Hi All Could anyone share any creative ways of tackling the increasing insurance costs to lessen the burden from both the employer and the employee? Are there any alternative plans, such as pharmaceutical, that were opted to help with the relief?

Employee insurance is a fixed cost for the company, which we cannot change. However, we can start investing in exercise, yoga, mindfulness, meditation, food, fruits, healthy snacks, games, and sports, as well as free blood tests for employees, so that they do not utilize the insurance benefits as often, which will in turn reduce the cost of insurance. Additionally, for now, online medical services are offered for free or at low costs, but in the future, they will likely raise their prices. Therefore, it is important to compare with the industry in terms of the insurance benefits that you are providing, so that you can eliminate unwanted or unused features. You can also try using insurance brokers, since insurance companies pay them if they close a deal with you. This can give you the opportunity to reduce costs. Finally, you can try to include employee contributions in the insurance, so that employees utilize the benefits and understand the importance of insurance, as they will be spending from their own pockets.

Hi @PattiAnn for your particular concern even.in has the perfect solution They build out a coverage that is comprehensive and make sure you have bottomline savings on your policy by maintaining your claims ratio through various primary care measures that are built in to your policy and handled Inhouse ie: OPD, Wellness & Fitness. This results in significantly lower renewal premiums as well. It is a unique business model that allows better pricing, bottomline savings and better turn around with claims and endorsements. P.S - its much better employee engagement too. Let me know if you’re up to have a quick discussion around this to see if it make sense to explore.

You can also check out Practo, in addtion to GMC they corporate plans, that include discounts on diagnostic tests, medicines, 8 free consultations a month, super speciality doctors onboard etc.

Thank you all

@PattiAnn You can look at the following options: 1. Re work on the inclusion of the insurance members (employees, spouse, kids, parents, etc) - generally the cost is higher for parents 2. The coverage amount (you can analyse the past year data and re work on the coverage amount like make it 5L from 7L etc. 3. Introduce co-pay on premium so employees become mindful while using the policy

The insurance premiums vary wildly based on the sum assured and the add-ons. Typically having coverage of parents over 80 will increase the premiums. Many firms limit coverage to 2 kids. Quite a firms cover up to 5 Lakhs for health, 2-3x CTC for life insurance. No employee would want to see decrease in coverage, so co-pays are the only option to pay for. Additionally, look at the claims data, see which areas seem to get the most claims, and ask the insurance firm to come up with ideas to hold the premiums..