Group Health Insurance for Employees – A Real Business Investment

Many businesses, including small companies, are now buying group health insurance plans for their employees. It is an excellent benefit to offer insurance coverage to your employees for several reasons. But at the same time, it is an excellent benefit for you as an employer as well. Health Insurance plans are more of long term investments and here’s why:
Choose Benefits for Yourself – The group insurance plan you buy for your employees will cover you as well. And since group health insurance offers coverage to a group of employees, your employees do not get to choose the policy and its benefits. However, you can choose the benefits you want for yourself. You can create your own plan in a way that you can file a medical claim and get reimbursed for maximum medical treatments. And it would still be way less expensive since insurers almost always offer group policies at discounted premium rates.
Being the boss does have its perks, but with this one, there is nothing to feel guilty about. You get to choose the policy but you are also taking care of your most valuable assets – your employees.
Attract Talented Employees – While employees are competing to get into the top companies, employers are competing to attract the top talent. And since the competition is aggressive in the global market, health insurance for employees is a major differentiator.
According to Aflac, 55% of employees are likely to accept a job, that offers more benefits despite lower compensation. Hence, with the group health insurance plan as a virtual CTC, you can attract new and top talent. Moreover, excellent health coverage benefits will positively impact your company’s reputation, which is a significant factor that helps in attracting new talent.
Get Tax Advantages – As per the Section 36(ib) of the Income Tax Act, business owners can claim tax deductions against premiums that they have paid towards the group health insurance policy for their employees. And as a result, the cost to the company reduces significantly.
Fulfil Your Corporate Social Responsibility – Employers undertake various CSR (corporate social responsibility) activities outside the organization, for example, opening NGOs. But in reality, fulfilling social responsibility should start inside the organization. By giving your employees adequate health coverage, you will be able to fulfill your social responsibility and get a sense of satisfaction. After all, your employees are your responsibility. So, start your CSR activity journey by providing health insurance to your employees.
Ensure Productivity – According to a MetLife study, 60% of employers say that they have achieved higher productivity levels by offering health insurance to their employees as a benefit. A lot of employees are stressed in their lives, and a major reason often is the lack of financial stability. And in such a case, if they or their family members are diagnosed with a disease whose treatment is expensive, their productivity at work will take a hit.
If you choose a health insurance plan that covers the employee as well as their family members, they can rest assured that they will not have to bear hefty hospital expenses in case of illness. And if this stress of expensive treatments is off their shoulders, they can have peace of mind and work efficiently. This would, in turn, increase the overall productivity of your organization.
In addition to all these benefits, you will be able to make your employees feel valued, engage them, and recover a lot more than what you spend on them through health insurance. So, do your research right and choose the plan that benefits your employees the most while providing your great coverage too.
Author Bio:
Anuj co-founded SureClaim to fix the broken claim experience of insurance customers. He believes technology can play a major role in empowering customers. His understanding is shaped by his decade long stint in healthcare and health-tech companies.