Group Health Insurance

What is Group Health Insurance?

The first question that is most likely to appear in your head is: 

What is Group Health Insurance?

Well, as the name suggests, it is a health insurance plan for a group of people!! 

To get it straight, suppose you have an organization wherein some employees are working, then the Group Health Insurance comes in handy. Because the business pays the premium, this is frequently offered as an useful benefit to employees. In some situations, group health insurance coverage can be extended to the employees’ family members. This type of insurance is often known as employee health insurance or corporate health insurance.

However, the cost is significantly lower than individual health insurance plans, and it also saves companies money in the form of tax breaks, making it a win-win situation for both the employer and the employee.

Why should you protect your employees’ health using Group Health Insurance?

As the saying goes “A happy employee is a productive employee” which further enhances the productive capability of your organization. Group Health Insurance is a great steppingstone towards this process.

The following are the benefits of Group Health Insurance-

Motivates the employees- Employees that are happy at work create pleasant workplaces and, as a result, successful businesses! It’s no surprise that the safer and more pleased the employees feel, the happier and more driven they are likely to be!  

Protection against severe health conditions- In India, lifestyle-related diseases account for more than 61 percent of hospitalizations and deaths. Protect your staff from the same

ailments, as well as others; the sooner these problems are identified, the sooner they may be treated and resolved and hence a better workforce.

Mental Wellbeing of the employees- Many employees are stressed out as a result of financial pressures or other personal concerns, which can contribute to decreased productivity at work. With the correct help in mind, group health insurance plan will not only protect their finances but will also improve their entire mental wellbeing.

Increases Employee Retention- People place a premium on occupations that provide them with a sense of security. A group health insurance plan will provide your employees and their families with not only financial security, but also a sense that their employer cares about them.

So, be the employer who actually cares about the employees by providing your employees with meaningful benefits and get an edge over the competitive market!!

What should be my employee strength in order to avail Group health Insurance?

Well, that is a very good question you asked! Generally, any organisation with ten or more members should provide health insurance to their employees. We break it down for you if you’re not sure if you need one.

Small companies & young start-ups- If you’ve just established your own business and have at least 10 employees, you can enrol in a group health insurance plan that will not only protect your employees but also help you save money on taxes. Don’t be concerned about the costs; group health insurance policies are tailored to the company’s financial and workforce strength.

Medium sized companies and growing start-ups- So, your business is new, but it’s been around for a long time. A group health insurance plan can help you protect your employees. This will not only increase your employees’ satisfaction and motivation, but it will also help you keep them for a longer period of time.

Large Organizations and established start-ups- Employees expect perks such as health insurance as part of their package because the company is large and established. So, if your firm is well established and large enough, you should provide them and their dependents with a corporate health insurance plan that will not only provide them with peace of mind, but also improve your company’s goodwill.

Now, let’s wind up with highlighting some major advantages that you will be enjoying because of Group Health Insurance.  

Low-Cost Premiums- Because the cost of a group health insurance coverage is shared among a group of people, it is far less expensive than other health insurance policies.

Tax Benefits- Companies who provide their employees with corporate health insurance can save money on taxes, according to the Income Tax Department of India.

Company Goodwill- Employees are happy and work settings are happier when their employers provide them with significant benefits. This, in turn, leads to increased goodwill for any organisation, large or small. After all, who doesn’t like a good company that cares about its employees?