Why Should Corporates Offer Group Health Insurance to the Employees?
Good health of employees means enhanced productivity and positive contribution towards organisational goals and objectives.Due to the rising number of health diseases, it is essential to take care of your employee's health and wellbeing. Also, after the COVID-19 outbreak, IRDAI has made it compulsory for the employers to offer group health insurance to their employees.Read more
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Reasons to Offer Group Health Insurance for Employees
Many insurance companies offer group health insurance and there are plenty of reasons for you to provide GHI coverage to your employees. Let us give you some reasons, why you should offer GHI to your employees.
1. Benefits to Employees
The purpose of a group health insurance policy is to offer financial protection to those employees who cannot afford an individual health plan. Under this, employers contribute the premium amount for the employees, and employees can enjoy the benefits of a health plan.
2. Basic Cover
Usually, people do not buy individual health plans because of the high premium costs. But with employee health insurance, they can enjoy all the basic health insurance coverage without paying anything out of pocket. Also, it will provide financial aid to them during a medical emergency.
3. Superlative Health Care
Any company or a firm should consider an employee wellness program as their priority. For this, they must tie-up with insurance companies to offer superlative health care in the form of group health insurance. Your insurance company has network hospitals. In case your employees need to get admitted, they can go to these hospitals without any hesitation. Also, getting medical care without a health insurance policy can turn into an expensive affair.
4. Hiring and Retention Process
Things like group health insurance policies are considered the benefits to attract new employees and retain the existing ones. If you offer a group health insurance policy to your employees, you will put yourself in the competition. Additionally, this enhances your employees' productivity and recognises them as a priceless asset to your company. Therefore, offering a group health insurance policy helps the hiring and retention process.
5. Tax Benefits
A group health insurance plan offers you the benefit of tax deductions for your company. Under this, the employers can pay monthly premiums for their employees that are tax-deductible under the Income Tax Act.
6. No Waiting Period
This is one of the biggest features of a group health insurance policy which most individual plans do not offer. Any health insurance policy comes with a fixed waiting period where the policyholder has to wait for a time duration before raising a claim. However, under a group health insurance policy or employee health insurance plan there is no such fixed waiting period.
7. Hassle-free Claim Settlement Process
Insurance companies are coming up with apps to make the claim settlement process hassle-free. Similarly, the group health insurance policy claim settlement process is quite simple and smoother than it was a decade ago. The insurance aggregators like Policybazaar.com allow you to file claims in 5 minutes through the user-friendly mobile app.
8. Preventive Health Care
New-age health insurance companies are continuously working towards preventive health care initiatives. You can avail of unlimited exclusive employee wellness programs like digital fitness and yoga classes, online workout sessions, digital mental wellness programs and many more things. Also, under these kinds of apps, you can have options to include a fitness tracker, fitness reward, health risk assessment, discounted OPD consultation & laboratory tests, and unlimited online doctor consultation.
9. Mobile-Friendly Applications
All the group health insurance companies are technically advanced and have responsive websites & mobile-friendly applications for making your life better. Also, at Policybazaar.com, you can choose the best group health insurance plan and employee wellness program according to your preferences and needs.
10. Building Positive Company Culture
Any kind of employee wellness program offered by a company helps in building a positive & healthy company culture. With the help of a group health insurance policy, you can establish a creative working environment in your organisation. Also, it enhances your employee's ability which turns out to be a healthy sign for the employer.
An employee health insurance or a group health insurance plan is one of the best ways to enhance your working culture and cover the basic needs of your employees. The task is to find the best partner to tie up with and enjoy a hassle-free insurance experience.
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