Group Health Insurance: Helping Today’s Employers Find That Magical Equilibrium For Their Extended Family!

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Photo by Duy Pham on Unsplash

If your business is making big strides, perhaps a large share of the credit goes to your employees who have worked hard to achieve targets. Employees are your greatest assets, and as an employer, it’s your responsibility to provide for them physically, financially, emotionally or in any other meaningful way. Your employees are your second family, so treat them like one by making sure that they always remain protected. A great way to show that you value and care for your employees’ well-being is to have a Group Mediclaim policy to secure them.

The healthier the employee, the wealthier the business.”

As is evident from the quote above, if your employees are healthy, they will come to work daily and will also be capable of giving their 100% to grow your business. It’s quite evident that securing their health is a great means to achieving this end.

However, buying individual medical insurance for every employee working in your firm can be extremely expensive. To overcome this problem you should consider buying a Group Mediclaim Policy from a reputed insurance broker such as SecureNow –  visit www.securenow.in. Let’s see what group health insurance is, and how it is beneficial for both employees and you, the employer.

 

What is Group Health Insurance?

A group health insurance policy is a specially designed insurance plan that provides comprehensive cover to a group of people. A group generally comprises of company employees or members of any organisation.  A Group Mediclaim Policy is the medical cover offered by organisations, business firms, and housing societies to their employees and their dependent family members, the premium of which is paid by the organisation itself.

Group Medical Insurance is very beneficial for corporates as the premium paid is much less than that of individual health insurance policies. Besides the monetary compensation, Group Mediclaim policy is a crucial element that motivates employees to give their peak productivity.

How Individual Health Insurance is different from Group Health Insurance   

                       Individual Medical Policy                        Group Mediclaim Policy
                       Premium rates are high          Premium rates are comparatively less
  The policyholder has the contract of the insurance Contract of the insurance is owned by

employer or head of the organisation and certification is issued to the employees

   You have the power to cancel the insurance policy An insurance company has the power to cancel your policy
Employment tenure doesn’t affect the insurance term Coverage is provided throughout the employment or membership tenure only
Premium depends on your age, as your age increases your health insurance gets costlier Premium of a Group Mediclaim policy doesn’t depend on the age of the employee

 

           Benefits of Group Health Insurance for employees and employers

For Employees-

  • When you buy individual medical insurance, you need to go through a procedure called “pre-medical screening” that determines your medical condition and can lead to changes in the premium or even the insurer’s refusal to issue you a policy. Whereas in a group medical insurance policy, you don’t have to go through such a medical check-up.

 

  • A Group Mediclaim policy offers you maternity benefits from day one of joining the plan. That means the maternity expenses are taken care of by group health insurance.

 

  • When an individual becomes part of a company, he/she immediately gets covered under group health insurance, the premium of which is paid by the employer for the welfare of their

 

  • The claim process of Group Mediclaim policy is easy and is settled in a hassle-free manner, where you only need to show the health insurance card, and claim process will be initiated.

For Employers-

  • One of the most significant advantages of purchasing a Group Mediclaim policy for an organisation, is that the premium payable is much lower than the cost of paying for individual coverage of each employee.
  • Buying a group health insurance for your employees motivates them to perform better on the job, as you are taking away any concerns or stresses they might have about managing the high cost of medical treatment in case of any illness or contingency.
  • Group medical insurance provides the company with flexibility on paying the premium for the insurance:  payment can be monthly, quarterly or annually.
  • Corporates these days have become very employee-centric. Many organisations use the Group Mediclaim policy as a tool for further gaining employees’ loyalty towards the firm and ensuring retention of employees, both of which are good for the company’s performance and These also help in a competitive market scenario where employees often tend to switch jobs.
  • Group health insurance provides tax benefits under the various section of the Income Tax Act.

 

                                           How Group Health Insurance works

Group Mediclaim policy offers a fixed amount (known as sum assured) per employee  that covers the cost of:

  • Accidental hospitalisation
  • Medical treatment of a specific disease
  • Diagnostic tests done prior to or post- a hospitalisation
  • Medicines again prior or post a treatment requiring hospitalisation

The coverage is determined based on a few parameters including the type of business the company is engaged in and the employee’s salary, and it varies from company to company.

 

Want a healthy workforce? Group Health Insurance can help

In the last few years, many non-communicable and communicable diseases have been on the rise in India, from cancer, diabetes or chronic heart disease to lower respiratory infections and tuberculosis. You can’t protect your employees from these diseases, but as an employer you can provide them with a healthy working environment and secure them with Group Mediclaim insurance policy, so that they can work with reduced stress.

You can compare group health insurance of various insurance companies with the help of a reputable insurance broker such as SecureNow at www.securenow.in, and choose the best offer for your  employees – your “extended family”.