Truck Driver Health Insurance: Real Price

Only about 20 percent of long-haul trucking companies provide health insurance for company drivers. When talk turns to independent truck drivers, the numbers look even bleaker. The arrangement has mostly been because companies have refrained from mentioning insurance while truck drivers, in turn, forget about them in a bid to get as much as they can from their paycheques.

However, more and more drivers are now asking about truck driver health insurance programs. Given the current state of the world right now, that’s understandable. If you’re looking into options and thinking about changing your policies to provide health insurance for your drivers, here’s some information you need to know.

Why Do You Need Insurance?

In the past, only big companies provided health insurance coverage for their drivers. However, the industry has changed in the last few years. Here are some of the reasons why providing insurance is a wise step for your organization:

• There’s been a shortage of drivers in the last few years. If you want to attract better talent to your organization, providing insurance coverage is one way to achieve that.
• Your drivers will be happy and satisfied and that often translates to better performance.
• This offers protection to drivers and their families in case of an accident.
• If there’s an accident, the policy saves both the drivers, their families, and you significant costs of treatment and hospitalization.
• Many insurance companies now offer group policies that save businesses money.
• Insurance helps you retain your drivers, as they’re happy and less likely to move elsewhere.
• Knowing that you provide insurance is an employee perk that seeps into the company culture. It makes it easier to hire new truck drivers and keep your old ones.

Who Should Pay for the Insurance?

The cost might make many companies wary of introducing this service into their organizations. But there are plenty of companies now that offer affordable rates and wonderful programs. They often include corporate wellness programs for drivers, which is a huge plus. It mainly will go down to one thing: how much are you willing to invest in this? What amount of budget can your company work with? 

How Much Should You Cover?

On the question of how much you should cover, some companies cover 100 percent of the amount. If that’s too much to shoulder, you can go fifty-fifty with your employees. There are also policies that allow trucking companies to pay 50 percent for the first year but if the driver stays after a year, then they provide full coverage after that. These are just some of the common policies out in the market. You can come up with even more flexible terms when you talk to insurance companies.

What Determines the Price?

There are several things that affect the price. These include the age of the truck driver, the drivers’ health condition and hospital record, the truck driver's family health condition and if there are any inherited diseases, the state from which the truck driver comes from, what kind of loads they transport, and more. You can conclude from these factors how much the price of your policy will go.

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Created on Feb 10th 2021 11:37. Viewed 263 times.

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