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Group Health Insurance

How you can benefit from group insurance as an employer?

How you can benefit from group insurance as an employer 2

An employer health insurance plan or group health policy is a facility that an employer of an organization offers to the employees. It is different from the usual health insurance plans that you see people buying. How? With individual or personal health policies, there is plan coverage for only the purchaser of the policy. In personal insurance, the beneficiary is the sole enjoyer of the plan coverage benefits and is responsible for paying off the premium. But group health insurances are different in respect of coverage facilities and payments. 

Who can offer group health insurance?

An employer health insurance plan, offered by the organization’s head, provides medical benefits to the employees and their dependent family members. The employer pays the policy premium on behalf of all the employees and their family members.

Group health insurance is available for employers and owners of startups, organizations, companies and businesses. Whether yours is a large or small enterprise, it does not matter as long as your employee strength matches the minimum bar of eligibility. For example, if yours is a startup with seven or more full-time employees, you can buy the policy. There are other rules as well for which you need to connect to the insurance companies or find an insurance seller to ease the process. 

What are the policy benefits?

Before going into the details of what benefits the employer enjoys, check the policy features at a glance. The group health insurance plan is active for the employee and their family member during the service tenure. If the employee resigns from the position or retires, the policy coverage will not be applicable anymore. The employees cannot continue the policy even if they want to as the insurance directly links to the organization. They can enjoy the policy coverage that is applicable within the insured limit, as chosen by the employer. 

The group health insurance provides both cashless and reimbursement facilities for medical expenses within the insured sum. It covers most expenses and treatments with some exceptions that you can know in detail by asking the insurance broker or company representative.

From the employer’s perspective

Now that you know the beneficial advantages that an employee can enjoy, shift to the prime point of discussion. How is it advantageous for you as an employer? You are the one paying for the employees’ medical expenses and their families through the policy plans. Is it at all profitable on your part? If you think long-term, then you will certainly notice the silver lining! 

Following are some of the advantageous points for the employers who offer the policies to their employees. 

A direct impact on the performances

As the head of the organization, you should always look for better opportunities to amplify the performance of your employees. While there are many ways to motivate them, health insurance can be a promising tool. How? When an employee enjoys medical coverage without having to pay for the policy, they automatically get motivated to work harder. The employees realize that in order to enjoy such policy advances, they need to perform better and secure their position in the company.

Helps in growing a trusted workforce

What is the prime force that makes a company excel and grows? Yes, it’s the employees who implement your plans into action! Building a trusted and powerful workforce is not easy as you have to strategically motivate them to stay loyal to the company. By offering such insurance benefits, the employees develop trust over the employer and work with dedication out of loyalty and gratitude. 

It defines your company culture

How a company treats its employees and looks after their requirements, say a lot about the overall work environment. These small steps create a significant difference, especially for growing firms where you need to find new and valuable employees to amplify the workforce. It attracts eligible talents to join your company which is highly beneficial in the long run. 

An excellent way for retaining employees

One major problem with private companies is that the employees do not stick to the same concern for long. They tend to move to other companies and shift jobs for finding better opportunities and facilities. If you can provide the employees with the facilities they are looking for in other jobs and companies; then they will be less likely to leave for another job role. It also increases employee retention as they grow loyal to the company by gaining financial stability. 

A healthy and active employee group

Anyone can fall sick or get down with diseases. But what they need is proper treatment under expert medical guidance. With an excellent insurance plan to look after the medical expenses, the employees will not leave anything untreated. As a result, you get a fitter and healthier group of people who enthusiastically work for the company. It also looks after the overall wellbeing of each employee by taking financial responsibility for the medical expense of their family members. Thus, even if it looks like an advantageous plan for the employees, you (employer) are gaining in the long shot! 

Building a better image of the company

The reputation you build for your company plays a significant role in bringing better professional and business prospects. The brand associated with your company not only gets defined by the service or products that you serve. The employees develop a large portion. If your treatment towards the employees is fair and the facilities are benevolent, then your company image automatically improves in everyone’s eyes. It grows with the word-of-mouth appreciation and discussions through which you can easily gain superiority over your existing business peers. 

A smart plan for managing employee facilities

There are so many facilities that large-scale companies offer to their employees. But as a small to mid-size enterprise, you can also do your part. A group health insurance is a genuinely useful facility that eliminates multiple worries for the employees. Adding this one as a part of employee welfare plan is truly a smart action on your part as it reduces the financial burden. 

A token of appreciation

Offering employee facilities like a health insurance where they do not have to contribute for the premium reflects appreciation towards their efforts. It builds a virtuous image of the employer and the company in the eyes of the employees and their family members. This gesture of offering group health insurance to every employee truly brings a difference in how others perceive you as a true leader. 

Ensure optimal employee satisfaction

With medical expenses increasing rapidly for inflation, insurance can be an excellent stress reducer. It keeps the employees relieved as the insurance covers a major financial responsibility. Thus, offering the insurance plan truly satiates the employees, and you can expect better performance in return. 

Ensuring employee rights

HR practices and norms in a company should always focus on the overall rights of the employees. Such policies add to the employee rights aspects and thus brings a positive image for the company. If you are an HR executive looking for the best ways to improve the HR norms in the company, there is nothing better than offering a group health policy to those working in the concern. 

Lucrative tax benefit for you

One of the best benefits of offering the employer health insurance plan to the employees is that you can also qualify for tax cuts. There are legal norms that allow tax deduction against the premium you pay. You can get a tax cut up to Rs.25,000 on your annual income tax amount by producing valid documents of premium deposits for employer health insurance. 

An affordable facility to offer

As the organization’s head, you need to look for an effective yet affordable solution for improving employee satisfaction. By offering the employer health insurance plan, you can fulfil the responsibilities without exceeding the budget. There is no fixed sum that you have to sanction for the insurance and ranges between Rs.1lakh to Rs.5lakh, depending on your selection. The premium amounts are also affordable and customizable, depending on the policy you pick. Thus, it is a good way to save the company budget and at the same time build a better image for the workforce.

Excellent policy plan for startups and small businesses

Offering such group health policies are significantly beneficial for employers of small-scale businesses and startup founders. It attracts new talents to the organization and helps in constructing an excellent image in the professional sphere. As an employer or founder, if you are not yet offering the group health insurance facilities to your employees, it is high time you thought otherwise! 

How to choose the right policy?

If you do not know how to buy the employer health insurance plan or proceed, you must always seek professional assistance. One way to buy the policy is by directly connecting to an insurance company to buy their specified policy. However, a smarter approach is to go through an insurance broker. They offer insurance plans from different companies from where you can compare and pick.

PlanCover – Assisting you always.

PlanCover, one of India’s leading insurance selling companies, brings you a one-stop solution to all insurance-related needs. PlanCover offers several policy plans from the topmost insurance companies for small to mid-size businesses and organization. You can clarify your doubts by consulting with the team and buying the right one among the many offers. Reach out to their team now! 

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