How Do I Implement Medical Insurance for Our Small US-Based Company? Seeking Guidance!

Hi,

I received an assignment from my reporting officer to collect complete details on how to implement medical insurance coverage in our company. Ours is a US-based company, and we have 25 employees in our branch. Up to now, we have had medical reimbursement along with a salary split of Rs. 800. We are now planning to introduce medical insurance coverage in our company. Seniors, please assist me in implementing the medical insurance coverage. Please provide me with the "A to Z" details of implementing it.

Waiting for the reply.
Nancy

Hi Nancy,

I suggest you contact Oriental Insurance, fix up an appointment with their advisors, and take it forward. You can first decide on the amount for which you need the employees to be insured. Generally, the Sum Insured will be decided based on their salaries. Once you have decided on the Sum Insured, the Insurance Company will give you an estimate of how much it would cost to cover all the employees.

You can then increase or decrease the amount by customizing the Insurance Scheme. You may add options like coverage for Pre-existing diseases, Maternity coverage, etc., if your company has the provision of paying a little more. If all goes well, you can get the insurance going. We have our medical insurance with Oriental, and it's working fine.

Regards,
Rajesh

Hi,

It's a good thing that your firm wants to cover the employees under the Medical Insurance. It shows they care for the employees, and you should be happy to be a part of such an initiative.

First of all, you should have complete data regarding your employees, i.e., employees and their dependents. Dependents will be parents, spouse, and children in case they are married. Data should cover the following:
1. Name
2. Age
3. Relation

For example, in the case of an employee named Kevin George, you should have the following information:
1. Name - Kevin George
2. Employee Code - 001
3. Age - 25
4. Date of Birth - 1983
5. Father - Mr. aaa
6. Father's DOB - ...
7. Father's Age - 55
8. Mother - Mrs. bbb
9. Mother's DOB - ...
10. Mother's Age - ...
Collect the same information for spouse and children in case they are married.

Invite agents from Insurance companies to come and tell you about their policies. It depends upon the management of your firm whether they want to go for a Family floater policy or individual coverage policy. Collect the details regarding the premium that will be charged per employee. The premium amount charged is different for different age groups. Then you can calculate the TOTAL PREMIUM AMOUNT of the employees.
For all 25 employees, all of them 25 yrs age, the premium amount for the age group between 20 to 25 = 1250Rs. TOTAL PREMIUM = 31250Rs. If dependents are covered, then you have to find the premium for dependents too.

You can also get a tailor-made policy for your firm since it's a small firm.

Finally, you can get it approved by the management.

The agents from the Insurance company will guide you as per the policy taken.

Regards,
Savin

Hi,

If you are based in Kerala, then call the insurance company in your area to obtain the contact number of the agent. Ask the agent to come to your office. That's it. 🌟

Hi Nancy,

Please find the attachment.

Regards,
Anandh E

Hi Nancy,

Please find the attachment for the mediclaim policy.

Regards,
Anandh. E

Dear Nancy,

You can contact a third-party insurance provider who will act as an intermediary between the employer and the insurance company. Our hospitals in Kerala are mainly associated with TPIs like TTK Healthservices, Paramount, Genins, etc.

So, you can contact any of these TPIs, or else, do reply.

Regards