How much does small business health insurance cost?

Basic plans for small businesses generally cover the basic benefits including in-patient and out-patient, maternity and emergency services. For higher premiums, small businesses can customize these health insurance plans to suit employee needs uniquely.

How important is health insurance to small business employees?

Businesses that are looking to attract and retain talent often choose to invest more in health insurance for their employees. Improved health plans now offer detailed coverage for physical and mental health. Employees benefit from 24/7 domestic, regional or international coverage. Apart from in-hospital care, treatment for chronic, congenital and hereditary conditions is also included in health insurance plans, as well as in the case of transplants and rehabilitation. These benefits are applicable for family members of employees too.

What are the costs associated with a small business health insurance plan?

Small business health insurance rates are defined by the kind of premiums and deductibles that you choose. A health insurance premium is a regular payment, the amount of which determines the maximum amount of your costs that are covered in the event of an illness. A deductible, on the other hand, is the amount of money you are required to pay for treatment before your health insurance plan can kick in. The choice of an optimal health plan would depend on your current health status and your average annual income. For example, in the case of a chronic illness that requires frequent and expensive hospital checkups, a health insurance plan with a high premium may be a preferable option.

Other important variables that apply to how much the health insurance for small businesses cost are the amount set aside for co-payment, out-of-pocket costs and out-of-pocket maximums. Co-pay is the fixed fee that you pay for a doctor’s visit or for prescription drugs on the spot. Out-of-pocket maximums, on the other hand, are a cap on the total amount you pay for your covered health care services, and it usually includes co-pays and deductibles. For example, let’s say your insurance plan has a deductible of 3000 AED, a co-insurance of 20% and out of pocket maximum of 6350 AED and you incur a hospital bill of 20,000 AED. You pay your deductible of 3000 AED, and 20% of the total medical expenses until the out of pocket maximum of 6350 AED is met, after which your health insurance will cover the remaining expenses for the rest of the calendar year.

However, there are certain expenses which are not covered by the out-of-pocket maximum, like out of network care and services or if an employee buys a separate premium plan from the one the employer provides.

Cigna Healthcare offers health insurance to small businesses at reasonable and affordable rates

Cigna Healthcare is focused on providing you with flexible, affordable and simple plans. Our health insurance plans aim at improving your employee health while incurring less costs to you. There are many fully compliant plans to choose from, with access to over 3000 healthcare providers in U.A.E and 5000 in the Middle East. These plans may be comprehensive or general and vary mainly based on their annual maximum coverage and the areas they cover. All these plans offer optional add-ons which include dental, vision, and preventative wellness care. For more detailed information, click here.