Group Health Insurance for Small Teams

Small businesses are increasingly offering group health insurance (GHI) to retain employees and attract top talent. Beyond financial perks, employees now value employers who prioritise their mental and physical well-being. By adopting this strategy, businesses can decrease employee turnover and boost their attractiveness to prospective hires.

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  • Employee, spouse & kids

  • Employee only

Why should Small Teams Offer Group Health Insurance?

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 for small groups. In addition, it also paves the path for the organisation to become people-centric and care for their well-being.

Benefits of Group Health Insurance for Small Teams

Both the employer and the employee win from a GHI for small teams. Here are some ways opting for a group insurance is beneficial:

1. Cost-effectiveness and Affordability

GHI for small teams is an excellent way to provide coverage to your employees without breaking a sweat. Since GHIs distribute the risk amongst several individuals, the employer can provide coverage to its workforce at a significantly lower price. GHI also benefits employees as it allows them to get coverage at zero cost, thereby boosting organisational goodwill.

2. Enhanced Coverage Options for Employees

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.

3. Attracting and Retaining Talent in a Competitive Job Market

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 your work culture is people-centric, your chances to attract and retain the best talents increase significantly.

Tailoring Group Health Insurance Plans for Small Teams

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 GHI plans. It means you have to tailor your GHI plan for your workforce based on several factors, such as demographics and size.

In addition, small businesses often run into budgetary constraints, which makes finding the right GHI a task. If you spend less, your coverage will be limited, as will the settlement amount. So, there is a need to tailor the GHI to suit your specific requirements.

Selecting the Right Insurance Provider

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 for Business lists GHI 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.

A Scenario to explain the situation

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.

Evaluating and Adapting Over Time

You cannot just buy and forget a GHI 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 GHI 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.

Written By: PolicyBazaar - Updated: 13 February 2024

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Policybazaar for Business - Group Health Insurance - Customer Reviews
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4.4/5
Based on 189 reviews
4.4
out of 5
Based on 189 reviews
38 users
136 users
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3.8 April 09, 2023
Mansi
Excellent Support
It was easy to buy insurance from PolicyBazaar website and customer support was also amazing to clear all the doubts.Thankyou. Highly worth it.
Dehradun
4.3 April 01, 2023
Mahesh
Necessary Investment
It is a good and necessary investment. Thanks PB.
Lucknow
4.3 March 24, 2023
Surya
Provides Satisfactory Results
I purchased Group health insurance at policybazaar recently and i am so much satisfied with the plan. The application process was smooth and efficient, making the typically tedious task of getting insurance surprisingly hassle-free.Thanks PB.
Bareilly
3.8 March 16, 2023
Naveen
Helpful In Making Decisions
When it came to selcting the right Group Health Insurance, Policybazaar offered an impressive range of options from reputable insurers. I appreciated the comprehensive details avalable for each policy which helped me to take the better decisions. Thankyou.
Delhi
4.3 March 15, 2023
Rajesh
Increases Clients Expectations
I recently had the pleasure of securing a Group Health Insurance policy throug PolicyBazaar and I must say the Entire process exceeded my expectations! From start to finish, their service werw great. Thankyou.
Delhi
3.8 March 02, 2023
Ravi
Great Experience
I got great deals on PolicyBazaar website. Highly recommend.
Pune
4.3 February 17, 2023
Diljeet
Excellent Purchase
It was a excellent purchase at PolicyBazaaar. Thankyou team.
Coimbatore
4.3 February 04, 2023
Satya
Prompt Services
Policybazaar's efficient claims process was impressive. In case of any medical emergencies, my employees were able to get their claims settled swiftly, allowing them to focus on their health and recovery without worrying about financial aspects.Thankyou
Chennai
4.3 January 22, 2023
Abhishek
Budget Friendly Purchase
Thankyou PolicyBazaar for providing such a great plan at affordable premium rates. It was a budget-freindly purchase.
Delhi
4.3 January 09, 2023
Abhash
Multiple Range Of Benefits
I purchased Group health Insurance which offered me plans with affordable rates Thankyou PB.
Pune