Health is Wealth – they say! And the statement couldn’t hold truer than in today’s day and age. With the pandemic and the stressors of daily life, taking care of one’s health has become a priority. Companies across the globe are thus prodding on an important question, i.e., are they doing enough for their employees’ health?
As is widely accepted today, a healthy workforce translates to more productivity and better results in the long run. Business owners and human resources are therefore going the extra mile to offer employees comprehensive insurance benefits. And there are multiple reasons they should too.
So, why offer health insurance to employees, you still ask? Read on to know!
Top 10 Reasons Why Employers Must Offer Health Insurance to Employees
- Higher employee productivity
- Hassle-free claims
- Preventive health care
- Attract top talent
- Increased retention rates
- Tax benefits
- Better company reputation
- Improved company culture
- Convenient health care
- Access to top-tier hospitals
1. Higher employee productivity: There’s a clear link between group health insurance and employee productivity. Health coverage provides individuals with easy access to hospitals and helps them bounce back faster in case of medical downtime. It also helps them feel psychologically secure and taken care of. This aids their performance and can, in turn, benefit the company.
2. Hassle-free claims: Companies are reluctant to provide health benefits to employees as they fear the burden of managing claims and processes. However, with health benefit partners like Loop, you have claims assistance and support. So the process is smooth, seamless, and faster than before! Let’s not forget hassle-free for both HRs and employees.
3. Preventive health care: Group health insurance plans encourage employees to stay fit by rewarding healthy habits, offering discounts on gym memberships, and more. Preventive health care brings focus on holistic wellbeing and encourages the formation of healthy habits amongst employees. This helps in further boosting their morale and work performance.
4. Attracting top talent: With more and more companies offering health benefits, employees have several job options to choose from. Focusing on health insurance can help organizations up their chances of attracting top talent from the wide pool of applicants.
5. Increased retention rates: Attracting the right talent is only half the job done. Human resources are further tasked with retaining them, and here’s where providing health coverage can help. Comprehensive insurance benefits enable companies to retain their employees for the long haul and thereby reduce attrition rates.
6. Tax benefits: You may think of health insurance as an added cost. But what if we tell you that it could be a money saver? Companies can enjoy tax benefits on the premiums they pay for Employee Health Insurance. The savings depend on the amount of premium and the provisions of the Income Tax Act. Now that’s a game-changer, isn’t it?
7. Better company reputation: With the advent of social media, companies are compelled to work on their public perception. By introducing holistic health care facilities, they can enhance their reputation in the market. This can enable them to form better client alliances and attract the right talent.
8. Improved company culture: Companies with a strong sense of community often perform better. To provide employees with belongingness and a personal touch, organizations need to focus efforts on their company culture. Health Insurance is a way to show that you care for your people and thereby foster company culture.
9. Convenient health care: Not all employees have individual health coverage owing to limitations of funds or lack of awareness. In such cases, a group health insurance plan ensures basic coverage for them.
Further, most insurance benefits can nowadays be accessed via mobile apps and the web. Services such as telemedicine helplines further help employees to access medical resources conveniently.
10. Access to top-tier hospitals: Along with convenient health care, group medical insurance enables employees to have access to the doctors and top-tier hospitals, which otherwise may not be possible for them. This can help them maneuver and tackle health emergencies better.
What Are The Advantages Of Providing Employee Benefits To The Employees?
While we have spoken about health insurance above, providing additional employee benefits can help organizations supplement workforce wellness further. An employee benefits package covers the wishes and holistic well-being of individuals and can come with the following advantages:
- Enhanced Job Satisfaction
- Coverage for Pre-Existing Illness
- Lowers Absenteeism
- Overall Well-being
- Better Work-Life Balance
1. Enhanced job satisfaction: Show your employees you care by extending collective disconnects, well-being subsidies, hybrid work allowance, and other employee benefits. This will help them feel motivated and achieve higher job satisfaction.
2. Coverage for pre-existing illness: Offering health insurance to employees helps them cover pre-existing ailments, which they could otherwise miss out on. This is one of the prime advantages of group health insurance.
3. Lowers absenteeism: Workplace benefits boost loyalty and reduce absenteeism by a large margin. Happy employees look forward to their work and contribute to the goals of the company. Vouching for their betterment can have them reciprocate and vouch for the organization’s success.
4. Overall wellbeing: Benefits such as vantage points and wellness subsidies allow employees to spend on their wellness without compromising chunks of their salary. The better care they take of themselves, the higher their performance at work could be.
5. Better work-life balance: Employee benefits include hybrid productivity allowances to transition into work-from-setups. It also includes flexible working hours and commuting allowances. All of these can aid in better work-life balance for the employees and boost their morale.
Better Benefits To Get The Job Done
Bringing health care to the table needn’t be difficult! With Loop, you can procure group health insurance plans and a range of health benefits for your employees.
Download this quick and easy-to-read guide for implementing employee benefits that work for you and your organization
We at Loop, are dedicated to helping organizations build a healthy and prospering workspace with our comprehensive health insurance and engaging wellness activities.
After all, healthy employees equal a healthy company – it’s that simple!