Why To Invest in Customised Healthcare Plans for Employees?

Customised healthcare plans

Employers are increasingly realising, in today’s fast-paced business environment, that they need to reassess conventional healthcare solutions for their most valuable asset – their workforce.

Companies are now delving into the realm of customised healthcare plans to address the specific demands of the workforce, marking a shift from the earlier notion of a one-size-fits-all health plan to a more personalised approach.

This transition from traditional healthcare to customised health plans is not merely a trend; it reflects a response to the evolving needs of the contemporary Indian workforce. The existing plans from the past are proving inadequate in catering to the individual healthcare requirements, especially as the workforce becomes more diverse and inclusive.

Providing tailored healthcare plans to employees not only enhances their well-being but also cultivates a workplace environment that attracts and retains the best talent in the industry.

Let’s delve into why purchasing specialised healthcare coverage for staff members is now a necessity rather than a luxury for Indian firms.

Also, Read: 10 Ways to Boost Employee Health and Wellbeing

Why are one-size-fits-all health plans not working?

In the multicultural Indian workforce, the inadequacies of the previous traditional healthcare system have become highly apparent. What once functioned effectively has now become an ill-fitting plan for a diverse and dynamic workforce. Here are some reasons why it falls short:

1. Diverse health profiles:

The diverse Indian population requires a healthcare approach as varied as the country itself. Traditional plans, designed for a broader spectrum of issues, struggle to address the unique needs of individuals. The one-size-fits-all approach proves extremely inefficient, as healthcare demands vary drastically depending on the context, from professionals in urban areas to those in rural areas.

2. Shift in lifestyles and demography:

India’s workforce is undergoing a significant transformation, becoming increasingly youthful and health-conscious. This mirrors a dramatic shift in the country’s population.

The traditional healthcare system fails to resonate with the needs and requirements of these evolving demographics. Furthermore, the sedentary nature of modern jobs emphasises the necessity for a highly proactive and preventive healthcare approach, a facet lacking in traditional plans.

3. Employee retention:

Today’s employees prioritise holistic well-being as a crucial factor in their job satisfaction. The one-size-fits-all healthcare plan falls short of meeting their heightened expectations. In the competitive landscape for top talent, providing a generic health plan is no longer a significant competitive edge; instead, it may deter those seeking personalised well-being solutions.

Quick Read: Group Health Insurance for Employees

Understanding customisable healthcare plans

Customised healthcare plans represent a departure from the traditional one-size-fits-all concept, as the healthcare sector now recognises the necessity of addressing employees’ needs on an individual level. At its core, a customised plan commences with personalised health assessments for employees.

This encompasses factors like personal medical history, lifestyle, and health concerns, laying the groundwork for tailored healthcare plans. One of the most significant distinctions offered by customised healthcare plans is the employees’ ability to choose health benefits that align with their specific needs.

This extends to wellness programs and initiatives that transcend generic healthcare, fostering a holistic approach to well-being. Examples of some customised or need-based benefits include health check-ups, discounts on medicines, mental health solutions., etc.

The hallmark of customised healthcare plans lies in the seamless integration of digital technology with healthcare services. This integration encompasses resources such as telemedicine services, health apps, and online platforms that facilitate real-time consultations and health monitoring.

Moreover, customised plans contribute to transparency regarding healthcare costs, empowering employees with an understanding of expenses and facilitating the management of health savings accounts.

Benefits of customised health plans for employees

Customised healthcare plans offer a myriad of employee benefits, particularly in the Indian market. Here are some key advantages of customised healthcare plans for employees:

1. Personalised healthcare coverage:

Customised plans empower employees to choose healthcare benefits tailored to their specific requirements. This personalisation ensures that individuals receive coverage for all their healthcare treatments and preventive options, aligning with their unique profiles.

2. Flexibility and choice:

3. Preventive care and wellness options:

4. Transparency in costs and management:

The transparency of cost structures in customised health plans enables employees to efficiently manage their health insurance premiums, in cases where they are required to bear an added cost. Well-informed employees, aware of costs and potential savings, can make informed decisions about their healthcare spending.

5. Digital access to healthcare services:

Personalised healthcare plans, incorporating digital technologies, facilitate improved access to healthcare services. Perks like telemedicine and digital health tracking make it easier for individuals to seek medical support remotely, reducing barriers to receiving timely healthcare.

Also, Read: Why are Employee Welfare Programs Important Especially in India?

Benefits of customised healthcare plans for employers

In addition to enhancing employee well-being, customised healthcare plans offer companies several strategic benefits in today’s evolving business landscape.

1. Adapting to demographic changes:

As the workforce undergoes a shift toward a younger demographic, the focus is gradually pivoting towards holistic benefits. Customised group health plans enable employers to demonstrate adaptability and flexibility to current ideologies, while also being cost-effective. This positions the employer and the organisation as forward-thinking and progressive.

2. Enhanced worker productivity and reduced attrition expenses:

Investing in personalised medical insurance cultivates a happier and healthier workforce, resulting in increased productivity and decreased turnover expenses.

The long-term benefits of retaining experienced personnel outweigh the costs associated with finding, hiring, and onboarding new employees. By offering these benefits, employers can also avail tax benefits.

