Six Underrated Benefits of Group Health Insurance Policies for Organisations

Six Underrated Benefits of Group Health Insurance Policies for Organisations

Benefits give a big punch. They show that you care about your employees and their welfare. So, when you’ve just started, deciding whether to go with group health insurance is one of the decisions that you will have to make. It is strongly advised to go with a group health insurance policy because you can enjoy the following benefits by offering corporate mediclaim to your employees –

Attract talent

Though money is a great influencer while choosing the job, many people also look for other frills attached to their pay-cheque. A comprehensive health insurance is a great way to attract new talent. As medical cost is slowly making treatment unaffordable, employees will surely appreciate the group mediclaim policy as otherwise without it, they would have to spend money on medical expenses.

Great motivation

Healthcare costs have increased at an unprecedented rate. A single hospitalisation is enough to cost you a few thousand rupees. Therefore, when you offer a group health insurance policy to your employees, it is greatly valued by them as they know they can seek best medical treatment without worrying about the costs. By shielding against higher medical costs, employers can motivate their employees.

Retains employees

Nowadays, more and more companies have become an employee- centric and corporate health insurance has become one of the crucial factors in retaining good talent. As stated above, medical costs are rising at an alarming rate, and therefore, when employees get a comprehensive medical insurance from their employer, they value it and prefer to stay with the company as it takes care of their hospitalization expenses.

Further, you can expand your corporate health cover by including family members as well. It is an added perk which will be valued by employees as now their entire family’s health is secure. Also, maternity is a benefit which you can add to your group health insurance policy which will take care of the maternity related expenses. Considering the high maternity expenses, it will be a benefit valued by your employees.

Build a healthy workforce

In addition to covering medical costs, a group health insurance policy also offers various preventive care measures to keep your employees healthy and working. Some insurers offer a premium cut if you are offering good mechanisms to your employees like a gym membership, yoga classes, etc. It means a group health insurance policy will not only protect your employees against soaring medical costs but also ensure that they stay in the pink of health.

Lessen worries for employees

When you offer a group health insurance policy, it invokes a sense of security among your employees. They feel more secure as they know that they can easily pay medical expenses, especially when an emergency strikes. That peace of mind is valuable which also ensures more loyal employees.

Tax benefits

When a company buys a group health insurance policy, it is considered as business expenses, and thus, enjoy tax benefits as well. It means by buying group health insurance; an employer can cut its tax liability.

As a group health insurance policy is purchased in bulk and cover lots of employees, the premium cost is low, and a company also gets discounts in bulk from insurers. It means you don’t need to shell out much money in purchasing a group health insurance and considering the benefits it offers; it is indeed a lucrative deal!

As there are various insurers offering group health insurance policies, you might find it difficult to choose the one. So, you can take the help of corporate insurance advisors like SecureNow, which can let you obtain policy quotes from various insurers which you can further compare to choose the one.

Remember, the success of a business depends on its employees, and therefore, it is inevitable to take all the steps to show that you care about them. Buying a group health insurance is the right move towards this direction!

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