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Group Health Insurance

How Group Health Insurance Plans Help Small Businesses?

By December 8, 2021March 9th, 2022No Comments
How Group Health Insurance Plans Help Small Businesses 1

Do you own a small business in India? Is the employee count in your company is between 7 and 450? You can buy a standard Group Health Insurance Plan from a reputable service provider to enhance the interests of your employees, simultaneously strengthening the prospects of your company. 

Before you purchase the insurance policy

It is the responsibility of an employer in India to buy a group medical coverage plan. It is a non-life insurance policy that adds more value to the employee benefits. But, before you buy it, you should be aware of the benefits of it.

Creating trust

The insurance policy is an excellent tool to build trust among your employees. The employees of your organization value your vision. The availability of the group medical coverage makes the employees remain loyal to your company. It is beneficial to accelerate the growth of your business.

Guarding the employees against unplanned expenses

No person can predict the future. An accident or illness can happen suddenly. A standard group medical insurance policy sufficiently helps in protecting each of the employees of your organization against unplanned expenses to avail medical services from a top hospital.

Getting tax benefits

You will be delighted to know that a good group insurance policy is pretty effective in getting tax benefits for your organization. There are clauses within the policy document of the insurance that enable the company to avail such benefits. It leads to a higher revenue margin for the business. 

How does Group Health Insurance help small businesses
How Group Health Insurance Plans Help Small Businesses? 5

What the insurance is all about?

It is important to know the basics of a group health insurance coverage policy. The plan includes a group of employees working in the same organization. It provides equal entitlement or weight to each employee, covering the expenses of medical services during illnesses, emergencies, etc. 

A holistic approach for employee care

As an employer, when you want to provide something comprehensive to benefit the employees, one of the best steps is buying a group medical insurance policy. It efficiently helps in attracting good talent from the industry. The employee retention rate improves, too.

More technological integration

New-age group medical coverage is nicely integrated within the framework of a small business through mobile apps and websites. It becomes more convenient for the employees to avail of medical services or to claim a settlement using advanced yet user-friendly technologies. The company remains organized. 

Lowering the hiring costs

It is one of the priorities of every employer to control the costs to enhance business growth in a competitive market. You can do it when you buy a top-rated non-life insurance policy for the employees of your company. You do not have to think about frequent hiring as most of the good employees continue working in your organization.

Scaling a small business

It is one of the most important aspects of growing your company. You need to scale the business to remain relevant in the market. When you buy a standard group medical insurance policy, it becomes more convenient to retain talent. It leads to smooth scaling of the business. 

Several ways in which the policy benefits the employees

There are multiple ways in which the insurance policy benefits the employees of your organization. You can easily know about the distinct benefits by going through the clauses of the policy document.

Covering a pre-existing illness

The insurance policy takes into consideration the pre-existing illness of any of the employees in the group. So, the insurance takes care of the expenses for the treatment process of the pre-existing illness or disease. It helps in reducing financial liability for both the employee and employer.

The coverage is from Day 1

It is easy to convince top talent to join your company by citing one of the features of the policy – the coverage is right from Day 1. So, the facilities of the group medical insurance policy can be availed from the day of joining your company.

You can provide wellness programmes to your employees

It is pretty convenient to provide an array of wellness programmes to your employees when you buy a reliable group medical insurance policy. The guidelines of the policy document tell you about the details.

Keeping the employee benefits costs under control

You will be relieved to know that purchasing a group medical insurance policy enables you to keep a tab on the expenses of the organization. As an employer or the HR Head, it becomes simpler for you to control the prevailing costs.

Covering spouse’s health

There are many group medical insurance policies that include the spouses of the employees in the net. The coverage is more comprehensive in such cases. You need to enquire about the relevant details from the concerned service provider. After you are convinced about the feature, you can go ahead and buy the insurance policy.

Providing your employees more accessibility to various hospitals

Another attribute of a trusted group medical insurance policy is you can, as an employer, provide the employees more flexible access to more hospitals in the city, especially when it is a metro city. It certainly creates a positive impression about the company in their minds.

Easy to cost-effective include add-on facilities

Some of the insurance policies have provisions for modifications. The employer can pay more premium amounts to include the add-on medical facilities and/or coverage for the employees. It is a cost-effective way to enhance the scope of the group non-life insurance policy.

Getting better reviews for your company

You can be sure that the employees of the organization will give positive reviews about your management. A part of the courtesy goes to the provision of a well-structured group medical insurance policy. It helps to improve the reputation of your small business in the competitive market.

Purchase the policy from a renowned broker

You can consider consulting PlanCover, a top broker selling a full range of group medical insurance policies for small businesses in India. You can be sure of availing great deals from the company. It has certification from IRDAI. 

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