How Much does Group Health Insurance Cost an Employer per Person?

Offering group health insurance to employees is a critical benefit that enhances their well-being. In India, 80% of workers deem employer-provided health coverage vital for job satisfaction. This fosters loyalty, productivity, and an improved quality of life. Moreover, it showcases a commitment to employee welfare, further elevating loyalty, job contentment, and retention. Additionally, it serves as a magnet for top talent in a competitive job market. Prioritizing health insurance is a win-win for both employers and employees.

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Key Factors Affecting Group Health Insurance Costs for Employers

  • Company Size and Covered Population: Smaller firms (less than ten employees) spend around INR 13,317 per employee annually, while larger companies (over 100 employees) allocate approximately INR 19,722 per employee yearly.
  • Employee Age and Health Condition: Premiums vary based on employee age and health. Younger individuals (26-45 years) pay an average of INR 8,022 annually, while those above 60 years pay INR 33,914.
  • Type of Coverage: Family coverage costs more than individual coverage. Family plans average INR 27,798 annually, while personal plans average INR 9,509.
  • Location: Premiums are higher in metro cities (e.g., Delhi, Mumbai) by 40-50% compared to tier-II cities (e.g., Lucknow, Jaipur).
  • Network Hospitals: More network hospitals can increase premiums but improve access to quality healthcare. Policies with network hospitals average INR 14,589.

Balancing these factors helps employers choose cost-effective coverage that meets employee needs, emphasizing the value of investing in employee well-being.

What's the Price Tag on Employer-Employee Health Insurance Per Person?

On average, it can range from INR 10,000 to INR 25,000 per person annually.

To make sense of this, think of it like dining out. As dining costs vary based on the restaurant's type, food quality, and location, employee insurance policy expenses depend on coverage levels and the company's budget.

Some employees, like those satisfied with a quick and affordable fast-food meal, may find basic health insurance covering essential services sufficient.

On the other hand, akin to the premium price of fine dining, offering comprehensive health insurance with extensive benefits comes at a higher cost to the employer.

It's important to note that providing health insurance can be a substantial expense, particularly for small businesses. However, it's also a valuable tool to:

  • Attract and keep skilled employees
  • Reduce employee absenteeism
  • Enhance overall employee well-being

So, while the cost of employer employee health insurance varies, the benefits it brings to both employers and employees can prove invaluable.

Conclusion

Employee insurance policy is a strategic investment in both employees' well-being and a company's success. Offering health coverage attracts and retains top talent, reduces absenteeism and prioritizes employee well-being. It's a competitive advantage and a testament to a company's commitment to its employees' holistic welfare, fostering loyalty and job satisfaction. Ultimately, health insurance is an invaluable asset that enriches lives and strengthens organizations, benefiting both employers and employees.

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Written By: PolicyBazaar - Updated: 12 January 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
15 users
0 users
0 users
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