Health insurance companies offer competitive pricing, and in some cases better cover to business organisations making them rethink about their existing alliance with an insurer. Companies find it beneficial to switch to a competitor insurance provider due to reduced premiums and improved levels of cover. Insurers agree sometimes to cover pre-existing conditions.
Here are some advantages of switching to a different provider:
Lower Insurance Cost
One of the main reasons for switching medical insurance providers is lower outlay towards company insurance schemes. Reduced premiums for company-wide cover translate into significant savings for a business organisation. Insurance companies offer businesses a better deal in terms of price and make it easier for them to switch over.
Better Health Insurance Cover
Another advantage of switching to an insurance provider is that you may get better and more comprehensive insurance cover. Comprehensive policies offer additional benefits like full out-patient, therapies and cancer cover, etc. Many insurance companies cover pre-existing conditions when companies switch to them from their existing provider, subject to their switch criteria. Others agree to cover these conditions after a set period of time if certain conditions are met.
Extended Hospital List
Health insurance providers also provide access to a larger number of hospitals when a company switches to their plan. This is especially beneficial when the employees of the company are spread across a large territory.
Insurance companies provide additional benefits to attract business organisations to switch to their policies. They may include cover for full psychiatric treatment, complementary therapies, private ambulance, home nursing, and parental accommodation if a child is admitted in the hospital.
It makes business sense for companies to review their company health scheme at renewal for insurance premium and benefits offered by the current provider. Benchmarking the existing health insurance policy with that offered by other insurance companies may prove to be an eye opener. Once an organisation has competitive quotes, they can negotiate with their existing insurance provider and other insurance companies to get a better deal. Switching provider may often result in better core cover and cost savings too.