As the age-old saying goes – ‘A stitch in time can save nine! This is the simplest way to understand the essence of preventive health check-ups. Designed as a series of medical tests, it is focused on detecting illnesses and disease prevention measures well in time.
On a larger scale, it helps in detecting behaviors, habits, infections, and medical problems before they turn into full-fledged diseases. Preventive healthcare is also a great way for employers to reduce employee healthcare costs and create a fitter and more efficient workforce in the long run.
Still, confused as to what is a preventive health check-up? Read on to find out what a preventive health check-up means.
What is Preventive Health Check-Up?
Our modern lifestyles have caused sedentary routines and various unhealthy habits to creep in. With a disregard for wellness amongst many, preventing diseases has become a challenge for doctors and healthcare providers.
Preventive health check-ups have thus become the need of the hour. The mechanism helps one assess their physical health and identify any illness or risk factors that may be present.
It allows an individual with an outlet to minimize health problems and adopt treatment measures well in time. Similarly, for companies, it acts as a means of improving the efficiency of the workforce and lowering expensive healthcare costs.
For an in-depth understanding, read more about what is considered preventive care and what it covers?
It's no wonder that more and more organizations are now arranging regular check-ups for employees and embracing preventive healthcare as part of workplace wellness.
While the frequency of preventive health check-ups differs from person to person, an annual preventive health check-up is recommended as a minimum, regardless of one’s age or fitness levels.
What Are Preventive Health Check-Up Fees?
A comprehensive preventive health check-up package might cost anywhere from Rs. 1000 to Rs. 12999, depending on the type and number of tests that you need.
The number of tests required, and the consequent preventive health checkup fees usually increase for senior citizens or those above 60 years of age.
At Loop, we understand the need for preventive care and the many benefits it entails. In line with this, our group health insurance plans feature doctor consults, lab tests, and medical assistance - all of which you can extend free of cost to your employees.
What Are The Pros Of Preventive Health Check-Ups?
There are several benefits of preventive health check-ups. Here’s a gist.
1. Health assessment
It is always good to know where your employees stand in terms of health and wellbeing. Preventive health check-up enables you to keep a tab on employee wellbeing, reduce instances of sick/emergency leaves and burnout, and thereby improve organizational efficiency.
2. Increase employee loyalty
By extending preventive healthcare to employees, you can help them detect existing ailments or future health risks in time. This enables them to place more trust and loyalty in the organization by knowing that you care.
3. Better organizational efficiency
Preventive health check-ups, in most cases, serve as a wake-up call and inspire people to look after themselves. For companies, it serves as a means to build an aware and fit employee base and thereby propel more efficiency and better results at work.
4. Reduced healthcare costs
By detecting ailments before time, one can avoid medical expenses that would otherwise be needed. With the help of regular check-ups for employees, organizations can reduce their healthcare costs by a large margin. Similarly, they can also lower employee absenteeism and the costs associated with it.
5. Tax benefits
Since preventive health check-ups are eligible for tax deductions under the Income Tax Act, one can save a prominent sum on tax payments. This acts as a boom for employees as well as employers.
Top 5 Medical Tests Conducted Under Preventive Health Checks
There are several tests that you can undertake as part of a preventive health check-up. The most common ones are illustrated below:
In addition to these, you can also include kidney, liver, thyroid, and other medical examinations in preventive health check-ups.
What Are The Tax Benefits Of Preventive Health Check-Ups?
Preventive health check-ups provide a range of benefits to individuals in terms of their personal health. However, they also extend financial pros, the biggest of them being tax deductions.
As per Section 80 D of the Income Tax Act, 1961, individuals can claim tax deductions up to Rs. 5000 per financial year. This is the maximum deduction allowed and covers the amount spent on preventive health check-ups for spouses, dependent children, and parents.
You can claim the deduction even if you have paid the bills through cash, unlike health insurance policies that require individuals to pay insurance premiums through organized banking channels to avail of deductions.
Similarly, you can also enjoy a maximum tax deduction of up to Rs. 25,000/50,000 jointly on their medical insurance premium payments and preventive health check-up bills.
For instance, if you spend Rs. 23,000 on health insurance and Rs. 6000 on preventive health checkups, you can claim Rs.25000 collectively as a deduction. In this case, you can enjoy a deduction of Rs. 2000 on preventive health check-ups in addition to that of Rs. 23,000 on health insurance.
Employers too stand to benefit from preventive healthcare in terms if tax savings. The premium paid by companies on group health insurance (which covers preventive health check-ups) is termed as a business expense. This amount can be shown in the profit and loss statement to avail tax benefits in line with the Income Tax Act, 2016.
Interested in tax benefits? Learn more about are group health insurance premiums tax deductible?
Better Safe than Sorry
With the rise in preventive healthcare, it is pertinent for companies to include regular checkpoints for employees in terms of both physical and mental health. At Loop we enable organizations to cover this via our group insurance plans or customized group insurance policy schemes.
Our preventive healthcare benefits such as doctor consults are available on the Loop app and thereby easily accessible to employees. Additionally, we have a resource-rich library to help you divest workplace wellness initiatives and more at the office.
Join hands with Loop to get your employees the preventive care they deserve along with a whole lot of other benefits. Starting @ Rs. 499/- only!