Key Features and Advantages of Employee Health Insurance

India has come a long way in the business world and has a long way to go. How things function now is not the same as it used to be 10 years ago.

There have been dynamic changes in the management sector of businesses and how the employees, i.e., the most important resource of a company, human resources, are treated. There are many provisions, allowances, grants, and benefits allotted to employees.

Enters Employee Health Insurance Plans! Well, employee insurance plans are in the best interest of the employee, but they also benefit the company a lot. Big companies, that are the shining stars of the Indian entrepreneurship world, are buying employee health insurance for the company’s employees.

Since employers recognise the importance of health and a healthy workforce, insurance policies can help them achieve a standard, and they know it.

 Employee Health Insurance

A health policy provides comprehensive coverage to the employees of a certain organisation. Unlike traditional health insurance, this policy goes beyond individual coverage and can cover an entire group of employees.

There is a wide range of features that address the diverse needs of these employees and their families. Employees and their families are financially protected in case of medical emergencies.

These employee health plans are a valuable and beneficial investment on the employer’s side. Let us understand the features and benefits of the employee medical insurance policies.

 Employee Health Insurance: Features

  • Policies are Highly Customisable

Employee health plans are highly customisable, and this is one of the best things about these policies. We can even say that this feature works as a benefit of the policy.

For example, when it comes to premium payments, there are various options: employers and employees can pay the premiums in proportion, employees can pay the entire premium, or employers can pay the entire premium. Apart from that, choosing the coverage, add-ons, riders, and benefits is in the policyholder’s hands.

This helps you to align your requirements with the plan and make the most out of available resources.

  • Extended Cover to Family

Unlike traditional insurance, these policies do not limit themselves to the employees alone. It approaches the policyholders inclusively and comprehensively by extending the coverage to their families. This is an add-on; employees can choose themselves. It offers great peace of mind and support.

  • Maternity Coverage for Women

With the work culture evolving by the day, workplaces have become more considerate and inclusive of women and their needs. Employee health insurance provided by the companies has an add-on for female employees that covers maternity expenses while the employee is pregnant.

This includes pre and postnatal care, checkups, delivery expenses, and newborn care as well. This is an extremely embracing, empowering, and inclusive environment that female employees will seek!

  • Pre and Post-Hospitalisation Coverage

There are various expenses when it comes to hospitalisation. There are pharmacy bills, surgery expenses, physiotherapist fees, tests, checkups, and consultations. Employee health plans provide not only hospitalisation compensations but also pre and post-hospitalisation bills. This holistic approach ensures the financial stability of employees and also guarantees comprehensive healthcare.

 Employee Health Insurance: Benefits

  • Financial Safety

Employee health policies act as a financial safety that protects the employees from expenses related to their medical treatments. It is an extreme financial burden to people. Since healthcare is getting more and more expensive as we speak, employees need the assurance that they are safe if any medical emergency arises.

  • Preventative Healthcare

Employee health insurance not only provides financial assistance at times of medical surgeries, hospitalisation, or treatments but also for preventative measures. Insurance companies like Tata AIG provide coverage for regular checkups and preventative healthcare. This will help the employees avoid frequent illnesses and might diagnose an undiagnosed disease early on.

  • Attracts and Retains Talent

When a company offers great facilities to employees, the word spreads, and it attracts better talent to your company. It will not only attract great talent but also retain that talent. This will sustain the quality of work and improve the growth of your company.

This is a massive benefit for the company. No one really likes to leave a company that provides great benefits like a health policy, and hence, it increases the loyalty and efficiency of the employees.

  • Tax Benefits

Section 80D of the Income Tax Act of India allows employees to deduct the premium payments made by them from the total taxable amount from their income. This reduces the total amount of tax you pay, saving you money!

 Ending Note

Employee health is a paramount concern for progressive and employee-friendly companies. Apart from being a commercial move, buying policy is an employer’s fundamental responsibility, or at least letting them know that they have the option of having one.

By investing in these health policies, the companies are investing in the future of their own growth and sustainability. Embrace the people who work for you, improve the work environment, and be caring. These small gestures are how you can do it!

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