In a steadily increasing trend, more and more companies are providing employees with benefits such as medical health care packages. The Insurance Commission posted that as of 2016 the HMO industry in the Philippines already had 4 million corporate clients. HMO packages are viewed by employees and job seekers to be among the top 3 company perks when deciding which company to join or whether to stay on. This makes employers who offer HMO packages much more attractive to high caliber job seekers. As any business owner or manager knows, hiring and retaining qualified and satisfied employees have a proven track record of increasing their productivity and, whether directly or indirectly, increasing company profits as well. Simply put, providing a medical health care package that complements and helps your company achieve its income goals works both ways for the employees and the company bottom line.
Not all HMOs are created equal, though. Some are more cost-effective, while others meet your employees’ needs better. With Trinity Insurance Brokers’ experience of over 30 years, the healthcare programs they’ve customized for their clients have been proven to deliver a savings of 40% to the company compared to self-administered medical benefits. Some providers are also easier to work with than others. It takes a lot of study, canvassing and due diligence on the company’s part – and even then they still might not get the best fit in terms of budget, coverage, usage and cost savings. Select the wrong healthcare package for your company and you might as well be throwing money out the window. So how does an HR Manager or a business owner identify which HMO will work best for his or her company and its employees? And once selected, how does the company maintain, adjust and improve the healthcare program, year in and year out?
As with any worthwhile endeavor, it all begins by assessing the existing healthcare program and summarizing and comparing the various proposals and recommendations sourced from the various providers. When the program is running, the company should continuously monitor the administration of the program, pre-screen claims documents and closely coordinate with the provider regarding claims and availment. Usage of the program and the policy should also be analyzed to arrive at more appropriate and optimized design relative to the paid premium. Selecting the right HMO for your employee benefits program, takes a lot of up-to-date knowledge and industry experience. If the person tasked is not a seasoned insurance practitioner, he or she will be taking a lot of valuable time and energy getting this done, but not necessarily done right.
If health is wealth, then time is gold. More often than not it’s better for companies to work with experienced and respected insurance brokerage firms whose brand is their service and integrity. Working with an insurance expert not only saves the company time but also saves money too. Businesses working with trusted brokers like Trinity Insurance Brokers who’ve been around for 30 years, are assured that they’re not only getting the most suitable program design and monitoring that is aligned with their budget and goals, but can also expect to get the necessary and timely assistance as well as be assured that they are treated fairly by providers and receive the service they deserve. Simply put, when it comes to HMO and other insurance needs, it’s always in the best interest of the company to work with insurance experts who’ll cover your company’s needs from start to finish.