If you are a business owner, then the idea of getting a group health insurance policy for your employees might seem an overwhelming and daunting task. You might even be debating about the necessity for it.
Be it a corporate or small business; there are many benefits to providing a health insurance policy for your employees. It not only helps cover employees financially, but it will also, in turn, create a positive outlook for the company.
Here is why a group health insurance policy will help your company and employees
1.Lesser costs – A group health insurance policy will cost lesser than an individual health insurance policy for employees. Since there is a larger number of people in the group, there are more options available.
The risk is spread across a larger group of people, and hence it is cheaper when compared to individual plans. There is also a higher chance of pre-existing conditions being covered.
2.Protects employee’s family as well – A great positive about group health insurance is that the enrolled employees will get to cover their family as well.
This will drastically reduce the financial burden upon the employees when it comes to taking care of their spouses and parents. This can give employees peace of mind and relieve them off a large portion of stress.
3.Tax exemption – Group health insurance policy is considered a business expense. It enjoys tax exemption benefits.
Companies that provide group health insurance policy are exempted from some forms of taxes. This can help boost the savings of the company while setting the right example.
4.Easier claim process – Claiming through a group health insurance policy is way less hassle than with an individual health insurance policy.
You just have to collect the right documents and submit them with your employer. In most cases, you will just have to upload the necessary documents in the portal. You can easily track the status of your application online.
5.Attract better talent pool – A health insurance policy is definitely an excellent instrument to attract a better talent pool.
It puts across the right message about the employer to the employee and that they care for the physical and mental well-being of the employee. This can be a deciding factor for many employees.
6.Boost employee retention rates – Incentives like better health care facilities for employees is one important way in which you can retain the exceptional talent pool that you already have. It would keep the employee happy and productive, which will, in turn, benefit the company.
7.Create a safe and positive working environment – A positive outlook from the company is essential for creating a good rapport and a better working environment for the employees.
A health care policy for the employees is one way to do this. The feeling that they are cared for will help boost employees’ morale.