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Group health insurance for small teams is experiencing a surge in demand as employees increasingly prioritize companies that offer comprehensive medical coverage. Whether established corporations or startups, providing a group medical insurance policy is considered one of the most valuable perks a company can offer its employees. This coverage offers financial security to employees during medical emergencies, making it a crucial benefit. Consequently, both large organizations and smaller teams are advised to invest in group health insurance policies.
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All round wellness benefits
We all remember how the pandemic ripped apart our budgets and financial status within days. While this can be claimed as a one-off incident, we cannot deny that health issues can crop up for us or our family members at any time.
It is why getting a group mediclaim policy for your workforce is a no-brainer, and occurring like COVID-19 only solidifies its importance of group health insurance for small teams. In addition, it also paves the path for the organisation to become people-centric and care for their well-being.
Critical Job Factor
According to a report by Society for Human Resource Management (SHRM), 60% of employees consider health insurance essential when choosing a job.
Boost Productivity
According to World Health organisation (WHO), poor health can cause a 20-25% drop in productivity.
Tax Benefits
Employer-paid health insurance premiums are tax-deductible under Section 80D .Not offering this can mean missing out on tax savings.
Regulatory Compliance
The Indian government has introduced regulations like Social Security Code, 2020 the which mandates health insurance for certain sectors. Non-compliance can lead to penalties.
Ensure you're covering all bases with group health insurance to attract top talent, improve productivity, and stay compliant!
Both the employer and the employee win from a GHI for small teams. Here are some ways opting for a group insurance is beneficial:
Group health insurance for small teams is cost effective for the employer as it costs lesser when purchased for a group of employees rather than purchase individual policy for each employee. Apart from this, it becomes affordable for employees as the employees do not have to pay out of pocket in medical emergencies.
Most group health policies for small teams are highly scalable and let you make the changes as early as feasible. In addition, these policies also offer an enhanced coverage facility, which enables you to increase the coverage with ease.
These are highly uncertain times for job opportunities, and employees are likely to choose employers who showcase signs of empathy. When employees feel valued and the work culture is people-centric, the chances to attract and retain the best talents increase significantly.
Your team has limited people, and that makes it easy for you to find the best employee health insurance policy. However, each individual in your workforce can have diverse needs, which must be considered while looking for the best group medical insurance plan. It means you have to tailor your group medical insurance plan for your workforce based on several factors, such as demographics and size.
In addition, new companies often run into budgetary constraints, which makes finding the right group medical insurance for small team in a new company a task. If you spend less, your coverage will be limited, as will the settlement amount. So, there is a need to tailor the group medical insurance to suit your specific requirements.
The market is currently flooded with so many insurance providers that it can be confusing for a layman to choose the right policy for their business. Make sure you understand the policy terms well and look for reputable insurers who are willing to offer you the support and clarity needed to choose the right insurance provider.
The best way to do it is by sitting together and looking for a partner with the right balance. For example, Policybazaar lists group health insurance policy options for your small team from over 20 of the best insurers in the country to make it easier for you to compare and find the right one for your workforce's needs.
Here is a hypothetical scenario to help you better gauge the role of group mediclaim insurance for small teams:
GreenScape Landscaping Services, a small business specialising in sustainable landscaping, recognised the importance of employee well-being in a physically demanding industry. The company decided to prioritise the health of its workforce by introducing a comprehensive GHI plan.
Before implementing GHI, it struggled to retain experienced and skilled workers in a competitive market. The physically demanding nature of the job led to frequent health issues among employees, and the lack of proper health coverage hindered the company's ability to attract and retain top talent.
Group health insurance addressed the employees' immediate health needs and included coverage for injuries and rehabilitation associated with the landscaping industry. The company also implemented wellness programs to promote a healthy lifestyle among its workforce. The impact on employee satisfaction was evident as its employees felt that the employer cared. As a result, GreenScape experienced a decrease in employee turnover, and the skilled workforce became more committed and engaged.
You cannot just buy and forget a group medical insurance plan if there have been no claim requests from your team. Your small team's needs and specific requirements can evolve. So, it is necessary to evaluate the chosen group medical insurance policy periodically to assess its current effectiveness.
In addition, your changing business needs can also propel the need to evaluate and make the necessary adaptations to cater to the needs of your employees. Timely evaluation can save your team from bearing the brunt and help you adapt your policy accordingly to changing conditions.
Conclusion
Your team's specific needs and budgetary constraints can often define the health policy you should get. But the key is to remember that you would have to reevaluate your policy periodically to ensure it caters to your team's well-being and encourages them to achieve their goals. In addition to being instrumental in pushing employees to achieve long-term success, a group health insurance sends a reminder to prioritise your team's health and well-being.
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Benefits of group health insurance