Valuing the Invaluable: Why Every Company Needs Healthcare Benefits

The accessibility and advancement of modern technology has enabled many Filipinos to start their own businesses with little to no capital. From sari-sari store owners to founders of budding tech startups, these individuals are all entrepreneurs in their own right, and their business undertakings all belong to the largest group of enterprises in the Philippines, medium, small, and micro enterprises (MSMEs).

In case you’re wondering if your own business is part of that group, chances are it is. According to the Department of Trade and Industry’s statistics, no less than 99.5% of the country’s registered business enterprises are MSMEs. These are businesses with 10 to 199 employees and assets valued between P3 million to P100 million.

As a financial advisor, I’ve always been very eager to help enterprises belonging to this group, particularly the micro- and small-sized enterprises, because they employ the majority of the country’s workforce. These are your everyday folk – the common Juan dela Cruz – who might be living paycheck-to-paycheck or have very little to spare from their monthly income. Their tight budget likely means they can’t afford to purchase healthcare plans for themselves – what more their families. The only way they can enjoy a healthcare plan is if it’s given to them for free by their employers.

Then again, not all employers can afford to provide their employees with comprehensive healthcare coverage. But they shouldn’t let that stop them from exploring their options as there’s plenty of reasons for them to do so. Chief of which is that it’s part of your responsibility as an employer to do everything in your power to protect your employees.

Providing your employees with coverage also comes with its own incentives. You, for instance, might no longer have to shell out funds for the initial medical expenses of your employee since your insurer or provider will cover that for you. That saves you from the worry and stress that such developments might bring.

For employees, meanwhile, coverage affords them the peace of mind that, regardless of how severe their illness is, their financial stability will be protected. Something as relatively minor as appendicitis, to name one example, can still prove to be very costly for the average employee. Apart from the cost of the appendectomy itself, the hospital stay can perhaps force an employee to miss at least two working days – which could be two days of no pay. They want to have the confidence that they can get treatment without having to lose much – or anything at all – in exchange, so they can focus on getting better and returning to work.

If you’re not connected with a provider yet, maybe it’s about time you do some window shopping. Before you start though, you should know that not all healthcare plans are the same. But when shopping, there are three features that you’d always want to consider.

First is cost-efficiency. You have to weigh the benefits of your plan versus how much it costs, so that you know if you can get your money’s worth. Compare your monthly premium to your projected savings for your company based on the average healthcare needs of your employees. You want to please your finance and human resources department here by finding a plan that you can afford but also doesn’t skimp out on the benefits your company needs.

Second is flexibility. You want a plan that can be customized to better fit your company’s specific needs. Having options when it comes to what benefits are to be included can help you save on costs and make your plan feel more personal.

Last is optimized benefits. You want your plan to work for you, not the other way around. Your benefits should safeguard your company’s health and make it easier to manage future risks. At the same time, they also should engage your employees and provide them that peace of mind in knowing they’ll always be protected.

On the other hand, if you’re already working with a provider, how has your experience been with them so far? I’d love to hear your thoughts and answers. Share them in the comments section below. You can also reach me by visiting https://www.bridges-ph.com/janetnng/ and scheduling a chat.