5 Perks of Group Health Insurance for Employees 

Employees are the asset of a company. Imagine a company with a director and zero employees. How will the director run operations without the employees? They put in all their effort and time to scale up the business. There will be a time when someone would fall sick and need access to heaps of money. That’s precisely why companies have a Group Mediclaim Policy for Employees. 

You might be wondering what a group mediclaim policy means. The question is – How does it benefit the employees of a company? Does it benefit the owner of the company as well? If you ask us, everyone reaps benefits when there is group health insurance for employees. 

Here’s an article that highlights the five perks. Keep reading to find out. 

Defining Group Health Insurance Policy for Employees 

Also known as group mediclaim policy, the Group Health Insurance policy is a policy which reimburses the company employees for hospital expenses incurred in a year. The policy is meant for employees, so if they have a medical urgency or treatment to undergo, there will be a reimbursement. However, one needs to check what all treatments, surgeries, and urgencies are covered in this insurance. 

The Five Perks of Opting for Group Health Insurance Policy 

We can think of innumerable reasons to opt for group health insurance, but we have mentioned the five perks here. 

#1 Happy employees = Greater productivity 

When your employees are happy, they will work harder and put in all their effort. Job satisfaction is crucial – your employees are giving everything to scale up your business. However, giving them certain perks will boost their morale. Productivity will increase when employees are happy and satisfied. 

#2 Better employees are attracted to your company 

Every person wants to be associated with a company that thinks about the employee. Prospective employees will fill in the form and join your company if you give them a reason to come to you. Employees are looking for growth, financial perks, and even health insurance. If you endorse in the newspapers and social media about the mediclaim policy, the prospective employees would reach out and want to work in your company. 

As a business owner, you need to realize that everyone looks forward to one’s growth and wellbeing of their family. 

#3 Tax benefits are an icing on the cake 

Employers offer mediclaim policy to the employees because they receive tax benefits as well. As per the tax regulations, companies/organizations are exempted from certain types of taxes if they buy group mediclaim policy for employees. 

Caring for your employee comes with several benefits. Instead of paying certain hefty taxes, you can purchase group health insurance for your employees. 

#4 Thinking about your company’s reputation 

The world is filled with people who think about themselves. Selfish motives never lead you towards the right path. Your company’s reputation should matter to you. Let’s say there is a company with 40+ employees, but the director decides not to purchase group health insurance. The employees might leave the company and join another one that offers these perks. Your company’s reputation will go down, and competitors will get ahead in the race. 

A good company culture and a positive growth rate will help you retain your employees. Why should you give others a reason to make baseless comments about your company? 

#5 Group health insurance is cost-effective 

If you purchase individual health plans, it will get expensive. All the group health insurance plans for employees are customized which basically means the premium amount and risk is shared among the company employees. 

You will be paying more if you opt for individual health insurance. 

Purchasing Group Health Insurance is a Wise Decision 

Making healthcare affordable and accessible for your employees is a wise decision. It is an apt motivation tool, and both employees and their family can use this insurance. 

Medical emergencies do not knock at the door before entering someone’s life. People have to be prepared for all kinds of emergencies. When your employee is in a difficult position, they should be able to rely on you. 

A company runs smoothly when all the employees work in sync and are satisfied with the work culture. If you are providing group mediclaim policy for employees, you are basically giving them a reason to stay loyal to the company and work harder. 

In uncertain times like these, employees are looking to join companies that offer health insurance benefits. Even if you think of it from a different perspective, you are still gaining access to tax benefits. 

Purchasing group health insurance for employees is a must. Your company will not only gain a good reputation, but you will have happy and productive employees. If you think about them, they will put in double the effort to make your company the best in the industry.