Benefit packs or additional benefits that usually companies offer to their staff for their well-being is the new trend of attracting and retaining skillful employees. With the same, we can say that companies understand the importance of their employees and take care of their well being as well. Employers do care for their employees and offer health insurance in the form of gift of love and care. When looking for multiple options and benefits to provide to employees, employers should not forget to add health insurance in the bucket list.
With this article, you will be clear with the various benefits of having a group health insurance plan and how a small investment in this can make your employees feel happy and motivated as well.
How does a company estimate its profit?
Let’s first discuss the concept of employers to analyses the benefits procedure. The most important section that they may consider are:
It is true that employer want to offer needful coverage toemployees but they will also look for the plan or process through which they can save more or you can say as much as possible.
Offer all the possible benefits to their employees
To maintain the smooth process and work culture
Usually company pays importance to the cost of the plan, whereas some of them actually focus on team value. And around 40% think it’s the mixture of both.
This refers as the main reason behind the growth of group health insurance policy day by day. With the same, employees will feel secured and can easily protect them financially in case of any crisis. It allows to do justice to both balance sheet and employees’ health-related needs. Here are the benefits of a group insurance plan:
Health Insurance: The Term
The concept of group health insurance plan is really very simple. Under a group health insurance, a member ofthe policy which covers more than one member or a big group at a single premium. Usually, big companies go for group health insurance plans for their employees.
The plan can be easily customized according to the health and needs of consumers and can be bought at a reasonable price. It is also a beneficial thing for insurance companies too, as they get a huge premium. This big profit usually comes at low premium.
However, you can also go for individual health insurance plan if you want. Let’s compare multiple benefits of having a group health insurance plan.
A health insurance basically benefits the company having a stress free environment when it comes to health related issues. On the joining of a new employee, the process of buying health insurance individually becomes hectic for both employee and employer as well. But with the help of group health insurance plan new employees can easily be added to the employer's health plan without worrying about the inflexible procedures. It is more suitable than purchasing a separate individual plan.
It is a helpful tool in retaining talent. It is true that replacing an employee can be a costlier thing and especially in small startups and business. A small company can’t afford a group health insurance, but according to a recent study, 80% of the workers find complete health coverage as the biggest motivating factor when questioned.
It is also an effective tool when it comes to tax savings. It is true that employer do each and everything for business purpose, a group health insurance has its own benefits to offer to employers as well and that is tax benefits. The premium amount that companies pay for the group health insurance is liable to be pre-taxed. Hence, their taxable earnings become lesser.
No Health Check-up
While going for a health insurance, the insured person doesn’t have to undergo a health check-up. In many cases, employee’s family is also included in the employer's group policy. This way one can avoid the hassle of a pre-health check-up.
No Waiting Period
It is the best thing that you get with a group health insurance plan. The policyholder is not required to serve a waiting period. Moreover, pre-existing illnesses are also covered. So, there is no problem even if an employee’s elderly parents have been suffering from high BP or diabetes. The coverage will be offered from day 1. On the other hand, in a normal health insurance plan, a defined waiting period is to be served before making a claim for pre-existing ailments.
Health insurance is a necessity. Insure yourself smartly and choose the right over which can offer the needful assistance in case of need. You must keep an eye on all available option and choose the best one according to your needs.