to help attract skilled professionals, to reduce attrition, to enhance wellness and therein productivity and it also helps in branding and positive public relations.

Step 2: Research the necessary budget for meeting these objectives of making low cost employee healthcare plans

Explore the options for employee healthcare program and find out what the cost to company by getting quotes from the relevant sources such as doctor consultations, medicine discounts, hospitalization cover, etc. Or the HR/business owner could also choose a healthcare and wellness plan subscription plan from Onsurity, who have affordable healthcare plans that take care of all the employee healthcare benefits and is inclusive of the general objectives of an employee benefits plan. Onsurity also provides a digital employee benefits management tool to manage the whole plan and will customize it the objectives of the company.

Step 3: Formulate Appropriate Healthcare Benefits compilation

Analysing the needs the existing workforce demographics is essential to help in determining the needs of various categories of employees. The employer or HR will need to formulate the new benefits plan design. Using the data collected the prioritizing of benefits can be done from this list of benefits.

To reduce costs and build employee healthcare plan at low budget, this is the most essential part of the whole process because it gives the HR/business owner an idea of what to leave out as a benefit to save on costs. For example, OPD inclusion in the benefits adds more cost to the payments. Also, generally OPD services in general aren’t that high and wouldn’t be necessary to be covered. These are among the complex evaluations an employer will make in determining whether to add, change or eliminate benefits offerings.

Step 4: Select or curate an employee healthcare plan at low budget

Now it is necessary to consider the following questions and choose wisely the following major factors in this step:

  • If the HR or the employer are curating the employee healthcare plan themselves, do they have the time to manage the multiple sources for the benefits in the low-cost employee healthcare benefits plan?
  • If they resort to a management tool to do so, is it providing the appropriate interface to do it conveniently in time? Also, is it still allowing it to be a less priced employee healthcare benefit plan?
  • Does the plan have flexibility to add and deduct benefits to the dynamic nature of the company’s employee benefits objectives changing?
  • Is it really following the Best Strategy Small Business Employee Healthcare?
  • Is it really a competitive employee benefit package?

Readily designed affordable healthcare program

All the questions that were asked in the Step 4, are fulfilled and relieved through Onsurity’s competitive employee package consisting of both healthcare and wellness plans. As mentioned earlier, it is affordable, has a tech-based user-friendly digital employee benefit management tool with an end-user smart phone app for the end-user. Besides the low-cost healthcare factor Onsurity subscriptions are payable monthly for everyone.

However, if all the company’s objectives need to meet, the plan itself should be very inclusive and flexible. Onsurity meets that with not just healthcare but wellness benefits ranging with group healthcare cover, doctor teleconsultations, discounted medicines and lab tests, fitness programs, discounts and offers for healthcare services, mental health counselling, webinars for members and a whole lot more.

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