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Corporate Medical Insurance Rates

2 March 2023

Medical insurance has become an indispensable means in all areas of work, and it has become one of the temptations to attract new employees to confirm the seriousness of offers and get the best employees, if you are a company owner, of course, you may be concerned about searching for medical insurance prices for institutions and comparing them.

Don't look too far; we at Brokerage Insurance offer you the best employee medical insurance plans, whether your company is a start-up or a large one, we have offered to suit your financial situation, plan, and all your employees.

What are the rates of medical insurance for institutions?

Medical insurance plans for institutions may range from EGP 250k to EGP 1 million to EGP 100 million per year depending on the plan chosen by the employer.

It is not possible to say with certainty that the cost of a medical insurance plan for employees within the workplace is often equal, as it depends on many factors that come into consideration to determine what your employees need and what suits you from insurance packages and offers, but do not worry, as all the time you will get your appropriate coverage in the end.

What is Enterprise Medical Insurance?

Medical insurance is an insurance policy purchased by the employer to cover the medical needs of employees with an agreed level of medical treatment and health services.

Medical insurance companies cover employees in cases of injuries and wounds, hospital costs, treatment, emergencies, medical tests, required examinations, and radiology, and may even include serious surgeries and operations.

Who is included in the list of institutional medical coverage?

A company can choose a specific category of people to provide medical insurance coverage, but most likely organizations do not do this but prefer to choose an insurance policy that includes all employees, including workers and other workers.

Does corporate medical insurance perform the same function as private individual health insurance?

Individual medical insurance coverage will probably be largely the same as corporate medical insurance, but the difference here will lie in the level of coverage or options that the employer chooses for their employees.

The biggest advantage of corporate medical insurance over individual insurance is that the cost of group insurance for large companies and the founder, the cost is not lower than it is for the individual and the cost of premiums in general.

What factors affect the prices of medical insurance for institutions?

The number of people in the company: Usually the more people on the medical insurance list, the lower the price of the insurance amount per employee, so group insurance is better than individual insurance.

  • Age: Different ages between people put them a wide range of different health risks, and the cost of group insurance for a group of young people is generally cheaper than covering the elderly.

  • Corporate medical insurance rates may depend on the age group – or on the average age of the workforce, as well as on the medical entity's previous employee claims history.

  • Type of services provided by the company: Some types of industries in which companies operate can have some risk related to illness or injury - and therefore may raise the prices of medical insurance for organizations, as well as the more likely employees are to file medical claims; the higher the insurance premium.

  • Level of insurance coverage required: The prices of medical insurance for institutions depend on the level of coverage chosen by employers, the wider and more comprehensive the coverage, the higher its price.

  • Some companies prefer to add services such as coverage of dental and eye problems, cancer care, or psychological support, all of which are options that raise the prices of medical insurance for institutions.

  • Increase: Employees may be required to pay a raise for their treatment – a certain amount of money before starting a business health insurance plan. As a business owner, you may be able to identify this excess amount – and the lower that surplus, the more your premiums will be as a result.

  • Claims: You may be asked to provide details of your company's previous claims level, the higher the claim, the more expensive it is to start the premium or the next time you renew.

What are the benefits of a company's health insurance plan?

Benefits for employees

Good healthcare and support can create a positive atmosphere for work – because people feel valued and cared for. For them, the benefits can include:

  • Peace of mind: People are concerned about their health Many health plans allow businesses to not only get health support for themselves but also to add family members.

  • Avoid queues: But with the company's own health coverage which includes diagnosis and treatment, people can often jump in NHS queues and be seen by a specialist faster.

  • Convenient support: With access to private healthcare services and insurance, people can often get healthcare support outside of office hours, or choose appointment times and locations – making it easier to take care of themselves around work and the rest of their lives.

Benefits for Employers

Taking care of the people who make your work spin around you means taking care of your work itself. The benefits of providing health benefits include:

  • Reduce absences: Having accessible health support can help reduce the incidence and duration of absences – and the cost of a company's health plan must be balanced against the cost borne by people unable to work for it.

  • Improved productivity: There is growing evidence that a happy, healthy workforce actually does more work. Providing health and well-being benefits has had a significant impact on supporting the company's productivity.

  • Employee engagement and retention: People are increasingly looking for more employers – and they start voting with their feet. It has become key to attracting and retaining the best talent.

Is there a cost paid by employees in addition to the medical insurance rates for institutions?

The answer to the question depends on the type of coverage the employer chooses, but most companies often cover their employees to a very large extent, up to 80% or 90% of most procedures, and there are some that may reach 100%.

Employees may pay a small extra amount for treatment before taking over the company's health coverage. It is also worth noting that the cost paid by the employer per employee under a health plan of the company is counted as an in-kind benefit. This means that employees will have to pay income tax on them as well.