Benefits of Group Health Insurance for the organisations can be summarized as follows:
- Take Care of Your Employees & Employees Take Care of You: Employees feel obliged which inculcates the belongingness and loyalty factor amongst them. The employees are relaxed and feel less stressed as far as their (spouse, children, and dependent parents) medical needs are concerned. This gives rise to a tension free happy and motivated workforce.
- Reduce Attrition Rate: Group health policy forms one of the hygiene factors for many industries and an organisation without these benefits may even have difficulty in acquiring and retaining good talent. This also plays a crucial role in the employee retention.
- Inexpensive Employee Benefit:The payable premium is tax deductible for the organisation.
- Promote a Healthy Workforce: It adds to the productivity of an organisation by avoiding frequent absenteeism by keeping the employees’ healthcare expenses covered.
- Promote Employer Brand: Better employers are recognised for their employer-centric policies. It adds a special quotient in the job satisfaction amongst the employees which is a key element for the growth of any organisation.
Case for Group Health Insurance Benefits
Mordims Enterprises has bought a Group Health Insurance policy for its employees. Under which the employees are entitled to avail the Medical Policy offering sum insured worth Rs. 100,000. In an arbitrary situation, the premium comes to around Rs. 12,000 per annum, which is shared by both the parties’ i.e. the employer and employee in the ratio of 60:40. In this case, the employer and the employee share come to Rs. 7200 and Rs. 4800 p.a. respectively.
Aseem Rawat, currently working as an executive in the sales vertical of Mordims Enterprises quoted “It really became quite difficult for me to manage when I got to know that my mother is suffering from a serious illness. At that time I did not have sufficient balance in my account to cope up with such sudden medical need. It could have cost me a fortune, if the group insurance policy has not been there. I am really thankful and obliged to my organisation which had the insurance cover for all of its employees as soon as they join the organisation”.
The payment of premium initially may sound as an expense but it worth doing when the organisation creates satisfied employees who work with cent percent efficiency and utmost loyalty.