The competition among companies to hire skilled and talented employees in India has led to an abundance of employee benefits. These include attractive remuneration packages, better working environments, as well as more comprehensive welfare benefits. Nowadays, most Indian companies offer group health insurance plans. These plans typically cover medical expenses and hospitalization bills. Group health insurance plans not only offer access to affordable health services but also help you and your employees in many other ways.
Here are four important ways in which buying group health insurance can benefit you and your employees:
- Well-managed healthcare costs and hence financial security
- Tax Benefits
- More Positive Dialogue Between Employer-Employee
- Better Employee Recruitment and Retention
Well-Managed Healthcare Costs And Financial Security
Buying group health insurance for employees will give them health benefits and improved access to medical treatment. The health coverage offered by your insurance provider also ensures that costs for healthcare services are manageable for you. Health coverage provided by the group insurance scheme protects your employees financially from burdensome debts arising from major injuries or illnesses. The need for medical treatment often arises unexpectedly, and medical expenses typically exceed what most people struggle to afford.
The advantages of group health insurance plans are not just limited to your employees. They are available to you as well, in the form of a tax deduction on premium paid. Your employee is not entitled to income tax exemption under the group insurance scheme coverage provided by you. You can get a credit back in the form of tax benefits. This will help by partly compensating you for the money that you have paid towards insurance premiums. While your employee is eligible for medical benefits and facilities, they cannot claim tax on the premium paid. This advantage accrues to the employer.
More Positive Dialogue Between Employer-Employee
If you can make your employees happy, they will work harder for your company. And one of the advantages of a group health insurance plan is that your employees feel secure and happy. When you offer a group insurance scheme to your employees, you’re likely to get:
- Employees who care about you and their company
- Employees who feel valued and appreciated
- Employees who want to and can build their career in your company
- Employees who want your company to reach heights
All the things mentioned above are crucial towards making the employee-employer relationship better. Insurance is an integral part of feeling secure and when you offer that to your employees, it won’t go unnoticed by your employees.
Better Employee Recruitment and Retention
Offering a group health insurance policy for employees has several advantages. One of them is employee retention and recruitment. Purchasing group health insurance plans can complement you in many different ways.
- Lower hiring costs
Hiring and training new employees may take time and cost you a significant amount. Having a group health insurance plan helps you to retain and recruit talented employees.
- Reduce absenteeism
Let’s say your employee is suffering from a disease, and he/she doesn’t have health insurance. Chances are they will spend a considerable amount of time seeking medical attention, which can lead to absence from work or reduce their working hours. But when you provide a group health scheme to your employees, it can fastrack their treatment significantly.
- Enhance your employees’ morale and improve the workplace environment
Your employees will be happier and more relaxed at their jobs if you offer a group health insurance plan.
Buying group health insurance for your employees has many benefits, and it complements you in many ways (as mentioned above). Now, it’s your responsibility to provide your employees with the best group insurance available in the market. SecureNow will get you tailor-made quotes from different group health insurance providers so you can choose the best for your employees and your firm.