Advantages of group health insurance plan

A quick five-pointer explanation on how group health insurance is beneficial for organizations.
Team Loop Health
March 1, 2021

If you are reading this then you probably are aware that why it’s a good idea to have good health coverage. But if you are new to the scene, then be informed that having good health coverage is a nice backup in case of health emergencies.
The next question for you should be why should you choose group health insurance over individual health insurance? And the question is quite valid as it is a big expense for the organization. So, why should you get a group mediclaim policy for your employees?

Advantages of Group Health Insurance to employers

The best part of group health insurance is that it offers benefits to both employees as well as employers. Irrespective of the size of your organization, the benefits remain the same for all types of companies. Here is the list of all the benefits that an organization enjoys when they opt for corporate health insurance:

1.) A healthy employee is a happy employee

It is quite tough to maintain a healthy lifestyle in today’s stressful world. Although health insurance can’t prevent an illness, it can surely help in facilitating for your employees & their families. Often employees say that there is no other better feeling than knowing that your organization has got their back & has provided them a safety net for medical emergencies. 

Ensuring that their health & wellness is being looked after, results in them being happier, which in turn results in a happier workplace. After all, it’s the people who make or break the organization. 

2.) Savings in taxes

As per Indian tax regulations, organizations are exempted from some taxes if they buy a group health plan for their employees. It’s a win-win situation for the organization as it saves big on tax returns & cares for their employees at the same time. 

3.) Retaining & attracting quality talent

CTC & company culture are two of the important factors that employees care about while deciding their tenure with an organization. But lately, it is being witnessed that other employee benefits are emerging as the third biggest factor while taking that decision. A good health benefits plan helps in tilting the employees’ decision in your organizations’ favor & makes the talent acquisition manager’s job easy by providing them an edge over the other competitors. 

4.) Boosting goodwill

In this new age of technology, it is quite important for an organization to have a good reputation inside as well as outside the organization. Along with a good company culture & growth rate, a set of good health benefits ensures that the overall goodwill of the organization increases in the market. 

5.) Value for money

All group health insurance plans are customizable which means that the risk & premium amount is shared amongst the employees. This helps it in being economical & cheaper as compared to individual health plans. According to recent studies, group health insurance is said to be 30% cheaper than  individual health plans. 

Providing health coverage to your employees is a necessity, especially in these evolving times. And a group health plan is the best possible way to achieve it.

Interested in learning more about Group Health Insurance? Click here

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