A conscious employer cares for their employees. In times like these, when medical facilities have become rarer to access, bridging the gap to help your team is crucial. The pandemic has recently shown us the shortage of reasonably priced healthcare. As a responsible employer, offering health insurance policies to your colleagues is essential to ensure a seamless workflow at your office.
Health insurance policies allow employers to get their employees covered under one giant blanket of a collective health insurance scheme. There would be no comprehensive care if not for employee health insurance. The benefits of these schemes extend to the family members of a company’s covered individuals.
However, there is more to it than that.
Before we talk about the benefits of group medical schemes, let us see what they cover:
- Equal coverage for all employers
- Pre-hospitalisation up to 30 days, in most cases
- Post-hospitalisation up to 60 days from the discharge, in most cases
- Follow-ups and clinic visits
These are just a few of their many features. Employees have something to gain here, but do employers also get some piece of the cake when they order insurance for one group?
Yes, they do!
Why you should get a group medical insurance policy for your employees
- Promotes a healthy lifestyle
A company is only as strong as its people. Hence, as an employer, you must take necessary measures to ensure their workforce is healthy. As per many group insurance plans, employees are encouraged to go for periodic health check-ups for themselves and their families. A check-up regime can help eradicate problems right from the roots.
- Boosts employee retention
Salaries and job roles alone don’t cut it now. A recruit is looking to enter a workforce where they are acknowledged and cared for. Perks and incentives help with that. A group health insurance scheme is a smart method to provide that coverage equally to all your employees.
- Tax rebates
Employees do not get any tax benefits from group health insurance premiums paid by their employer. On the other hand, the employer can make a claim on the premium amount disbursed.
- Makes healthcare reasonable
Health insurance serves one purpose: providing comprehensive healthcare facilities at very low costs. This helps a person from lower-income strata to access the best healthcare facilities possible. With group insurance policies, another advantage is that people who can’t afford individual policies or don’t have the means to sign up for them will be automatically covered by their employers. Moreover, those with a health insurance policy can just avail of cashless disbursement.
- Pre-existing diseases
Most companies’ health insurance policies also cover pre-existing disorders, making it all the more relaxing for an employee to work.
- Maternity coverage
Women form an essential part of the workspace. However, during pregnancies, their bodies face several hurdles, which may act as disadvantages. Group health insurance policies cover the financial aspect of the struggle because they offer coverage for maternity expenses. This encompasses both regular deliveries and C-sections. Their babies, too, will be covered for 90 days under the same insurance as most policies do.
- No physical health check-up required
Most health insurance policies require you to get a health check to analyse the stats comprehensively. This ensures that no current issues go unnoticed and later get claimed. However, group health insurance policies don’t work that way. It allows you to get covered right from the get-go. No employee has to enrol for a test when they join the company.
- Covers people of all age groups
Health insurance policies have different stances for people of varying age groups. It may not even cover too many older people, usually over 50 years of age. However, group medical coverage is applicable for all employees, regardless of their age, gender, place, and profile.
How does providing group insurance coverage benefit employers?
Securing the health of employees can have various advantages for employers. A few of them include:
- Employees are satisfied when they know that their employer is taking care of their needs. This encourages employee retention and increases loyalty. Moreover, it boosts productivity and motivation.
- Employers that offer group medical coverage can avail of tax benefits under various sections of the Income Tax Act.
- These policies are more affordable when compared with individual and retail insurance plans.
- Insurers are competitive while selling group plans because new employees get added to the policy, increasing revenue. This is beneficial for employers as they get the best combination of pricing and coverage.
- Employers are usually assigned a relationship.
Group medical insurance plans help bring together the cohesive force that binds a firm. When employees know they are being looked after, they naturally give their best.