The employer-employee relationship is one of the mutual benefits. While employees work for the benefit of the organisation, the organisation is expected to benefit the employees financially and non-financially. Group insurance plans are part of the financial benefits that ensure the financial safety of employees and their families in case of contingencies. Though not a necessity, these indirect financial benefits give employers an edge in the talent acquisition and retention space.
One important and sought-after group insurance benefit is group health insurance. Group health insurance offers multiple benefits to both employees and employers. Here is how:
For Employees
- Default Medical Insurance Policy
The day an employee joins an organisation, he/she will be covered under Group Health Insurance by default if the company has a Group Mediclaim Policy. All the employees of the organisation will get basic coverage simply by being a part of the organisation.
- Any Pre-existing Diseases? No Worries!
Employer Health Insurance provided by employers covers pre-existing diseases from the first day of an employee joining an organisation. Pre-existing diseases such as diabetes or hypertension are all covered under the Group Health Insurance provided by SecureNow. There is no waiting period, unlike in individual health insurance policies.
- No Need for a Medical Check-up
Usually, when you go to buy an individual health insurance policy, you have to undergo a “pre-medical screening” or “pre-policy screening.” Medical tests in this screening determine your current medical conditions and affect your premium rates. However, in a Group Medical Insurance Policy, you don’t have to go through a medical check-up or submit medical reports to get enrolled under this plan.
- Maternity Benefits
Some group & health insurance policies offer maternity benefits while others don’t. However, at SecureNow we understand your needs and are happy to provide quotes from the Mediclaim policies that offer maternity benefits. You get cover from day one of joining the office, which means you will get maternity benefits on an immediate basis. Also, we have set separate limits for normal, caesarean or ectopic pregnancies.
A newborn baby can also be covered under the policy without the standard 90 days waiting period.
- No Waiting Period
There is no such thing as a waiting period in Group Health Insurance. Illnesses like heart issues, diabetes, etc. are covered from day one. As already mentioned, in an individual health insurance policy you may have to wait for 3-4 years for maternity benefits, but a Group Health Insurance provides you maternity benefits from the first day.
- Cashless Hospitalization
We at SecureNow provide you with insurers that have a ready network of hospitals where you can avail of cashless treatment once approved. That means you don’t have to go through the headache of submitting papers and various other documents. Just show the TPA your health insurance card and avail the cashless facility in any of the hospitals within the insurer’s network – you can now focus on your complete health recovery!
For Employers
- High Retention Rate
Your workforce determines whether your organisation will reach great strides or not. The best way to increase your productivity is by improving your employee retention rates. Providing your employees with a Group Health Insurance plan that not only covers the employees but their family members as well, will help to make them better emotionally attached to your organisation, which will both increase retention rates and attract new talent.
- Motivated Employees
Flexible working hours and a good paycheque are not enough to boost your employee’s morale. A Group Mediclaim policy works as an excellent add-on benefit. As you would have experienced, medical expenses are today touching new heights, but by insuring them under Group Health Insurance, you are taking the burden off them. This will motivate them to work harder.
- Low Premium Rates
The premium rates of Employer Health Insurance depends upon:
- The number of employees
- Average age
- Type of occupation
- Type of coverage and benefits opted for
- Your (I.e. the employer’s) claim history
However, you can minimise the premium rates — our team of experts at SecureNow will help you choose the most suitable plan based on your requirement and budget.
- Premium Payment Option
You can choose how you want to pay the premium based on your convenience:
- Monthly
- Quarterly
- Yearly
- Tax Benefits
Under section 80D of Income Tax Act 1961, the premium paid for Group Health Insurance provides a tax benefit. But remember only the employer can only claim tax benefits. An employee is not entitled to any tax deduction under Employer Health Insurance offered by an employer.
Employees can get tax benefits only when they have bought individual health insurance.
Compare & Generate Quotes Online Free
You can generate group health insurance quotes from multiple insurers online using our online calculator. Our calculator will help you generate multiple quotes with benefits customised as per your requirement as available from different insurance companies offering employer health insurance.
Once you generate a quote, our qualified advisors will help you choose the right Group Health Insurance suitable to your requirements.