By Mike Lee
An employer must ensure that their team is happy and productive with a friendly culture, a pool of opportunities and some genuine perks.
To build a workforce of loyal employees, it is important to take care of their problems. One of the most effective ways to ensure employee satisfaction and loyalty is by providing robust health coverage through group health insurance plans.
Though these policies are designed to help employees in their critical moments, they also bring several advantages to employers.
What is a Group Mediclaim Insurance Policy for Employees?
Group health insurance policy covers a group of individuals, typically employees of an organisation. Insurance provides healthcare coverage to employees at a feasible cost compared to individual plans. Employers can select the best policy with suitable terms and premium rates that benefit both employers and employees.
Top 5 Group Health Insurance Benefits for Employers
1. Group Health Insurance Tax Benefits
Employers can leverage the group health insurance tax deductible benefit by offering group mediclaim insurance policies for employees. Insurance premiums are considered a business expense, making them tax deductible under the Income Tax Act.
2. Boosts Employee Satisfaction and Retention
Providing a suitable group mediclaim insurance policy for employees helps them in paying heavy medical bills and takes off the financial loads. This ultimately results in enhanced job satisfaction. When employees know their health and that of their families are taken care of, they’re more likely to stay loyal to the organisation.
Group health insurance is a significant motivator for employees. An organisation without these perks faces higher employee turnover which can be costly and disruptive.
3. Attracts Top Talent
In today’s competitive job market, talented candidates seek the best opportunities offering peace of mind, a great team, a pool of opportunities, and financial security beyond just salaries. Employer group health plans can be a game changer to attract the best top talents. Many potential candidates consider health insurance a must-have benefit when considering job offers.
Since big players in the market are offering such perks, it becomes an important checkbox to tick off while recruiting top talents.
4. Improves Employee Health and Productivity
When an employee gets financial help for his and his family’s healthcare treatment, he/she can work with better peace of mind and be more productive. A healthy workforce is a productive workforce. By providing group health insurance, employers ensure employees have access to timely medical care.
Almost every employer group health plan includes regular health check-ups. It helps employees to track their health well-being and get notified about any potential risks early, to start treatment and avoid major mishappenings.
5. Cost-Effective Coverage
Group insurance policies have a system of shared risk across a group making them more affordable than individual health plans. Employers can offer high-quality coverage without straining budgets.
Employers may also negotiate better terms with insurers based on group size and claims history. There are multiple top group health insurance providers trusted by industry giants as they offer customisable policies like Tata AIG.
How Employers Can Maximise the Benefits of Group Health Insurance?
1. Choose the Right Policy
Understand your employees’ unique requirements and try to gauge their expectations around healthcare. This will help you choose an appropriate plan suitable for all team members.
Try to get a plan that covers a wide network of hospitals, offers cashless claim settlements, and includes dependents.
2. Educate Employees About the Benefits
Due to a lack of awareness, many employees fail to utilise health insurance benefits fully. Employers should organise in-detail sessions to explain the policy’s features and claims process. Employers can also consider calling an expert from the insurance company to explain the perks more simply.
3. Leverage Tax Benefits
Ensure that the group health insurance tax deductible and other expenses related to group health insurance are accounted for during tax filings. Employers can invest the amount in optimising business operations or introducing innovative training sessions.
4. Partner with Trusted Insurance Provider
Purchase a group health insurance from a reputable insurance provider to ensure easy claims, online procedures, better customer support, and other benefits. Select an insurer that offers customisable plans and if they have a cluster of reputed organisations as their clients.
Final Words
Investing in group health insurance is a strategic decision for any employer. It not only benefits employees & their families but also benefits employers. They get to work with motivated, happy employees as well as enjoy the tax benefits.
So, prioritise group health insurance as a core component of your employee benefits program. By providing peace of mind to employees, you can create a foundation for long-term success and growth.
