Advantages Of Our Group Health Insurance
For your Employees
Group health insurance makes healthcare affordable for employees and their families. Next, one of the greatest assets for your business is employees. With a group health plan, you can keep them happy and happy employees are productive employees, thus boosting your bottom line. Besides this, here is the list of employee group health benefits:
A healthy employee is a happy employee:
- In today’s stressful world, it’s challenging to maintain a healthy lifestyle. Although medical insurance can’t prevent an illness, it can certainly help your employees and their family.
- Often employees say that there’s no better feeling than knowing your organization has got their back. And group health insurance is the safety net you can offer for medical emergencies.
- Looking after your employees’ health and wellness results in happier individuals, which in effect contributes to a happier workplace. After all, it’s the people who make or break the organization.
Savings in taxes:
- Employers offering group health insurance to their employees can receive tax benefits under several sections of the Income Tax Department.
- As per Indian tax regulations, organizations are exempt from certain taxes if they buy a group health plan for their employees. It’s a win-win situation for the organization as you can save big on tax returns and care for your employees at the same time.
Retaining & attracting quality talent:
- CTC and company culture are two of the most important factors employees care about while deciding their tenure with an organization. But lately there’s been a shift. Now, other employee benefits are emerging as the third biggest factor while making that decision.
- A good health insurance benefits plan helps in tilting the employees’ decision in your organization’s favour. It also makes the talent acquisition manager’s job easy by giving them an edge over the other competitors.
Boosting goodwill:
- In today’s day and age, it’s important for any company to have an excellent reputation inside as well as outside the organization.
- Along with a good company culture and growth rate, a set of compelling corporate health benefits ensures that the overall goodwill of the organization increases in the market.
Positive work environment and happy employees
Employees that are happy are employees that work hard for the company. That is one of the more subjective or hidden advantages of group health insurance. When an employer offers this insurance to employees, they may get:
- Employees who appreciate their insurance
- Employees who care about their employer and their job
- Employees who see that they can build a career at that company
- Employees who feel valued and appreciated
- Employees that want to make the company better for everyone.
- All of those things are pretty important as advantages of group health insurance, and they can go a long way toward making employees and employers feel better about their working relationship. Of course having insurance will not solve all company or employee problems, but it can certainly go a long way toward making sure that employees and employers feel better about everything they have at a particular company.
- Insurance is an important part of feeling safe and having peace of mind, and when employers provide that for employees, it most often does not go unnoticed by those employees.
Value for money:
- All group health insurance plans are customized which means that the risk and premium amount is shared amongst the employees. This makes it more economical and cheaper as compared to individual health
Health insurance coverage for families:
- Managing health insurance policies within the family, like a family floater health insurance plan from different providers can be a hassle. Instead, with group health insurance, your family is included under a single plan. Thus, an employee can support their family.
- The amount of coverage and claim varies from policy to policy, but most of the costs, like medicines, day care, maternity, and more, will be covered.
- This is a way to provide financial support to your employees and their family for protection.
Covers pre-existing diseases without waiting period:
- With individual health insurance, you must wait a certain amount of time before filing a claim if you have pre-existing diseases. This is one of the biggest disadvantages of individual health insurance. In group health insurance policies, this disadvantage is minimized.
- From the first day of coverage, group health insurance permits you to file a claim for any pre-existing illnesses. As a result, there are no waiting periods for covering pre-existing conditions in group medical insurance.
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