As a forward-thinking company, offering group employee health insurance is one of the most important decisions you can make to thrive and remain competitive in today’s fast-racing business world.
It is a cornerstone that not only helps the employee but also streamlines business operations. Apart from enabling employees to make health coverage claims when the need arises, group employee health insurance comes with some benefits.
As long as your employer has a group insurance cover and pays premiums, employees are always assured of premium health services. Unlike individual health plans, this plan ensures that employees receive adequate protection health-wise and financially as well.
Despite the fact that group health insurance policies may differ from one company to another, most of them subscribe to plans that cover several health-related expenses. These include pre and post-hospitalization charges, room charges, consultation, surgeon fees, medicine and drugs cost, boarding charges and costs for specialists such as anesthetist.
Competitive For Forward-Thinking Companies
A healthy and motivated workforce is crucial to enhancing productivity in any organization. By offering group employee health insurance cover, companies can attract the top cream of the society, talented employees. Research shows that most employees would prefer a reliable health insurance cover over a pay rise. Guaranteed health coverage also provides a conducive business environment that boosts the morale of workers.
Also, the health package prevents sickness, reduces absenteeism and fosters the health of workers. This not only helps companies retain key talent but also streamlines the recruitment process because only dedicated workers get attracted. In a nutshell, group health insurance attracts the top talent and helps in keeping the workforce focused leading to improved productivity and competitiveness.
It Is Economical
Companies enjoy lower premium rates due to the sum assured nature of the group health insurance plan. In fact, depending on the insurance company, a group health insurance plan may be 30% cheaper than an individual plan.
This partially pooled deductions when accumulated for a year amounts to significant savings. Also, companies enjoy tax breaks when they comply with the health insurance policies.
Even though the group health plan receives more weight, this could lead to the exclusion of some services making the plan less customizable.
If there is anything to boast about group health insurance plan, then it is their impeccable services. Eligible employees get assured of exceptional services and online support 24/7. They n also avail the opportunity to opt for critical illness cover.
If that is not enough, most plans provide a cashless facility in all their partner hospitals enhancing convenience in acquiring medical services. From the time of hospitalization of the insured employee until discharge, the group health plan covers everything that arises.
This is one of the top reasons why employees prefer working with a company that offers group employee health insurance cover. Most workers are pretty much aware of how things can get out of control when one uses the individual health plan, especially when he or she is critically ill.
Provides Insurance Cover For The Disabled
If one gets disabled and he or she is unable to work, the group health plan package offers long-term and short-term benefits. Even though the waiting period may vary, approximately 7-14 days or up to several weeks, the disability insurance pays a given percentage of the salary that the victim is entitled to, a pretty good idea. The amount paid is subject to terms of employment, company policies and other remuneration terms as well.
It Is A Way Of Saving With The 401K Plans
Some employees create a retirement income pool out of the group health cover plan. Individuals agree to contribute a given portion of their pre-tax income and finally, save a significant amount by the time they are retiring. The good side of this plan is that some employers, out of the company profits, contribute towards the saving scheme.