3. CSR and positive employer branding:

Businesses offering personalised benefits through a group health insurance plan enhance their positive employer brands. This connection can be linked to the company’s Corporate Social Responsibility (CSR) initiatives, showcasing a commitment to the welfare of the workforce. Investors, clients, the public, and the younger workforce are all drawn to this positive image.

Why should employers invest in customised healthcare plans for employees?

Companies have multiple compelling reasons to support their employees’ healthcare plans, all of which contribute to the overall well-being of the workforce.

1. Increasing employee satisfaction:

Customised healthcare plans demonstrate a commitment to employees’ health on a personal level. This tailored approach fosters higher levels of satisfaction, as employees feel valued and supported by their company. And to top this, such plans when bought for a group, are typically lost cost compared to retail or individual health insurance plans.

2. Attracting and retaining top talent:

Offering a personalised healthcare plan can be a strategic tactic for attracting and retaining top personnel in India’s highly competitive employment market. Prospective employees, especially those from younger generations, prioritise healthcare and are more inclined towards companies offering specialised plans that cater to their needs.

3. Holistic well-being and preventive care:

By providing customised plans, organisations can focus not only on holistic wellness but also on preventive care. Addressing health concerns on an individual level reduces health risks and enhances the overall well-being of employees.

4. Strategic cost management:

Contrary to the perception of added costs, customisation allows organisations to align healthcare expenses with actual utilisation. This approach contributes to improving costs and supports strategic management for the organisation.

Quick Read: Why Do Organizations Need to Provide Part Time Employee Benefits?

How can employers implement customised health plans?

Implementing a customised health plan requires a strategic approach to ensure the unique requirements of employees are addressed effectively. Here’s our step-by-step guide to implementing customised health plans:

• Conduct employee health assessments: Initiate the process by conducting comprehensive health assessments for your employees. Collect information regarding their medical history, lifestyles, and specific health concerns. This data will aid in tailoring health plans that suit their individual needs.

• Analyse demographics: Recognise the diversity within your workforce, understanding that their health requirements will vary accordingly. Analysing employee demographics is crucial in designing health plans that resonate with their specific health issues.

• Collaborate with medical professionals: Consult with medical professionals to gain insights into creating a comprehensive health program. This program should encompass wellness initiatives, preventive care measures, and targeted interventions.

• Choose flexible coverage options: Provide employees with the flexibility to choose from multiple benefit packages. These options should be based on their health priorities, family needs, and financial considerations. This flexibility empowers employees to tailor their coverage to align with their unique circumstances.

• Integrate digital technology: Enhance accessibility and align with the preferences of a tech-savvy environment by integrating digital technology into health services. Begin by implementing telemedicine services, digital health apps, and online wellness platforms.

Also, Read: What is Employer Employee Insurance?

What are some key features to consider in customised healthcare plans?

Designing effective customised healthcare plans involves considering multiple features to meet the diverse needs of your employees. Here are some key features to consider:

1. Consider planning costs:

Scrutinizing healthcare expenses is crucial. However, understanding whether your employees genuinely benefit from their health insurance involves more than just checking premiums. Affordability is paramount for both employers and employees (if they have to add their family or parents to the plan at an added cost).

While opting for a cheaper plan may seem attractive, it’s essential to strike a balance, ensuring that staff members have access to the best health insurance at the most affordable prices.

2. Sustaining employee health and well-being:

Healthcare can be costly, but its value lies in its benefits to employees. Customised plans eliminate restrictions on healthcare access while providing personalised options. This not only boosts employee morale but also increases retention rates.

3. Integrating technology:

Choose health plans that leverage cutting-edge technology to significantly enhance the care employees receive. Incorporate features such as telemedicine, mobile/web tools, and others to facilitate healthcare access and maintain transparency in costs.

4. Emphasise quality benefits:

While cost-cutting is essential, it should not compromise the quality of benefits. Prioritise health plans that align with the company’s objectives and deliver valuable benefits to employees. Seek feedback from employees on their current benefits and identify any additional requirements that can guide their selection process.

Also, Read: Maternity Leave in India

How can Onsurity help businesses in customised health plans for their employees?

As an employer, prioritising the well-being of your employees is paramount. When it comes to selecting the best-customised health plans, why not rely on the expertise of a healthcare provider like Onsurity?

For small business owners, navigating the intricacies of personalised health plans can be challenging. Many health plans come with limitations, such as restrictions on permanent employees, limited coverage, and lack of provisions for dependents. However, with Onsurity, your employees can enjoy benefits beyond the ordinary.

What sets us apart? Our membership plans are meticulously designed to provide hassle-free access, coupled with convenient monthly payment options. Even businesses with only 3 employees can leverage our healthcare plans.

We believe that regardless of their work status, everyone should have access to high-quality healthcare. Our offerings extend to all types of employees, whether they are full-time, contractual, or freelancers.

With Onsurity, obtaining top-notch healthcare benefits is not merely a choice – it is a reality!

Conclusion

The world is witnessing a significant shift in employee well-being – from traditional approaches to personalized healthcare, and this marks the official game-changer.

At Onsurity, we are at the forefront of this transformative journey, making personalised healthcare accessible to all. Our user-friendly platform simplifies the entire process, ensuring the best healthcare is within reach for start-ups, SMEs, and major corporations alike.

We are actively contributing to redefining health benefits, making them not only personalised but also easily accessible. The future of customised healthcare is not a distant dream; it is here, it is now, and it is embodied by Onsurity!

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