Health Insurance is an important issue. There has been a long-term debate between the benefits of Group Health Insurance & Individual Insurance. Following the government's decision to mandate all employers to provide health insurance to their employees, there has been an increase in inquiries concerning Corporate Health Insurance from a variety of industries. It is a well-known fact that everyone is interested in learning about the advantages of a group health insurance policy.
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. There are a lot of group health insurance benefits for employees and employees.
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? and what are the benefits of group health insurance?
The best part of group health insurance is that it offers benefits to both employers and employees. Irrespective of the size of your organization, the advantages of group health insurance remain the same for all types of companies with certain terms and conditions. Here is the list of all the benefits of group health insurance plans that an organization enjoys when they opt for corporate health insurance:
It is quite tough to maintain a healthy lifestyle in today’s stressful world. Although medical insurance can’t prevent an illness, it can surely help your employees & their family members. 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.
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.
Employers offering health insurance to their employees can receive tax benefits under several sections of the Income Tax Department.
CTC and 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 making that decision.
A good health insurance benefits plan helps in tilting the employees’ decision in your organizations’ favor. It also makes the talent acquisition manager’s job easy by providing them an edge over the other competitors.
In this new age of technology, it is quite important for an organization to have an excellent reputation inside as well as outside the organization. Along with a good company culture & growth rate, a set of wonderful health benefits ensures that the overall goodwill of the organization increases in the market.
All group health insurance plans are customized which means that the risk & premium amount is shared amongst the employees. This helps it in being economical & cheaper than compared to individual health plans. According to recent studies, group health insurance is said to be 30% cheaper than individual health plans because it covers a large number of people.
The employer offers corporate Health Insurance to their employees with additional benefits. The employer either charges a premium amount to the employee for the plan or it is provided free-of-cost to the employees. Group Health Insurance helps the organization to care for their employees at an economical pace since it is purchased in bulk. Here is the list of group health insurance benefits for employees:
As compared to individual health insurance or family health insurance, employee health insurance(with good benefits) have cheaper premiums as the total amount is shared with other fellow employees.
A right Group Health Insurance plan acts as a great motivation tool for the organization. The employees feel valued & which eventually leads to higher productivity as well as an increase in employee engagement.
Generally, Group Health Insurance plans include insurance for family members(up to a certain limit). Managing health insurance policies like family floater health insurance from various service providers within the family becomes a hassle. Because it forces them to pay the premium amount out of their very own wallet. Hence, employees value the benefit of including family or friends in their group health insurance plans.
One of the most important benefits is the hassle-free claim settlement process. Individual health Insurance policyholders often have to go through a time-consuming process of producing documents, cash upfront transactions, etc. Whereas with group medical insurance they often have to just submit their hospital bills to the employer & they get reimbursed for it.
Group Health Insurance plans also cover maternity benefits as well OPD (Out-Patient- Department) benefits for preventive care of the employees. OPD mainly focuses on pre-existing illnesses.
In general, if you get individual health insurance from insurance companies, you must wait a certain amount of time before filing a claim for pre-existing diseases. This is one of the biggest disadvantages of individual health insurance. In group health insurance policies, this disadvantage is minimized.
From the first day of coverage, group health insurance permits you to file a claim for any pre-existing illnesses. As a result, there are no waiting periods for covering pre-existing conditions in group medical insurance.
We hope you got enough knowledge about advantages of group health insurance. As an employer you can understand why providing health insurance for employees is a necessity, especially in these evolving times. And a group health insurance plan is the best possible way to achieve it because it protects a group of people.
As an employee, you may prefer Group Health Insurance or Individual Health Insurance. But the bottom line is to cover your medical expenses & ensure that someone cares for you & your family’s health by providing quality healthcare at an affordable rate.
Are you interested in not only learning about the advantages of group health insurance but also knowing more about group health insurance? Then click here to learn.