Valuing the Invaluable: Finding a Healthcare Plan That Works for You and Your Company’s Needs

There are a lot of benefits that you can provide for your employees in your company, but there’s one that has a bigger impact than the rest: healthcare coverage. That’s because healthcare in the Philippines can be costly, and the average employee can’t afford to pay the monthly premiums for the coverage they need. As a result, a large percentage of the country’s workforce likely relies on the healthcare benefits that are provided to them from employment.

While you’re not legally required to provide healthcare benefits apart from PhilHealth, doing so is the best way you can let your employees know that you’re invested in their health and well-being. And when they feel secure and safe with the coverage you provide, they’re more likely to be productive and stay in your company. In short, rolling out healthcare benefits is good for you and your employees alike.

That said, there are still many companies that choose not to provide or may be on the fence about it. Why? Cost is perhaps the top factor that influences these decisions. Small businesses that are just starting, for example, can have a tight budget and may want to try to keep expenses down as much as possible. But you can’t let cost alone get to you.

For instance, I’ve had several decision-makers from companies approach me, saying they were disappointed after switching to a healthcare provider with a cheaper plan. There are always new providers coming in, but they can rarely match the quality of the services of their more tenured and established counterparts.

In my?last blog, I discussed the?three features?you should consider when shopping for healthcare coverage:?cost-efficiency, flexibility, and optimized benefits. From my years in the industry, there’s so far been only one provider that’s managed to satisfy all three features at the same time, and that’s Purple Cow.

In case you’re unfamiliar, Purple Cow is an SEC-registered insurance agency that looks to fill the gap between private and social insurance by providing bang-for-your-buck Premium and TPA healthcare plans. It combines the best benefits of traditional health insurance and HMO plans to bring a ready-to-wear product fit for growing SMEs.

Purple Cow’s Premium plan is?cost-efficient?because it operates on a pool system that moves you up or down the cost scale depending on your usage. You can protect yourself from higher renewal rates because of bad utilization and reward yourself with lower rates because of good utilization. Its TPA plan, on the other hand, is purposely designed to deliver significant cost savings without adding to the load of your human resources and finance departments. Here, you’re essentially only paying for what you use.

Meanwhile, both plans are?flexible?because they don’t package the benefits you might not need, adding to your savings. Dental coverage, life insurance, and annual physical exam benefits, among others, are optional. You also have the option to switch your maximum benefit limit per disability per year to an annual benefit limit per year. These are, of course, only a few examples of how you can personalize your plan to work for you and your company’s needs. The more personal your plan is, the more likely it is for your company to use it.

Last but certainly not least, Purple Cow’s plans tout?optimized benefits. Their medical coverage is all-risk, meaning whatever is not excluded is included. Enrollees also enjoy 100% coverage up to their maximum benefit limit for pre-existing conditions, congenital conditions and special procedures upon sign-up.

What’s more, when it comes to the dependents you enroll, Purple Cow doesn’t discriminate. According to statistics, dependents use a plan’s benefits more than the principal, so they usually get a higher rate. However, that’s not the case here as dependents can enjoy the same benefits as principals at the same rate.

Speaking of dependents, Purple Cow has recently widened the eligibility age range for them. For junior dependents, the eligibility age is now 25 years old, while for seniors, it remains 65 years old. But dependents up to 75 years old can still be covered on a case-to-case basis depending on the profile of the group they’re part of.

Other key features of Purple Cow’s plans include:

? No-fault coverage is no longer the rider and is instead the default.

- The seven exclusions from the standard list are waived and are now covered.

? You can choose to see the covered network of doctors or your own doctor.

- You enjoy no cash out if you consult with an accredited doctor, hospital, or clinic.

- Alternatively, you can be reimbursed at an accredited rate if you go to a non-accredited doctor, hospital or clinic.

? All major hospitals and clinics are included.

? Your benefits go on top of PhilHealth.

- Benefits can also be paid independent of PhilHealth at a specific rate.

Where else are you going to find a provider that lobbies for the consumer in the same way?

I do have to clarify though that Purple Cow is by definition a broker, and Etiqa’s health services division is its supplier. This is particularly important to note as you likely won’t find Purple Cow among the list of covered healthcare providers in your hospital or clinic. You also won’t get the benefits mentioned above if you sign up with Etiqa.

As I said in the?previous blog, if you still don’t have healthcare coverage, it’s about time you start shopping. The good thing is you don’t necessarily have to start at, say, the highest tier of the benefit limits and inclusions. If your team, for example, consists mostly of young professionals who are healthy, a lot of your usage focuses on outpatient care. In that case, you can start them off with Ward coverage with a P20,000 limit, and move up from there, based on how your company grows in the future. That way you’re working within your budget, while still providing for the needs of those under you.

Interested in Purple Cow’s healthcare plans? I can help you get started. Visit?https://www.bridges-ph.com/janetnng/?to book a chat with me today.

linkiNG you to opportunities,