Your employees are the most important stakeholders of your organization. No matter the size of your company or your employee strength, keeping them safe and secure is of utmost importance. Safety brings a feeling of confidence in your employees, which enables them to perform better at work and contribute whole-heartedly towards the growth of your company. Moreover, owing to the Covid-19 situation, most job seekers today look for employers who offer financial perks and securities in addition to a salary.
There’s always a dilemma employers face when it comes to choosing between group health insurance and medical reimbursements. Gathering some clarity will help you gain some perspective and make a worthwhile decision.
Medical reimbursements - It’s an arrangement where employers reimburse a portion of the health expenses the employee incurs.
Group health insurance - An organization purchases it, so employees either pay very little or nothing towards the insurance costs.
Medical reimbursements - Since it’s not a prerequisite for employers, they reimburse only a small amount if the employee meets all the conditions. So employees bear a hefty part of the expenses.
Group health insurance - Group health insurance offers protection against hospitalization expenses, pre-existing conditions, consultation with specialized doctors, maternity cover, etc. with no waiting period!
Medical reimbursements - Medical reimbursements offer no protection and only give employees reimbursements for actual expenses incurred on medical bills.
Group health insurance - There’s the availability of additional add-ons like critical illness cover, OPD, etc. which makes it a wholesome package at nearly no costs!
Medical reimbursements - While an employee gets coverage for several things, they bear a majority of the costs which may be expensive.
Offering group health insurance plans is the best way to make your employees understand that you care about their or their family’s well-being. The Covid-19 pandemic has taught employers and companies one major lesson - enabling financial security of their workforce.
Should employers opt for group insurance policies? Definitely! Group insurance brings with it a wide array of benefits for your employees, especially in a world that’s hit by an unforeseen pandemic. Medical expenses cause huge debts and stress to employees, so offering financial aid to your employees through group insurance is your first step toward winning their trust in you and your company. After all, your employees are the true drivers of your dreams and you definitely need their complete cooperation in your road to success.
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