Health insurance in India is an important thing to have. One can never know when and where they may fall sick and can be in need of financial support to pay medical bills for medication and doctor’s fees so that they may be nursed back to health and continue going about their duties as members of the society. Having health insurance to one’s on name secures them form many future situations which would otherwise put people in a financial crisis.
People normally opt for single health insurance. Here there is only one person who is insured and is protected from monetary and financial struggles brought by health issues.
Group health insurances offer and provide coverage to a group of people who normally are consisted of a family or members of society or a group of employees belonging to a company. A group health insurance is most beneficial for a group of employees. That being said, here are some benefits of having a group health insurance for employees.
Seven Benefits of Group Health Insurance
- No medical evaluation: One of the great things about group health insurance is that health checkups and evaluations of the members of the insuring group are required. Employees need not submit any prior medical reports and prescriptions to be eligible for enrolling in a group health insurance.
- Default insurance: group health insurance for employees is highly beneficial as the employees of the group get access and are privy to a default auto sum cover by simply being a part of it. By being a part of the group, employees who do not have health insurance on their own get coverage and are automatically insured.
- Overall wellbeing: It offers benefits to each of the individual employees who are a part of the group. Not only does group health insurance secure the employees, but its coverage also extends to the families and loved ones of each employee who is a part of the group. This gives a sense of overall satisfaction to the employees and also provides well being to a larger demographic.
- The absence of waiting periods: health insurance for employees, especially in group health insurance has no waiting period. By this it is mean that right from day one of the coverages of the insurance, employees have coverage against health issues like diabetes, heart issues and other such conditions.
- Provides motivation: In today’s day and age, medical costs have skyrocketed and show no signs of coming down. In such a situation, group health insurance offers employees corporate security. Being safeguarded against high risks of health gives the employees a boost in morale and also motivates them. This increases their productivity and will to work and thus uplifting the overall work ethics in the company.
- Maternity benefits: Group health insurance for employees provides a wide array of helplines that make the offer attractive to them. Maternity benefits are one of the many such benefits that are presented to the employees by group health insurance. From the first day of coverage, employees have benefits for maternity. All companies that give their employees that option and benefit of group health insurance have the added benefit for maternity right from day one so that the employees may be covered and secured earlier on.
- Institutional support: In a company, when the employees are in a group health insurance policy, they are all privy to coverage. This coverage is irrespective of the health status of any members of the group. This is of great value for those who are looking and are in search of health insurance but simply do not the financial support or health condition for one. This group health insurance allows such individuals also to be benefactors of the advantages and covers that are provided by the health insurance for employees.
Group health insurances not only have advantageous aspects for employees but also have benefits that are for the employers as well. Giving the employees a group health insurance is a highly cost-effective and has repercussions that bring about a positive effect in the company. Health insurance for employees allows them to be more productive in their work. The knowledge that they are covered in events of health crisis brings about positivity and better work ethics. This ultimately leads to progress and higher returns to the company.
Employers can increase the total amount of benefits that employees gain out of group health insurance by adding extra riders. These rides are extra benefits that can be added to the pre-existing cover bonuses of a group health insurance. Adding riders like dental treatment and ambulance costs, employees can enjoy better and more intricate benefits which will help improve their morale and overall workforce.