Companies today are offering wellness benefits to their employees that take care of much more than just their physical well-being. It is said, having a happier and healthier workforce is equal to productive and more dedicated employees. After all, employees’ wellness is the foundation of a successful company. You, as an employer, must invest in group health insurance to provide comprehensive benefits at lower costs.
What Is Group Health Insurance?
Medical insurance companies in India provide the option to buy a group health insurance that provides coverage to a group of people, usually consisting of company employees or members of an organization. The employer can purchase a corporate health insurance policy for employees and provide them financial protection against any medical emergency.
Key features of group health insurance are:
- Cashless facility and direct settlement of medical bills
- Pre and post hospitalization charges covered for specified periods
- Maternity benefit (optional)
- Doctor and nursing fees covered during hospitalization
- Out-Patient expenses
- Pre-existing diseases cover
- Medicine costs for the employees as well as their family
- Higher room-rent limits
- Domiciliary expenses
- Daycare facilities
- All related costs for treatments such as blood, diagnostic materials, x-rays, oxygen, operation theatre charges, anesthesia, surgical appliances, dialysis, and even chemotherapy
- Optional benefits include a waiver of a waiting period, first-year exclusions besides reimbursement of ambulance charges
Let us have a closer look at group health insurance benefits:
Motivates Employees
Healthcare expenses are on the rise, and not everyone can afford health insurance. Employee health insurance schemes help cover those employees who cannot afford an individual health plan. Moreover, taking care of people who work for you will build trust in them. For a more productive and dedicated workforce, prioritize their needs and support them at their worst and most difficult times.
Additional Read: How does group mediclaim insurance benefit the employees
Increases Employee Retention
As people are continuously looking for changes, employee retention has become a challenging task. So, if you provide your employees with all the necessary facilities and benefits, the chances of them being satisfied will increase, and they may not want to change their present job quickly. Group health insurance plans are not a luxury anymore, but a necessity that you must provide for your employees.
Relatively Lower in Cost
Medical insurance companies in India offer comprehensive group mediclaim insurance plans at a relatively lower cost in comparison to individual health policies. They are also customizable for you to choose the best group insurance plan for your employees.
Reduce Absenteeism
A healthy employee will take fewer leave days than an employee who regularly falls ill. Thus, ensuring their wellbeing will allow them to be consistent and dedicated to your organization. It goes a long way in creating a loyal workforce that helps your company succeed.
Tax Benefits
Along with affordable premiums, purchasing a group mediclaim policy for your workforce makes you eligible for tax benefits that can help in reducing tax liability.
Monetary benefits are not the only thing employees look for in an organization. You must create a healthy working environment for them so that they feel happy and motivated. Hence, with today’s increasing awareness about the needs of employees, insurance companies in India have broadened the options of group health insurance and offer customizable benefits that suit their clients’ needs.
About The Author
Mayank Sharma
MBA Finance
He is a professional who brings extensive knowledge and expertise to the field of group health insurance. He has dedicated 7years to helping individuals and businesses navigate the complexities of insurance. Having worked closely with numerous clients and insurance providers, he deeply understands the nuances of group health insurance policies. With a reputation for providing insightful and informative content, he leverages his industry experience to educate readers about the importance of group health insurance and its benefits. Through their articles, Mayank Sharma aims to empower individuals and businesses to make informed decisions about their healthcare coverage, ultimately promoting healthier and more secure communities.
